Transcript ON THE ROAD TO COLLEGE PART II

AFTER THE FAFSA:
WHAT COLLEGE BOUND STUDENTS NEED TO KNOW
So you filed your FAFSA. Now what?
After you completed and submitted your FAFSA, the US
Department of Education sent your data to the Washington
Student Achievement Council (administrator of the College
Bound Scholarship) and all of the colleges you listed on your
form.
The FAFSA FLOW
Sends you your Student Aid
Report (SAR)
You complete your FAFSA
The US Department of
Education (DOE) processes
your application
Sends the colleges you
listed on your FAFSA your
student data
Sends us your FAFSA data
Next Steps: Who Does What
You:
The College:
College Bound:
Review your SAR for
accuracy
Prepares your
financial aid
package
Matches your FAFSA
to your College
Bound application
Correct any
mistakes or
omissions to FAFSA
Sends you your
award letter
Sends you an email
about your FAFSA
You received an
email from us
If your FAFSA was complete
and matched to your
College Bound
Application, you received
a confirmation email.
If there were errors on your
FAFSA, you received
instructions for correcting it.
After you made the
corrections, we sent another
email to let you know your
FAFSA was complete and
matched to your College
Bound Application.
Remember:
 Update your FAFSA after your taxes are filed.
 Check your college’s website and complete any additional required forms (both
Admissions and Financial Aid).
 Promptly answer all emails and correspondence from the Department of Education, your
prospective college, and us—the Washington Student Achievement Council.
Financial Aid 101
Types of Aid
• Gift Aid
• Loans
• Employment
Financial Aid
Terminology
•Student Aid Report (SAR)
•Expected Family Contribution
(EFC)
•Cost of Attendance (COA)
•Award Letter
•Financial Aid Package
Your Student Aid Report (SAR)
Summarizes the information you provided on your FAFSA.
Sent to you by the US Department of Education after you
submit a complete FAFSA.
Usually arrives in your email inbox the next business day after you
file your FAFSA if you filed online and provided an email address.
Remember!
• You must still be admitted to college, so
complete your college applications
and check the financial aid office’s
website as they may require additional
forms.
• To make things simple, use ONE email
address for your FAFSA and ALL
college-related email correspondence,
and check that inbox frequently.
Reviewing the SAR
• If your SAR indicates that your FAFSA
needs to be corrected:
• Make changes online at
www.fafsa.gov using your PIN.
• If eligible, use the IRS Data Retrieval
Tool.
• The most common FAFSA errors include:
• Invalid Social Security Number
• Incorrect or misspelled name
• Missing signatures
This student’s Expected Family Contribution (EFC) is $1,998.
Expected Family Contribution (EFC)
 Your EFC is listed on your Student Aid Report (SAR).
 It is calculated using the information you provided on the FAFSA.
 Your EFC is the same amount, regardless of the cost of the college you choose to attend.
 Note: The calculation considers your ability to have saved for college, the funds you now
have available to pay for college, and your ability to pay in the future. It does not mean $
out of pocket.
The * indicates that this student has been selected for a process
called “Verification.” The school may request copies of certain
financial documents from the student.
Cost of Attendance (COA)
College calculates a budget or “cost of attendance” which includes:
 Tuition & Fees
 Books & Supplies
 Room & Board
 Transportation & Personal Expenses
Your COA could range from $10,000 to $40,000 depending on your housing (with your family,
on campus, etc.) and the type of school you attend.
Eligibility Based on
Financial Need
COA
- EFC
Need
 Your college will calculate your financial need by
subtracting your EFC from the college’s COA.
 The college may combine different types of
financial aid (gift aid, loans, and work study) to
meet your remaining need.
Your Financial Aid Award
Sample Financial Aid Award Package
Sample Award Letter
The student has been offered:
• 3 grants (do not need to be paid back)
• A PLU scholarship (does not need to be
paid back)
• 2 loans (must be paid back)
• 2 Washington state grants (do not
need to be paid back)
• Federal Work Study (must work to
receive the money)
Evaluating Your Award Letter
Read carefully—what are the next steps?
 Are more forms required?
Grants and scholarships
 Are they renewable? If so, for how many years?
Loans
 How much will you need to borrow to cover expenses until you graduate?
Out-of-pocket expenses
 Does the offer meet the needs for your personal budget?
Remember…
•
You do not have to accept all the aid you
are offered.
•
Compare school financial aid awards:
