Intro

today’s class is the financial aid forms presented by Full Ride Scholarships In Arizona class and what we’re going to be talking about is of course the financial aid forms so everybody should have a booklet and for the for those of you that are watching it online you can you can click on the PDF and download a booklet okay so the first thing that we want that we

Cost of Attendance

want to talk about is the cost of attendance and when we talk about the cost of attendance it encompasses the entire sticker price of the college tuition room and board meal ticket lab fees everything altogether is the total cost of attendance okay so that’s again Miscellaneous Costs Full Ride Scholarships In Arizona tuition fees room and board meal plan books lab fees supplies travel expenses other other fees etc okay well while all of these are not direct costs such as travel they all are calculated together into the total cost

of attendance and financial aid is calculated over the off of the total cost of attendance so it’s actually good that they’re incorporating miscellaneous and travel costs because that kind of Full Ride Scholarships In Arizona inflates the cost of college and then they’re going to base your financial aid off of that number okay and that and the COA the cost of attendance is always for one full year not a semester and not for

four years but for one full year okay so in-state schools in Arizona are

now topping $35,000 per year in out-of-state schools can it an out of

state state schools can be in excess of forty-five thousand dollars and private

colleges can be in excess of sixty-five thousand dollars for one year so for

example Grand Canyon University has a sticker price of thirty two thousand

nine hundred dollars john johns Hopkins university has a sticker price of fifty seven thousand eight hundred and twenty dollars okay to really scare yourself do Full Ride Scholarships In Arizona this go to the college’s website and in the search window you can type in cost of attendance it’ll bring you to that page you add all of those costs together multiply that times four years then multiply it again times the number of

kids you’ve got times two kids three kids etc okay and that’s enough to scare anybody now I’ve had some families ask me well why are why are these private

colleges charging so much well one of

the primary reasons is simply because they can okay and and there is a there is a thought process that more expensive Full Ride Scholarships In Arizona means better okay so there are there are a handful of extremely wealthy parents who will pay the full fare and that and those that pay full fare will compensate for those who get it at a discount okay which is what I’m hoping to help you guys out with today okay so who should

Who Should Apply

apply for aid everyone oh okay all means all and that’s all all means okay so

Should I Submit

you’ve probably heard this statement before or maybe you might even be

thinking it I probably won’t qualify for aid because of my family’s finances are

so high so should I submit the FAFSA anyway yes even though you think you may not

qualify for aid in some situations you will qualify for need-based aid and some

sometimes what here’s here’s the other Full Ride Scholarships In Arizona side of the coin is that financial aid officers at colleges ultimately have the ultimate authority to grant aid or to

the or to decline it and I have seen some financial aid officers at some colleges offer need-based aid to a family who really shouldn’t have qualified for it okay so so do fill out the FAFSA form and that and then and then the other side of the coin is if God forbid anything were to happen to your to your family’s finances because you’ve already got it filed you can go back in there and amend it and talk with the with a college financial aid department and see if they’ll adjust it or corrected or so okay all right the other reason why we want to submit the FAFSA form and the other financial aid forms is because some merit  scholarships are only given out if the fast has been submitted now now if Full Ride Scholarships In Arizona if you’re in a family situation where you have a very high income and you’re not going to qualify for a need-based aid at some colleges they still want to see you submit the financial aid forms regardless and then they’re going to

grant them merit aid after that okay and and they’re going to grant that merit aid regardless if you make a you know two hundred thousand or two hundred million dollars okay all right so when

When to Apply

when should you apply in January of your

senior year of high school and the first

time that you can fill it out is January

1st and I I don’t recommend filling it out the first few days because they’re still and they’re and there’s several Full Ride Scholarships In Arizona ways you can fill out the form you can

do a hard copy or you can do electronic copy and I do recommend doing it electronically but and if you if you do fill it out electronically sometime around the 1st 2nd 3rd 4th or 5th or so somewhere in that timeframe they’re still adjusting the website making corrections and stuff so I’ve had families who have submitted the FAFSA form on the 1st or 2nd and then a few days later they get an email your FAFSA has been updated and corrected they’re like what I haven’t even touched it ok so they’re updating the software and all that stuff so wait a few days usually Full Ride Scholarships In Arizona around the 10th or the 15th or the middle of the month and then and then get that form submitted ok and I’ve also

seen very high traffic during the first few days so so you may get you may be

trying to log on and I’m a tiny out or you may not be able to log in or so

hopefully they’ll correct that for this year okay you should apply in November

of your senior year if your students has

applied under early decision with the

CSS profile financial aid form we’ll talk about what that it form is and that’s only for early decision if the car requires you to if you have applied under early decision and if that college requires you to submit the financial aid forms before that timeframe or by that

