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Financial Aid 101

Financial Aid 101 The primary goal of financial aid is to assist students and families in paying college costs Joel Carstens, University Director of Financial Aid. What is Financial Aid?. Gift Aid : does not need to be repaid and does not require a work commitment Grants Scholarships

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Financial Aid 101

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  1. Financial Aid 101 The primary goal of financial aid is to assist students and families in paying college costs Joel Carstens, University Director of Financial Aid

  2. What is Financial Aid? • Gift Aid: does not need to be repaid and does not require a work commitment • Grants • Scholarships • Self-Help Aid: requires a work commitment or repayment • Employment opportunities • Loans

  3. Where Can I Find Financial Aid? Federal: gift aid and self-help aid State: gift aid and self-help aid Colleges: gift aid and self-help aid Private: mostly gift aid in the form of scholarships

  4. How Can I Qualify for Financial Aid? Apply Although the financial aid application process can seem overwhelming, it is not as difficult as most people believe

  5. What Forms Do I Need to Submit? • FAFSA – Free Application for Federal Student Aid • Collects family’s personal and financial information used to calculate the student’s eligibility for federal financial assistance • Available in English and Spanish • Available after January 1 each year • www.fafsa.ed.gov • Warning – do not use “pay” sites to complete the FAFSA; this is a Free form

  6. What Forms Do I Need to Submit? (cont) • CSS/Financial Aid Profile • Collects family information used by certain colleges and scholarship programs to award institutional funds • Have your most recent federal income tax returns available • Three step process: • Register • Complete the Application • Submit the Application • Student Guide available in English and Spanish • Noncustodial Profile • Available on/after October 1 each year • http://student.collegeboard.org/css-financial-aid-profile • Not a free site for most - $25 for the first college, $16 for each additional college • Fee Waiver available for some students

  7. What Forms Do I Need to Submit? (cont) • Most Recent Federal Income Tax Returns • Parent and Student • Make sure the taxes are signed • Federal taxes only (don’t submit state returns) • Include all schedules • Include all W-2 statements • If parents and/or students do not file a federal income tax return, submit a non-filer statement (available from each college)

  8. What Forms Do I Need to Submit? (cont) • College-specific Form • Each college may have their own application form • Penn’s application is called the Penn Financial Aid Supplement http://www.sfs.upenn.edu/pdf/2014-15/Penn-Financial-Aid-Supplement-prospective-14-15.pdf

  9. What Does Penn Require? www.sfs.upenn.edu Free Application for Federal Student Aid CSS/Financial Aid Profile Noncustodial Profile (if necessary) Penn Financial Aid Supplement Parent and Student tax returns

  10. Questions

  11. College is Affordable Students should not worry about cost when making a college application decision Although the financial aid application process can seem overwhelming, it is not as difficult as most people believe Joel Carstens, University Director of Financial Aid

  12. Financial Aid Basics What: the primary goal of financial aid is to assist students and families in paying college costs Where: federal, state, college and private sources How: apply When: at the same time as, or as soon as possible after, admission application; be sure to meet the college’s application deadline

  13. What is Penn Doing to Make College Affordable? Penn Meets Full Need No Loans

  14. Your Dreams, Our Commitment: Average Financial Aid Award – Class of 2017 Examples: Nicole Morgan Eric

  15. Questions

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