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Introduction to Financial Aid
Financial aid programs exist to help families
and students meet the cost of attending college. Programs are based on the
philosophy that the primary obligation
for college expenses rests with the student and their parents. Most programs
are "need-based" which means the student and family will provide
information to determine the amount the family can contribute.
To qualify for financial aid, a student's cost to attend college must exceed
what the student/family can pay. The "cost of attendance" includes
both direct costs (tuition, fees and books) and an allowance for living expenses
(food, housing, and transportation). Usually, a student does not have to be
poor to qualify but must demonstrate need. The student/family ability to pay
is measured in a Congressionally-approved "need analysis."
The result of this analysis, the "expected family contribution," is
a measure of ability to pay based on the family's characteristics and financial
strength. Cost of Attendance - Expected Family Contribution = Need
for Financial Aid Students are eligible to receive financial aid up to the level of their
need if dollars are available. Since the cost to attend varies among colleges
and the family contribution is constant, the student is eligible for different
amounts of assistance at different colleges.Most financial aid programs are
taxpayer supported and administered by federal and state governments. Colleges
and communities also sponsor programs.
Financial aid is available in three types: grants, work study and loans. Grants,
along with scholarships and fee waivers, consist of aid which does not have
to be repaid. Work study includes both state and federally subsidized part-time
employment. Loans are offered to students with the understanding that they
will be paid back in full, with interest, usually at a specified future date.
There are certain loans unsubsidized by the government which are given without
regard to need to those willing to accept higher interest rates or additional
conditions of repayment.
After a student makes application and is determined by the Congressional formula
to have need, the financial aid administrator at the college generally combines
or "packages" various sources and types of financial aid with the
goal of meeting the student's need. Each student's package depends on family
circumstances, eligibility, costs to attend, and the amount of financial aid
funds available.Click to download a PDF
file or Word file of the FAQs below.
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Frequently Asked Questions About Financial Aid
Who should apply for financial aid? How can I tell
if my family makes too much money to qualify?
If you think you will need help paying for your college
expenses, you should apply by completing the Free Application
for Federal Student Aid (FAFSA). You will often find FAFSAs
at local high schools, colleges or libraries, or you can apply
electronically using FAFSA on the Web at www.fafsa.ed.gov.
The calculation which determines eligibility for aid is complicated.
There is no easy, straight forward "income cut-off"
or other method to help you anticipate whether you'll be eligible—the
only way to find out for sure is to apply. If your family
circumstances change, the financial aid office is in a better
position to help if your application is already on file.
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How much does it cost to go to a
Washington state college?
Here are estimates of how much it costs to attend various
schools. These figures include tuition and fees for 9 months
and an estimate for room and board, transportation, books
and supplies, and miscellaneous personal expenses. Living
expenses will be adjusted down for those students living with
their parents.
| Public Community/Technical College |
$12,500 |
| Public Four-Year College/University |
$15,000 |
| Public Four-Year Research University |
$16,300 |
| Independent Four-Year College/University |
$29,500 |
| Private Vocational Schools |
Cost varies - contact individual schools |
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How much financial aid will I receive?
You can receive financial aid equal to your "financial need." Financial
aid is not intended to replace your family's contribution
toward educational costs but rather to help fill the gap between
what your family can pay and your total education costs. Financial
aid not based on need is also frequently available to those
who apply for financial aid (i.e., those who go through the
application process for "need-based" aid).
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How is my financial need determined?
A standard analysis is used to determine financial need. The amount your family
is expected to contribute (the Expected Family Contribution,
or EFC) is calculated based upon the information reported
on your FAFSA. The EFC is then subtracted from the cost of
education at the school to which you're applying. The difference
between the two is your need for financial assistance.
You can estimate your EFC up front by using an online calculator
at www.finaid.org/calculators.
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When should I apply for financial
aid?
Contact the financial aid office of each school you are considering attending
as soon as possible and ask for their application procedures
and deadlines. Provide all information and forms by the deadlines
the school specifies. If your application is late or incomplete,
you may not be considered for all the aid programs available
or you may not receive your aid in time to meet the tuition
deadline. Don't wait to be admitted—meet the deadlines
even if you don't plan to attend until Winter or Spring because
many schools' deadlines apply for the whole year, not just
Fall.
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How do I apply for financial
aid?
Start by completing a FAFSA. This can be done electronically
or by completing a paper application. To apply electronically,
it is recommended you start by registering for a PIN (your
parent should also register) by going to www.pin.ed.gov.
Once you receive your PIN, complete the FAFSA at www.fafsa.ed.gov.
To apply by paper, complete a FAFSA which can be found in
December at local high schools, colleges or libraries. Electronic
and paper FAFSAs cannot be signed or submitted before January
1.
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Do income tax returns need
to be completed before completing the FAFSA?