Which are the best? Which require the least
amount of loans?
•
Consider “out of pocket” expenses. Again,
compare financial aid packages/awards.
•
Notice the deadline/date you must accept
the college’s financial aid offer and meet it!
•
If your family’s circumstances changed— a
parent was laid off, a family illness, etc.—
contact the financial aid office and explain.
Be proactive.
Your College
Bound Award
Your College Bound award is
based on financial need.
It coordinates with State Need Grant and
other state-funded grants or scholarships
to cover average tuition (at comparable
public colleges), some fees, and a small
book allowance.
•
Book allowance will be included in financial aid
award, but not noted separately.
Your Financial Aid Award
Think of your financial aid as a “package.”
 It’s not important which source (Pell, State Need Grant, College Bound) pays for which
expense (tuition, books).
 Ask yourself “are my college expenses covered?” If the answer is “yes,” then you received
the best financial award you were eligible to receive.
 Each campus will determine which funds pay which expense.
 College Bound may/may not be listed on your award letter.
 Always check with the trained professionals in the Financial Aid office if you have questions.
You may not receive the full College
Bound award amount if…
Your family’s income does not meet the income standard.
 65% of MFI ($54,000 for a family of 4)
Your financial aid award is greater than your financial “need.”
You do not enroll full-time.
Other state financial aid was offered.
Receiving
the Money
Your school will:
 Credit your financial aid money to your school
account (to pay tuition, on-campus housing etc.)
Schools must pay
you at least once
per term—
semester, trimester,
or quarter.
 Pay remaining money to you directly by check or
electronic funds transfer.
Make a money plan—your financial aid must last the
whole term!
Accepting Your Financial Aid Award
Accept or decline your award by the college’s deadline
If you receive a hard copy of the Award Letter,
complete, sign, and return it to the financial aid office;
or
You may need to create an online account at your
school to view and accept your award letter. Check
the Financial Aid Office webpage for instructions.
Remember…
You don’t have to accept all aid offered.
If your family situation has changed (loss of job, illness,
etc.) notify the Financial Aid office – it may be possible to
adjust your award.
The staff in college financial aid offices are trained
professionals who can assess your circumstances and use
their professional judgment as needed.
College Bound Scholarship Requirements
 Must enroll in college within 1
year of high school graduation.
 Four- year scholarship (12
qtrs./8 semesters).
 Must be used within 5 years of
HS graduation. The Class of
2015’s scholarship expires in
2020.
College Bound Scholarship Requirements
In College:
Changes:
Maintain your school’s
required GPA throughout
college.
Ineligible one year? File
the next year – you may
be eligible.
You must file the FAFSA
early every year in
college.
Citizenship status
changes? File the FAFSA.
WASFA for DREAMers
Expanded eligibility for State Need
Grant to non-citizens who meet
residency requirements:
• Have graduated from a Washington high
school or obtained a GED® (or will do so before
beginning college).
• Have lived in Washington for three years prior
to, and continuously since, earning the high
school diploma or equivalent.
• Sign an affidavit (written promise) to file an
application to become a permanent resident
of the United States when eligible to apply.

Students who met residency requirements should
complete a Washington Application for State
Financial Aid (WASFA) instead of a FAFSA.

The WASFA can be found at
ReadySetGrad.org/WASFA.

Students can currently use the site for the 14-15
application. Beginning in January the 15-16
application will be available.
A Word About Loans
 Federal direct Stafford or Perkins loans
 Your FAFSA is your application
 Likely to be the lowest interest rates
 Private loans
 Applied for separately
 Interest rates may differ from federal loans
 Ask questions: repayment terms, interest
rates, future loan amounts?
 Only borrow what you need!
A Word About Working
Federal or state work-study
may be part of your
financial aid package and
allows you to work to pay
for college expenses.
 Great way to gain work experience while
in college, an advantage when you
graduate.
 You may work a maximum of 19 hrs. per
week.
 Jobs may be on- or off-campus.
Resources
U.S. Department of Education

1-800-433-3243

www.studentaid.ed.gov

www.fafsa.gov
www.readysetgrad.org
College Bound Scholarship
888-535-0747
College Bound
Contact Information
www.collegebound.wa.gov
[email protected]