During your college search, you may have a lot of questions regarding your child's or your own financial situation. In this video, we will cover many of the most common questions and issues that arise during a college search, and give suggestions on the best way to fix these problems.

 

Question: What is a financial aid package?


Answer: A financial aid package is the amount of money you can expect to receive toward college. Your package will come in the form of an award letter, which lists your awards, including the amount you are eligible to borrow in student loans. If you have any questions about the terms or conditions of any of your awards, contact the financial aid office at your college.

Question: What is an EFC?

 

Answer: The EFC is your Expected Family Contribution, an index that colleges use to determine your financial aid eligibility. Colleges subtract your EFC from the total cost of attending their school to find out how much financial aid you need.

Question: Who decides the amount of financial aid that you will receive?

 

Answer: Your college’s financial aid office determines your financial aid received.

Question: Will My Financial Aid Package Be the Same Each Year?


Answer: Your financial aid package may change if your grades or living circumstances change from year to year.

Question: How Do I Decide How Much I Need to Borrow in Student Loans?

 

Answer: Your award letter tells you your maximum amount to borrow, however, keep in mind that the more you borrow, the more you have to pay back with interest.

 

Question: What Is the FAFSA? 

 

Answer: The FAFSA stands for Free Application for Student Aid. 

 

Question: What Is the FSA ID?

 

Answer: The FSA ID is where you can access your financial aid data.

 

Question: What do I do if I don't have a Social Security Number?


Answer: If you don’t have a social security number you will not be able to fill out a FAFSA.

 

Question: Why Do I Have to Provide My Parents' Information on the FAFSA?

 

Answer: Your parents information determines financial dependence and thus potential financial aid.

 

Question: My Parents Lost Their Job. How Do I Complete the FAFSA?

 

Answer: If your parents lost their job, you will need to consult with your financial aid officer. 

 

Question: What is the difference between financial aid and scholarships?

 

Answer: Financial aid is determined based on your needs and scholarships are determined based on merit.