Simplified Steps for Completion of the Financial Aid Process
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FAFSA (Free Application for Financial Aid) process is used by all institutions of higher education.

(Must be submitted after January 1, 2008 but it can be prepared before this date.)

The FAFSA is a Need Analysis Process referred to as Federal Methodology to determine a family's ability to pay for one year of college. The result of this analysis is referred to as the Expected Family Contribution or (EFC). This process must be completed each year that the student is applying for aid. It is a free service provided by the government. This process only evaluates need; it does not determine the kind of aid that the student will receive. Only the financial aid officer at the college, state or scholarship agency can determine the kind of aid to be awarded.

CSS PROFILE (College Scholarship Service) is a Need Analysis Process referred to as Institutional Methodology to determine a family's ability to pay for one year of college. Some colleges require the College Scholarship Service's (CSS) Profile as well as the FAFSA and this document may be submitted in early November.

Electronically filing is required by both processes. Web sites to be used are:

PIN.ED.GOV

FAFSA.ED.GOV

COLLEGEBOARD.COM

FAFSA PROCESSING:

  1. Apply for a PIN number for the student applicant and one parent in the student's household. Note: When you submit your information for the PIN, you will need to wait three days for it to be emailed to you.
  2. After January 1, use the student's PIN and submit the FAFSA to the Central Processor using actual or estimated income for 2008 to evaluate the Expected Family Contribution (EFC).
  3. You will receive the (EFC) results immediately, it will appear on the printout as a five (5) digit number without a dollar sign ($).
  4. Wait three days after submission and you will be able to update the FAFSA with new financial data or to add schools.
  5. If possible, complete your Federal Income Tax forms (1040) ASAP. (It is recommended that your 2008 taxes be filed by March 1st for the 2009-2010 academic year). It is important not to requires an extension for submitting your tax forms, since this action could prevent the student from receiving maximum financial aid.
  6. A Verification Worksheet may be requested by the college before they will process the student's application for aid. If this is the case, the college is now asking for a signed copy of the 2008 Federal tax forms for the parent(s) and the student. And, this is why not to request an extended date to submit your tax form.
  7. After the above process has satisfied the college's documentation requirements, then you will be receiving an award letter (notification of the amount of aid being offered) in the student's e-mail or U.S. Postal address. This notification will explain what types of financial aid the college(s) will be offering the student (loans, grants, scholarship or work program).

 

The College Scholarship Service PROFILE (used in addition to FAFSA):

(Must be submitted by the College's deadline which could be as early as November of 2008.)

PROFILE is a service of the College Board. Institutions of higher education use the information collected on the PROFILE to help them award non-federal student aid funds.

The PROFILE Application is customized for the student, based on the information given when the registration is completed.

The PROFILE requires a registration fee of $9.00 plus $16.00 for each college that requires the results.

The PROFILE is normally required by select four-year private colleges and a few four-year public institutions such as University of Michigan. However, not all private colleges require this document. In Maryland, only four colleges require this document and they are: Loyola University, Goucher College, St. Johns of Annapolis and Johns Hopkins University. In the District of Columbia, only Georgetown University and George Washington University require the PROFILE.

The PROFILE processes the family information similar to the FAFSA process. In addition to the information submitted on the FAFSA, PROFILE requests information related to equity in the home and sometimes information held in retirement plans. It may also request information on the Non-Custodial parent.

The PROFILE process used to assess the results is referred to as Institutional Methodology need analysis.

Important Notice: if the college requires the PROFILE, it is "very" important that all deadlines and supplemental documents are submitted on time. This is the main document that PROFILE colleges use to distribute their institutional funds.

The PROFILE institutions, many times, requires the supplemental forms such as the Non-Custodial Parent Profile, the Business and Farm Statement, and the INSTITUTIONAL Document (IDOC) forms to be submitted to finalize the aid process.

Dr. Davis provides this processing service for his clients in addition to college financial aid planning.

  1. The CSS Profile is submitted electronically in the Fall for early decision candidates.
  2. The CSS Profile requires tax documents from 2007, 2008 and estimated for 2009.
  3. The CSS Profile is required by some institutions for only for first year of college.
  4. Non Custodial Profiles and Business and Farm Statements are normally only required the first year of college.

 

Institutional Aid Application (IAA):

1. The IAA is a document used by select institutions to gather additional information on the student and family. For some schools, this is a necessity to find additional information, so as to select qualified students to receive funding from restricted funds at the institution. In other cases, it is used to replace the request for the CSS PROFILE process.

2. The IAA is normally located on the institution's web site or you can request the IAA from the financial aid office at the college.

3. The IAA is a free application.

4. The IAA normally has a deadline that is important to adhere.

 

In terms of good financial aid planning, always ascertain from each college of interest:

1. What forms are required to receive maximum financial aid?

2. What are the college's filing deadlines?

3. What is their cost of attendance/budget allowances? (Tuition, fee, room, board, books and supplies, transportation and personal expense)

4. When do they notify the student of the award and how do they notify the applicant? (ie: email, U.S. Postal Service)