It is a good idea to have completed the federal tax return
before completing the FAFSA since exact tax information can
make processing faster and simpler. If this cannot be done
in time for you to meet the priority filing date at the school(s)
in which you are interested, use estimated figures when completing
the application. If at a later date the estimated figures
differ from the actual figures, make corrections on your Student
Aid Report (SAR) or contact your school’s financial
aid office to find out how you should correct the information.
Keep a file with copies of all application materials for
each year including a U.S. income tax return and W-2s in the
event you need to provide a copy to your school.
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Will an offer of admission
by a school be coordinated with an offer of financial aid?
Not necessarily. Many schools offer admission long before they can make financial
aid awards. Check with each school about their refund policies
for "enrollment fees" in case the school cannot
offer you enough assistance to attend.
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I am moving out
of my parents' house and will support myself from now on—do
my parents still have to fill out the FAFSA?
Yes. Students under 24 years of age are considered dependent on their parents
by federal law no matter where they live (there are limited
exceptions—please note them in the FAFSA instructions).
If your parents do not provide their information on your application,
you probably cannot be considered for aid. If you have special
circumstances which make it impossible for your parents to
complete the FAFSA, contact the school’s financial aid
office and discuss it with them.
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My parents are separated or divorced.
Whose information should be given on my FAFSA?
Information should be given for the parent you lived with the most in the last
12 months. If you don't live with either parent or lived with
both parents for an equal number of days, information should
be given for the parent who provided the greater amount of
support to you during the last calendar year. The FAFSA instructions
have information that will be helpful if you have questions
about providing information from separated or divorced parents.
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What if my family has unusual circumstances
or my situation changes after we apply for aid?
Contact the financial aid office of the school you will attend.
They can determine if the change will affect your eligibility
for assistance. Letters of explanation should not be sent
with your FAFSA, as it will only delay processing and will
be destroyed.
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What happens after I file the FAFSA?
After you complete your FAFSA, you will receive your Student Aid Report (SAR).
This document may give you some guidance about expected contribution
toward college cost, but it is not the final word. Wait to
hear from the financial aid office of the school or college
where you've applied; they make the final determination of
your eligibility for assistance. You can ask the school when
it expects to send out award notices (this may range from
early spring to mid-summer).
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What kinds of documents may the
school request to verify the information on my application?
You may be asked to provide documents to verify any item
on the application. Make sure you and you parents keep a photocopy
of your completed federal tax returns and W-2s used to complete
the application.
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What kind of financial aid programs
are available?
There are four basic kinds of aid: scholarships, grants,
loans, and work study programs. Most students naturally prefer
scholarship and grant programs because they do not have to
be repaid, but there is not enough of this "gift"
aid to meet the need of all students eligible for aid. Usually
gift aid is offered with loans and/or work study funds which
is commonly termed "self-help" aid.
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How can I find out about scholarships?
Your first contact should be your high school counselor.
Local organizations typically work with high schools to award
scholarships. Many colleges and universities offer scholarships.
Materials provided by admission or financial aid offices will
include this information or you can visit their websites.
There are also a number of national scholarship search services
available. The majority of these services are provided for
free. If you choose to pay for these services, be cautious
and confirm the organizations are legitimate before paying.
Scholarships usually represent only a small portion of the
total funds available for financial aid, so even if you don't
qualify for a scholarship, you may be offered other aid. If
you expect to receive a scholarship from an outside source,
it is important to inform the financial aid office.
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Can I apply for a loan in addition
to receiving financial aid?
A loan is financial aid and your eligibility is established with the information
on the FAFSA. The financial aid office is the best source
of information about whether you are eligible to apply for
a loan in addition to other aid. There may be an additional
application process and separate application form. For more
information, contact your school’s financial aid office.
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Should
I send a letter of explanation with my FAFSA if my circumstances
are unusual?
Correspondence should not be sent with your FAFSA, as it will only delay processing
and will be destroyed. Correspondence that explains your family’s
special circumstances should be sent to the college you plan
to attend.
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Helpful Resources
If your questions are not answered here or in the FAFSA instructions,
please contact the financial aid office at your local college
or university, or check out the following websites:
FAFSA on the Web – www.fafsa.ed.gov
ACT – www.act.org
FastWeb – www.fastweb.com
College Board – www.collegeboard.org
All About College – www.allaboutcollege.com
College Opportunities – www.nces.ed.gov/ipeds/cool
Mapping Your Future – www.mapping-your-future.org
(available in Spanish)
Student Gateway to the U.S. Government –
www.students.gov
Dept. of Ed PIN Registration – www.pin.ed.gov
The Smart Student Guide to Financial Aid
– www.finaid.org
Federal Student Aid Guide – http://studentaid.ed.gov/students/publications/student_guide/index.html
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Information provided by the Washington
Financial Aid Association - www.wfaa.org
- Fall 2005
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