9/19/2023 0 Comments Fasfa loan calc bassed on income![]() ![]() This information is provided to the campuses you specify on aid forms. The information you submit online on the FAFSA (and possibly also CSS Profile) goes through a need-analysis through the respective FAFSA and/or CSS Profile processing centers, and where your Estimated Family Contribution, or EFC, is determined. WHY apply for Financial Aid through the FAFSA? Their responsibilities include helping prospective students as well as current students, and they will provide the most accurate answers to your detailed financial aid questions. The income provided on the CSS Profile will be from the prior year as well as provide an estimate of current year income.ĭon't hesitate to contact the college financial aid offices where your student is applying or at local community colleges. The income information provided on your FAFSA will be from the Prior-Prior income year.Ī small number of campuses, primarily privates, also require an additional form, the CSS Profile, in addition to the FAFSA, to obtain a better understanding of a family's ability to pay. We recommend applying in the month of October, if possible. Those at the beginning of the line tend to receive the best financial aid offers. Virtually every student planning to attend a 4-year or 2-year college should submit a FAFSA unless you can write one check for 4-years of college expenses without blinking, you should be completing financial aid forms.īe aware of financial aid form requirements and deadlines for each individual college as they do vary by college and sometimes by the admission plan being applied under: regular or Early Action or Early Decision.Īpply as soon after the October 1st online availability as possible. The process starts with the FAFSA or Free Application for Federal Student Aid, and applying for financial aid is a yearly process. What every family should know about "financial aid": It can be based on any number of factors: grades, test scores, leadership, talent (sports, musical, theatrical, etc.), and merit-aid can include: Is also based on individual campus criteria. ![]() Need is based primarily on the family's income in light of the Cost of Attendance and need-aid can include: There is no official definition of need each campus defines financial "need" based on their own criteria and calculation methods. ![]()
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