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
1
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
2
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
3
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
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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)
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-AidSupplement-prospective-14-15.pdf
8
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 Supplement
Parent and Student tax returns
9
QUESTIONS
10
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
11
Financial Aid Basics
What:
the primary goal of financial aid is to assist students
and families in paying college costs
Where:
How:
federal, state, college and private sources
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 2017
Examples:
Nicole
Morgan
Eric
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QUESTIONS
15