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Know Your Numbers

  1. Calculate your expected family contribution (EFC), both FM and IM using the button below​
    1. FM: Federal Method used on the FAFSA (Free Application for Federal Student Aid). Your FM EFC determines your eligibility for federal aid including grants, work-study, and loans. Your FM EFC will be the same at all schools. Many colleges also use this number to award institutional aid including grants, scholarships and additional loans
    2. IM: Institutional Method used on the CSS Profile Form (on the College Board). Required by about 600 private schools, this number will vary from school to school and is used to award institutional aid.
  2. Work - Save money for college
  3. Talk to your family - What they are able to contribute to your college education?
  4. Become financially literate and research financial aid - https://www.annuity.org/financial-literacy/students/
  5. Learn about Federal Student Aid - click the buttons below
  6. Calculate your loan payments:
    1. Federal Student Loans: Click on the button below to learn about federal student loans​
    2. Undergraduates can borrow up to $27,000 in Stafford Loans over 4 years
    3. Click on the Loan Calculator button below to find out what your payment would be if you borrowed the full amount.
    4. The latest interest rates on these are 2.75%
    5. What is the average monthly salary in your intended field? Shoot to pay no more than 10% of that in student loans.

Apply for Aid on Time

The FAFSA and CSS Profile forms go live Oct. 1
Plan to complete them by Nov. 1 or your college's application deadline

I encourage all students to include their social security number in their applications so that their applications can be linked to the FAFSA form.
​I encourage every family to at least fill out the FAFSA for the following reasons:
1. It is required in order for your student to obtain even the unsubsidized Stafford Loans, which are government loans in the student's name - in case you want/need them to have some skin in the game.
2. Some schools require that you file the FAFSA to be eligible for merit aid.
3.  If your circumstances change and you later become eligible for aid (i.e., parent gets laid off, etc.) you will have already filled out the form by the deadlines, and it will be much easier to make changes and appeal to the financial aid office for assistance.  

This is what you need to do:
1. Go to www.fafsa.gov   to create an FSA ID for the student and a parent. Keep your ID in a safe place as you will need it all 4 years to sign the form. (It may take a few days to process your FSA ID application, so do it now.)
2. Gather all of your financial records in preparation for filing.
You will need:  Your most recent tax return and your latest paystub, information about any assets you have, such as bank accounts, investments, the value of your home, etc.

FAFSA: https://fafsa.ed.gov/
You cannot file the FAFSA until October 1, but you should file it as soon as possible after this date because:
1.  You will get an accurate reading of your Federal EFC (Expected Family Contribution).
2. Schools with early action and early decision deadlines also have early aid deadlines.
3. Some aid is given on a first-come, first-served, basis

* Plan to file by Oct. 30th or as soon as you have paid all your Nov. 1 bills and are at a low in your accounts.
* The FAFSA can be linked to your tax return via the IRS Data Retrieval Tool. In most cases, it’s best to do this to make sure your numbers are correct and there are no discrepancies.
* If there has been a change in marital status since you filed your last tax return, even if it’s just a separation, DO NOT LINK to the IRS.
* You can update the FAFSA after you file, but it shouldn’t be necessary.

 State Aid: When you finish the FAFSA form, you will be prompted to apply for state aid as wel. Continue to the state aid form, even if your student doesn’t think they will apply to state schools

CSS Profile Form: Required by many private schools
Most schools will want the CSS Profile form and supporting documents submitted early if the student applies Early Decision and sometimes if they apply Early Action, and if they are a recruited athlete.
Go to https://student.collegeboard.org/css-financial-aid-profile and register for the Profile.
1. You will need your child's College Board log-in information.
2. The Profile will also be live by Oct. 1
3. You can download worksheets to fill out before you complete the form if you wish.
4. This form will ask for more information.
5.  If you are divorced, it will likely require that the non-custodial parent (whoever the student lives with less than 50% of the time) completes the non-custodial parent form.
6. If you own a business, you will likely need to complete a business supplement.
7. The CSS asks you to predict this year’s income.
8. Unlike the FAFSA, you cannot update the Profile form after you submit it to a particular school, although you can always call or send a letter if your numbers change and you can update before submitting to subsequent schools.
9. You may wish to complete the PROFILE first and use the College Board's pre-populated FAFSA Worksheet to assist you in completing the FAFSA. You will have the option to print the College Board FAFSA Worksheet upon completion of the PROFILE. Most of the information you entered on your PROFILE will appear on the worksheet and will be formatted to facilitate the filing of your FAFSA.
10. Plan to complete this form by Oct 30th as well.
11. Again, you are likely to get more aid if you submit it early.
12. Unlike the FAFSA, you will not be given an EFC when the form is completed – it will likely be different for each school.
13. If there have been unusual circumstances over the past year, it's best to write a letter to the college financial aid office to request “professional judgment.”
14. Remember to fill out the forms after you pay your bills so that the balance in your accounts is at a monthly low!