Filing the FAFSA and Planning for College Costs

Melanie Weaver

Ohio Northern University

Overview

• Free Application for Federal Student Aid (FAFSA)
• Student Aid Index (SAI)
• Cost of Attendance (COA)
• Financial Need
• Types of Financial Aid
• Special Circumstances

Free Application for Federal Student Aid (FAFSA)

• Form that collects demographic and financial information about the student and family
• Complete FAFSA online at www.FAFSA.gov
• Opens on October 1
• Uses prior year tax information (2024)
• List up to 20 colleges/universities - Some have a filing deadline
• A renewal application must be filed each year in order to continue receiving Federal Aid.

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Federal Student Aid ID

• Apply for FSA ID online at www.studentaid.gov
• Must be created before starting the FAFSA
• Serves as login and signature on FAFSA
• Student and any parent(s) applying with the student need to create a FSA ID
• Use different email addresses and mobile numbers
• Two-factor authentication will be required
• FSA ID used throughout aid process and in subsequent years

Beginning the FAFSA

• Either the student or a parent can start the FAFSA

Data Collected by the FAFSA

• Student demographics
• Student income from 2024
• Student assets
• Parent demographics and household information
• Parent(s) income from 2024
• Parent assets
• Colleges to receive information

IRS Consent Required

• Tax information sent directly from the IRS for student and parent(s)
• When logging in, all contributors will be required to give consent to transfer this information
• No consent = no federal aid
• The processing system will confirm if there is tax information on file and bring it directly into the FAFSA.

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Parents Invited to Contribute

• Contributor used as a term for anyone who will provide information to the FAFSA
• Students will be asked to invite parents to contribute

Who’s My Parent on the FAFSA?

• Dependent Students
• Parents are married - both report information
• Parents are not married but live together - both report information
• Parents do not live together - report for the parent who provides the greater portion of student’s support
• If remarried, stepparent information must be included

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Household Size

• This number will automatically be populated with the number of dependents on the parent(s) 2024 federal tax return
• FAFSA will ask if this is correct, if not correct there will be an option to manually enter household size

What Assets Will I Include?

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Current value of cash, savings, and checking accounts

Current value of other investments – i.e. stocks, bonds, CDs, 529 plans (for student only), rental property, vacation homes, mutual funds

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Do Not include the value of your home or your retirement accounts

Current net worth of businesses and income-producing farms. Don’t include businesses with 100 or less employees or farms where the family resides.

This changed again for 2026-27!

FAFSA Processing Results

• Notice of a FAFSA Submission Summary will be e-mailed to the student
• Record will be sent to colleges listed on the FAFSA. Colleges may request additional information once they receive the results
• Corrections can be made at studentaid.gov

FAFSA and SAI

• Information provided on the FAFSA is used to calculate the SAI
• SAI - An evaluation of what level of financial resources the student and family can contribute towards college expenses for the academic year
• SAI is the same at all institutions
• Two components
• Parent contribution
• Student contribution
• Colleges/universities use the SAI to award financial aid

Special Circumstances

• Cannot report special circumstances on the FAFSA
• Contact financial aid office for assistance
• Examples:
• Change in employment status
• Medical expenses not covered by insurance
• Change in parent marital status
• Unusual dependent care expenses
• Student cannot obtain parental information

Cost of Attendance (COA)

• Direct Costs
• Tuition, Fees, Housing and Meals
• Indirect Costs
• Books & Supplies, Transportation, Personal Expenses
• Varies based on institution

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Financial Need

Types of Financial Aid

Scholarships

• Money that does not have to be repaid
• Awarded based on:
• Academics: GPA and ACT/SAT Scores
• Athletics
• Talent/Skill/Unique characteristic
• Numerous sources:
• High School Guidance Office
• Local Organizations/Foundations/Clubs
• Churches
• Online websites/searches

Grants

• Money that does not have to be repaid
• Typically awarded based on financial need
• Federal:
• Federal Pell Grant
• Federal Supplemental Educational Opportunity Grant (SEOG)
• Teacher Education Assistance for College and Higher Education (TEACH) Grant
• State:
• Ohio College Opportunity Grant (OCOG)

Grants

Loans

• Money that students and/or parents can borrow to help pay for college
• Repayment generally begins after graduation
• Borrow only what is necessary

Dependent Direct Loan Borrowing Limits

Loans

Federal Work Study

• Allows a student to earn money to help pay for educational expenses
• Earn a paycheck or receive non-monetary compensation such as room and board
• Employment can be on or off campus
• Typically pay minimum wage
• FAFSA is required

Next Steps

• Colleges create financial aid offer for families once FAFSA is received
• Financial aid offers become available in winter/spring
• Follow up with the financial aid office at the college you decide to attend
• Complete any additional required paperwork
• Follow deadlines to maximize scholarship, grant, and award eligibility

More Info: studentaid.gov

Thank You!