College Financial Aid (undergraduate)
No matter your income, everyone is looking for help in college financial aid...
FAQs
1. Should I apply? I am pretty sure I don’t qualify.
Absolutely! First off, the FAFSA is free. It takes a considerable amount of time to fill out properly, but anything that can help shouldn’t be considered a waste of time. You can get a copy of the FAFSA at http://www.fafsa.ed.gov. Start applying!
There are also sources like unsubsidized Stafford and PLUS loans which are given, regardless of need. And federal subsidized loans that are considerably less evil toward your pocket than private loans you might have to resort to.
2. When do I apply for financial aid? How often?
Definitely do NOT WAIT till you are accepted to a school. Send the financial aid application in before or concurrently with your application. So basically, anytime after January 1st – start sending those financial aid applications in!
3. Wait, why wait till after January 1st? How much later than January 1st should I apply?
You need to wait till the end of the prior tax year in order to be evaluated for aid. BUT definitely do not wait till your taxes are done. Of course, it is easier to fill it out once your taxes are done, so consider doing your taxes early on the years you are applying for aid. Waiting till April 15th to send in your FAFSA is super late – do not do that.
4. I haven’t heard anything back, help!
If you have not received your Student Aid Report (SAR) within 4 weeks – call 1-800-4-FED-AID or 1-319-337-5665, with your SSN and DOB, and the Federal Student Aid Information Center will guide you. Worst case scenario – they tell you to fill it out again.
5. How often do I apply?
Once you are attending college, expect to fill out the FAFSA and apply for aid every year. This is really important to note. While universities try to keep your aid consistent throughout your years, if your family situation changes, expect your aid to also change.
6. Who’s paying? Me or my parents?
Ultimately, this is a personal decision. As a student, if your financial aid does not cover your entire cost and your parent’s can’t or will not contribute their calculated part, then you have to take out loans. This is much easier if you have a parent co-sign a loan. Thus, technically, the loan is both parties’ responsibilities. However, if you are taking a federal loan, you do not need it co-signed, and it is solely your responsibility. Remember, you can choose to have the billing statement sent anywhere (parents, grandparents, etc), and anyone willing, can help pay off the loan.
7. What is the SAR?
The acronyms on the bottom of the SAR represent intermediate results in the need analysis. To fully understand their meaning, you will need to be familiar with the federal need analysis methodology, such as is used by the EFC Estimator. The meanings of the acronyms are as follows:
| EFC | Expected Family Contribution |
| TI | Total Income |
| ATI | Allowances Against Total Income |
| STX | State and Other Tax Allowance |
| EA | Employment Allowance |
| IPA | Income Protection Allowance |
| AI | |
| CAI | Contribution from Available Income (Independent Student) |
| DNW | Discretionary Net Worth |
| APA | Education Savings and Asset Protection Allowance |
| PCA | Parents' Contribution from Assets |
| AAI | Adjusted Available Income |
| TPC | Total Parents' Contribution |
| TSC | Total Student's Contribution |
| PC | Parents' Contribution |
| SIC | Dependent Student's Income Contribution |
| SCA | Dependent Student's Contribution from Assets |
If an asterisk appears next to the EFC figure, the student has been selected for verification. The asterisk is followed by a code that explains the reason why the student was selected for verification. The letter explains the reason for selection, and the number indicates the priority, with code 1 the highest priority and code 25 the lowest priority (although there are higher codes).
8. How do I increase my chances of aid via the FAFSA?
There really is no magic formula, just be honest on the FAFSA. Check all the options that suit you – on-campus employment, student loans, parent loans, etc. Remember, you can decline or accept any part of your aid package.
9. How do scholarships affect my financial aid package?
Not very nicely, unfortunately. Getting scholarships detracts from your financial aid package. This is not to say do not apply for scholarships. Research scholarships definitely have benefits that outweigh money detracted from your financial aid package.
10. Me or my parents are not US citizens.
It is your citizenship that matters. If you are a US citizen, then you can file the FAFSA. Convert their income into dollars and use it on the form. If your parents are permanent residents/green card holders, they are required to fill out tax forms. If they haven’t, get on their case, because you need them to do so in order to get aid. If you aren’t a US citizen, then you need to talk closely with the universities you are interested in for your options. Most cases, you have to submit proof that you can cover tuition costs.