Financial Aid & FAFSA
Overview
Understanding College Costs
How Financial Aid is Calculated
Cost of Attendance (COA)
- Student Aid Index (SAI)
= Financial Need (FN)
The college will offer you an aid package that will meet part or all of your Financial Need. It usually includes loans.
Without completing the FAFSA, you won’t receive any need-based aid or non-need based
federal gov’t assured student loans.
You also won’t be eligible for merit scholarships that require you to submit your Student Aid Report (SAR).
Student Aid Index (SAI)
an eligibility index number that a college's or career school's financial aid office uses to determine how much federal student aid the student would receive if the student attended the school. This number results from the information that the student provides in their FAFSA® form.
The Student Aid Index replaces the Expected Family Contribution (EFC).
NOTE: Unlike the EFC, the SAI won’t be reduced per student if a family has more than one child in college.
What type of aid is available?
Types of Financial Aid
Need Based
(determined by FAFSA)
Grants
(gift aid)
Work-Study
(self-help)
Loans
(self-help)
Merit Based
Scholarships
(applied separate from the FAFSA)
Who can fill out the FAFSA?
Have a valid Social Security number, and
be a U.S. citizen, permanent resident, or a qualifying non-citizen.
Opening in December, 2023
New Terms
New Format and Questions
Fill out the 2024-25 FAFSA
Not yet available.
Do NOT fill out the 2023-24 FAFSA .
FAFSA Contributor
Anyone who is required to give consent and approval to have IRS information transferred automatically to the FAFSA form and provide a signature.
FAFSA Contributors
The student filling out the FAFSA
For dependent students:
Is My Parent a FAFSA Contributor?
Understand and Prepare FAFSA® Contributors
Dependency Status
Students are considered dependent if they meet specific criteria which includes
FAFSA Contributors
All Contributors must give consent and approval to have their federal tax informtion transferred from the IRS to the FAFSA.
Even if a Contributor has not filed taxes, they must still give consent and approval.
FAFSA Contributors
If consent and approval is not provided by all required Contributors, the student will not be eligible for federal student aid.
Those identified as Contributors are not obligated to pay for their student’s education.
FAFSA Consent and Approval
Inviting Contributors
In the FAFSA, the student will invite each Contributor to fill out their section of the FAFSA.
To send the invitation, the student needs to enter the Contributor’s
Full name
Social Security number (if they have one)
Date of birth
Email address
NOTE: parents who do not have an SSN can still fill out their section of the FAFSA.
Unusual Circumstances
This refer to a situation where the student is not able to contact a parent or where the parent would pose a risk to a student.
Students who qualify will be given provisional independent status for filling out the FAFSA but will also have to contact the financial aid office of their potential colleges to find out what additional documentation they need to submit.
Special Circumstances
This refers to the student or a Contributor experiencing significant change to their financial situation.
Fill out the FAFSA as instructed,
Once you submit the FAFSA, contact the financial aid office of potential colleges to request an adjustment and to provide supporting documentation.
Creating an FSA ID
To create account, you will need
Social Security number* Email address
Full legal name Mobile phone number
Birth date
*Parents without an SSN will still be able to create their FSA ID.
How to Prepare for the FAFSA
This handout will walk through everything you need to do to be prepared to start the FAFSA.
FAFSA 2024-25 Prototype Preview
After Completing the FAFSA ®
Log back into FAFSA to review your Student Aid Report (SAR)
Make corrections, if needed
Add additional colleges and resubmit, if needed
What Happens after You Submit�the FAFSA ® :
SAR
“Yes”
university
university
SAR
FAFSA Resources
YouTube Channels:
https://www.youtube.com/@fsaoutreach
https://www.youtube.com/@federalstudentaid
FAFSA, TASFA, & CSS Profile
Document Library
Federal Student Aid
https://studentaid.gov/help-center/contact
Includes links for Live Chat and Email.
1-800-433-3243
Monday: 8 a.m.– 9 p.m. (ET)�Tues.-Wed.: 8 a.m.– 8 p.m. (ET)
Thur.-Fri.: 8 a.m.– 6 p.m. (ET)
FAFSA®
Finally, a few private colleges also have their own financial aid form which you must fill out to be considered for their institutional grants and scholarships.
Remember: always check the college’s website for information and required documentation!
You are welcome to stay on and ask questions, or you can email me at ann.blumrich2@leanderisd.org