FINANCIAL AID

This section will give you an overview of what financial aid means and how you apply for it, but please remember, this is only a brief outline.

FAFSA is undergoing many changes. Need and Merit Based Aid Need based aid is based on the demonstrated financial need of the student. This is usually determined using the tax returns of the prior-prior school year and value of assets in the household.

Merit based aid is based on other criteria, including but not limited to: grades, test scores, athletic achievements, and artistic talents.

Some colleges/universities offer exclusively need based aid, click here, (e.g. Ivy League institutions). These colleges/universities do not offer merit aid. To accurately predict your eligibility for need based aid, you can complete the EFC Calculator on the College Board website and the FAFSA4Caster on the federal student aid website during junior year.

Net Price Calculators

All colleges are now expected to provide net price calculators to prospective applicants. Students should complete net price calculators for their prospective colleges to get a better sense of eligibility of need and merit-based aid and a rough estimate of their financial aid packages.

EFC (Expected Family Contribution)

The Expected Family Contribution (EFC) is calculated both using federal methodology (used by FAFSA) and by institutional methodology (used by individual institutions where applicable). Colleges consider a number of factors including: income, assets, the number of people in the family, and in many cases the value of the family’s assets (e.g. businesses, properties, investments, etc.)

Financial Balance

Just as students are encouraged to have a balanced college list in terms of admissions (e.g. probable, fit, and reach), students should have financial safety schools on their final list. Students should discuss their EFCs with their families to determine what is financially feasible.

Costs of Attendance

Students should research total costs of attendance for their prospective colleges. This includes direct expenses (billed directly by the college bursar), such as tuition, fees, room and board (where applicable), and indirect expenses (not directly billed by the bursar), such as transportation costs, personal expenses, books, and supplies.

Forms of Gift Aid

Gift aid, or money that does not need to be repaid, can take the form of grants or scholarships. These can be based on either need or merit. Examples of gift aid given by the federal and state government include Pell grants and TAP grants. Many students will see institutional aid also offered on their financial aid packages.

Forms of Self Help

Students can indicate interest in federal work study on their FAFSA application. If awarded, students can apply for federal work study jobs on their college campus and receive payment from their college. Students can also apply for federal subsidized and unsubsidized loans by completing the FAFSA application. These loans require no parent co-sign.

Comparing Financial Aid Packages and Appeals

After receiving financial aid packages from institutions, students should review them and compare them. In some cases, colleges will consider need based appeals. Students should consult their college advisors for advice in writing appeals.

Dependent vs Independent Students

Students who meet any of the criteria below may be considered independent students. These students can self-identify to their college advisors for assistance in completing their FAFSA, TAP, and CSS profiles: • At any time since you turned age 13, were both your parents deceased, were you in foster care, or were you a dependent or ward of the court? • Has it been determined by a court in your state of legal residence that you are an emancipated minor or that someone other than your parent or stepparent has legal guardianship of you? • At any time on or after July 1, 2022, were you determined to be an unaccompanied youth who was homeless or were self-supporting andatrisk of being homeless? If you’re not sure whether you are a dependent student, go to StudentAid.gov/fafsa/fillingout/dependency.

Who Is Considered a Parent?

Dependent students are required to report parent information on the Free Application for Federal Student Aid (FAFSA®). For reporting purposes, “parent” means your legal (biological or adoptive) parent or stepparent, or a person that the state has determined to be your legal parent. Use this guide to figure out which parent’s information to include (depending on your family situation).

Question 1: Are your parents married to each other? If yes, then report information for both parents on the FAFSA. If no, then answer question 2.

Question 2: Do your parents live together? If yes, then report information for both parents on the FAFSA, even if they were never married, are divorced, or are separated. If no, then answer question 3.

Question 3: Did you live with one parent more than the other over the past 12 months? If yes, then report information on the FAFSA for the parent you lived with more. Also, if this parent remarried, you will need to report information for your stepparent on the FAFSA. If no, then report information on the FAFSA for the parent who provided more financial support over the past 12 months or in the last year you received support. Also, if this parent remarried, you will need to report information for your stepparent on the FAFSA.

The following people are not your parents unless they have legally adopted you: • Widowed Stepparent • Grandparents • Foster Parents • Legal Guardians • Older Brothers or Sisters • Aunts or Uncles If you’re not sure whom to report as a parent, you can visit studentaid.gov/articles/parents-understanding-fafsa or call 800-4-FED-AID (800-433- 3243).

CSS Profile

The CSS/Financial Aid Profile is a fully online service that helps colleges and universities award their institutional student aid funds. The CSS Profile is required by nearly 300 colleges, universities, and scholarship programs. Note that a PROFILE account is required to complete the PROFILE. Once students create an account, they can complete and submit the application at any time. Once submitted, the PROFILE report is sent to the designated colleges or programs.

Dates

The CSS Profile can be started on October 1st, 2025 for the 2025-2026 school year. * subject to change.

Forms Most institutions that require a CSS profile also require participation in IDOC. Most colleges request that custodial parent tax forms be scanned and uploaded (including all schedules, W-2s, and applicable forms). Many colleges also require similar documentation from non-custodial parents (if applicable). For more information on IDOC, see: https://pages.collegeboard.org/idoc

Fees

Initial application fee (first report): $25 Each additional report $16/ per school PROFILE fees may be waived depending on household income. Students and families will be able to determine eligibility for a waiver by completing the CSS profile. When ready to submit, the waiver will be applied automatically if students and families are eligible. For more information, see: https://cssprofile.collegeboard.org/pdf/css-profile-fee-waivers.pdf