timeframe I don’t recommend applying

early decision okay

and basically we want to get our applications in well before any deadlines so check your deadlines and I check the form deadlines and all that stuff and all that stuff so some Full Ride Scholarships In Arizona deadlines are as late as June of the

freshman year in college okay now if if

you wait until until June after your

kids finish their first year of college

to file for that particular year and you

can do that they’re probably not there’s

probably not going to be any funds left

over okay when should you apply every

year the student is in college so there

Financial Aid Forms

there are two financial aid forms the

first one is called the FAFSA the Free

Application for Federal Student Aid and

the second one’s called the CSS profile

there’s a third financial aid form and

that’s the the college’s own proprietary

financial aid form and when when you

submit your application for admission

they’ll typically let you know we want

this CSS profile or we have our own

proprietary form and that every college

is going to require the FAFSA some

colleges will require the FAFSA and the

CSS profile some will say we want the

FAFSA and their own proprietary form so

we’ve got to figure out and find out

exactly which forms each college wants

ok so again there’s two ways to apply

FAFSA Com

hard copy and online and I do recommend

going online because this faster and

seamless that way if you go to google

and type in FAFSA the very first one

that pops up is FAFSA comm and I don’t

go to that website cross that one off of

your list because the if you yeah and

that website has has literally tricked

thousands of families and these families

have gone to that website and it asks

the same questions that are on fafsa.gov

but the last question that it asks is

would you like us to submit this on your behalf what’s your credit card number okay so

it’s like and they charge you 75 or 100  bucks or something to do that where if Full Ride Scholarships In Arizona you go to a FAFSA it’s a website faster DD gov there is no charge to do that okay so the second one is the CSS

CSS Profile

profile and that can be found on profile

online College Bordeaux or gee okay the

the CSS profile is going to ask all the

same questions that are on the FAFSA and

then it may ask and then it will ask

some additional questions as well one of

the primary differences between the CSS

profile and the FAFSA is there is a fee

to file the profile and it’s 20 it’s

currently for the 2012-13 school year

it’s currently $25 for the first school

and 16 dollars for each additional

school okay so your student may have one

or two profile schools on their list or

they may have none at all

so we’ve got to find out if they do if

that if your students list of colleges

does contain a CSS profile school okay

okay

one way you can find out is you can go

to college board’s website College Board

no RG and I type in the name of the

school click on the pane tab and then

click on how to apply for financial aid

and it’ll say it’ll stayed in there we

want the FAFSA we want the CSS profile

with a farm supplement and whatever

supplements blah blah okay alright so

here’s a here’s a brief overview of the

need-based aid formula its cost of

NeedBased Aid

attendance minus EF C equals need and

SAI STUDENT AID INDEX is your expected Family Contribution

the SAI STUDENT AID INDEX is a number calculated from the

federal financial aid formula and and

it’s an amount that that the federal

government expects or thinks that the family can pay for college for one year and

it’s going to be based on the family’s earnings their net assets savings the

size of the family the number of students in college and the age of the

oldest parents this number determines need-based aid and it’s kind of here’s

here’s a way to look at the SAI STUDENT AID INDEX is it’s

similar to your deductible with car Full Ride Scholarships In Arizona insurance so God forbid you were again in a car accident before the insurance

