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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

• Self-Help Aid: requires a work commitment or repayment– Employment opportunities– Loans

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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

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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

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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

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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

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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)

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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

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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 SupplementParent and Student tax returns

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QUESTIONS

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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

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

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What is Penn Doing to Make College Affordable?

Penn Meets Full Need

No Loans

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Your Dreams, Our Commitment:

Average Financial Aid Award – Class of 2017Examples:

NicoleMorgan

Eric

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QUESTIONS

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