company gives you any money to fix your

car you’ve got to come up with that

deductible first okay so that’s kind of

how the SAI STUDENT AID INDEX is with need-based aid now

if your student receives a merit aid

scholarship and and it is a that that

merit aid scholarship is is going to be

greater than your yeah or greater than

how can I say this if the if the Merit

Scholarship is a sizable amount and and

that merit scholarship is not based on

your SAI STUDENT AID INDEX number you will receive that

anyway okay that would be for a merit

scholarship so the SAI STUDENT AID INDEX will will not and

should not affect merit scholarships so

Example

here’s an example so in this example

here I’m saying that the cost of

attendance is $30,000 and that’s again

for one year and and this family’s SAI STUDENT AID INDEX

is $10,000 we have a need of $20,000

okay so if the college only meets 75% of

the need then there’s a gap so they’re

going to so we qualified for 20,000 but

they’re going to only meet 75% of that

and there’s some colleges that will meet

a hundred percent of your need and some

0 and some in between this is just my

example in this situation so if this if

this school meets 75% of your need

they’re going to give that student

$15,000 in aid we subtract out from the

20,000 that leaves us with 5,000 of

unmet need and that that 5,000 would

either be rolled into the SAI STUDENT AID INDEX or it

could be rolled into some form of loan

or something okay

if you want to find out more about that

in the back of the book is a list of

websites and you can go to the

government’s website NCES ad gov slash

college navigator and that will give you

percentages of what percentage of need

all these colleges meet and stuff okay

Net Price Calculator

there’s some other things that you can

do to find out what your SAI STUDENT AID INDEX is there’s

a net price calculator on all of the

colleges websites that was mandated by

the federal government and all the

colleges needed to put a net price

calculator on their website by 2011 so

now it’s 2012 every college should have

that on there and for the the the net

price calculators they’re not that great

they’ll give you kind of a rough

estimate and typically they don’t ask

very many questions there might be like

six or seven questions or so where the

FAFSA has you know 90 to 100 different

questions that all can calculate out

your SAI STUDENT AID INDEX number so this is a good

starting point but don’t base everything

off of the net price calculator some

other websites you can go to to

calculate out your SAI STUDENT AID INDEX is FAFSA

forecaster DD gov CNA doe RG /

calculators in College Board RG also has

an SAI STUDENT AID INDEX calculator okay while these are

good starting points they’re not a

hundred percent accurate 100% accuracy

comes in March or April of your students

senior year and that’s when the award

letters are sent out and and that award

letter is going to state here’s what our

cost of attendance is here’s how much

we’re giving you in scholarships grants

and bottom line is this is what your

cost is going to be okay

so even even these may not be a hundred

percent as in some situations you can

renegotiate the aid package we’re not

going to talk about that here

but we will be covering that in the

spring boot camp which will be in

February or so okay so what will we need

Required Documents

for the financial aid forms we’re going

to need a PIN number we’re going to need

your social security numbers for both

parent and students we’re going to need

w-2 forms for both parent and student if

the student is employed child support

received workers compensation driver’s

license etc and that and these documents

are going to be needed when you fill out

the FAFSA and the CSS profile financial

aid forms so when you come into my

office and I tell you I need all these

forms well it’s not because I want them

it’s because these these these financial

aid forms do want all that information

okay all right so there’s two different

Formulas

types of formulas one’s called the

federal methodology and that’s from the

FAFSA the second one is called the

institutional methodology and that’s

from the CSS profile and in some

situations the SAI STUDENT AID INDEX might be different

depending on your on your family’s

financial situation whether you have

businesses whether your w-2 employees or

whether you have different types of

assets or so in some situations it’s

prudent to apply to a CSS profile school

and in some situations it’s not so

anyway so every college requires the

FAFSA form some colleges require the CSS

profile in addition to the FAFSA form

and some colleges have their own

proprietary financial aid forms in

addition to the FAFSA okay if any of

these forms are missing or neglected

then the student could be taken out of

the range for getting any need-based aid

all right we talked about that already

so let’s just continue the pin is a four

PIN

digit number that is used in combination

with your social security number and

your name and your date of birth and and

when you when you go to either FAFSA or

PIN DD gov to create a pin it will link

it it will link your

information that you put in there with

the Social Security’s website and double

check and verify that so if you have a

last name that is hyphenated two names

that’s hyphenated or or something like

that or if there’s a a spelling

incorrect spelling on your social

security card you want to check all

those things before you actually file so

that day so that when you do file the

FAFSA form everything will just go

through smoothly and that okay the the

pin is used to electronically sign the

FAFSA form as well as sign for federal

student loans and the Parent PLUS loan

okay so there so when you file the FAFSA

Filing the FAFSA

form you’re going to need to pin numbers

one for the student and one for either

mom or dad so if your if you’re married

you don’t have to create two pins for

mom and dad you can just create one pin

in that situation if you’re if you’re

divorced or filing as a single parent

then of course it would be whoever that

that one parent is so they’re going to

need to two pins to file okay and the

things that you’re going to need to file

the and create a PIN numbers you’re

going to need your social security

numbers your date of birth your address

your home address etc you can create a

custom pin number or you can have one

how to generate have it generated and up

okay yeah I said that okay and after the

pin has been filed it can take up to two

weeks to verify it usually takes about

72 hours so if there is if there is some

discrepancy with it and it cannot verify

it with Social Security Administration’s

website you’ll get an email back that

says your your your pin cannot be

verified okay and if that’s the case

then you got to go in and figure out

what it is that’s incorrect and and then

correct that okay if everything is

correct

again it usually takes about 72 hours or

Student Aid Report

so after the FAFSA has been submitted

online you’ll receive an email

or a letter stating that it has been

successfully submitted and there will be

a link to the student aid report the SAR

and the student aid report is a form

that has all the information that you’ve

put onto the FAFSA and that double-check

that to make sure that everything is is

correct and accurate okay

soon aid reporters the document you

receive after FAFSA is processed and

your SAR will contain your expected

Family Contribution your SAI STUDENT AID INDEX which

measures your family’s financial

strength and is used to determine your

eligibility for federal student aid okay

your school will use this number to

determine how much financial aid is you

are eligible for and move all boss yeah

okay we already said that okay