When applying to colleges and universities, students and their parents often have many questions about the financial aid process. This question and answer series aims to answer those questions.

Who should apply for Financial Aid?
Anyone who is concerned about being able to meet the cost of her college education should talk seriously with her family about applying for Financial Aid. Suggestion: If your parents would like to gauge what they might be expected to pay, they can use a financial aid calculator LINK to determine whether applying for Financial Aid makes sense for your family. 

What is a Financial Aid “package”?
Every school will use the information you present via the FAFSA and, if required, the PROFILE, to calculate your need in order to build a Financial Aid “package.” A package is comprised of 3 elements:

• Loan (Federal Stafford Loan) – repayment required (low interest student loan) 
• College Work Study – a campus job (Federal Program)
• Grant/ Scholarship – no repayment required

Virtually every financial aid package contains loan; not every package contains grant or work study.

Does every school require the FAFSA?
Yes, if you want to be considered for financial aid (at a U.S. institution).

How do I know which additional forms my schools require?
You must check the printed information that the school sends you or the information on their Web site. You can also check the list of schools on the PROFILE form to see if your school is listed as one that requires it.

What will I receive after I file my FAFSA? How will I know if I made a mistake?
After completing the FAFSA (after January 1), you will submit it to a federal processor (on-line) where your information will be entered in a database.  It will then be transmitted to the schools you listed on the FAFSA. Approximately 3-4 weeks later, you will receive your 3-page Student Aid Report (SAR), which is a copy of all the information you provided on the original form. You must carefully check this information for accuracy, making changes if necessary. Because this SAR comes via email, please be sure the email address you give on the FAFSA is one either you or your parent will check carefully. All corrections are returned via this form to the processor. In addition, you will need to add the names of additional schools (the FAFSA allows for only six schools at a time) where you would like your information to be sent. There is no charge for this service. When your SAR is correct, you must keep it until you decide which school to attend. Once you know where you'll attend, the financial aid office at that school will require this signed SAR for verification.

What will I receive after I file my CSS PROFILE?
After completing the CSS PROFILE online, ($5.00 registration fee) it goes to the CSS processor where your information will be entered into a database and sent to the schools which you indicated should receive them. The charge for this service is $18 per school. You will receive a CSS Acknowledgement confirming that your PROFILE form was received, processed, and sent to the schools that you indicated.

Does it matter when I file my forms?
Yes! Your timing is crucial! You can file the FAFSA after January 1, 2010, but you must file all forms by the Priority Filing Date (usually February 1) suggested by your schools. You may use estimated income information. If you miss the date, a school may not be able to fund you, regardless of your need!

What if I file on time, but do not receive a financial aid package that will allow me to attend my chosen school?
If you and your parents believe your package is insufficient, you may appeal the financial aid decision. After speaking with a Financial Aid Counselor by phone, you must put your request for an appeal in writing and send it to the college's financial aid office. There is no guarantee that your package will change.

What if I have an unusual family circumstance and there seems to be no way to explain it on either the form?  What should I do?
If you have special circumstances, you and your parents should put the information in writing and direct it to the Director of Financial Aid at the schools to which you are applying. You should do this early in the process – January is preferable – so that your financial aid officer has access to this information while working on your financial aid package.

What if my parents are divorced or separated? Must I file anything special?
Yes. The parent you live with (custodial parent) should complete your FAFSA and, if required, PROFILE. If a PROFILE school requires additional information from your non-custodial parent, s/he will also be asked to complete the Non-custodial Profile. There is much more information on this form and process at https://ncprofile.collegeboard.com/ncpWeb/pageflows/Main/NcpMainController.jpf.

Will applying for Financial Aid impact my admission decision?
In most cases, no. However there are a few schools that embrace a “need sensitive” policy, whereby if you are a candidate on the edge, they may consider your financial need in conjunction with your academic profile. It is best to ask every college about their financial aid policy. Sometimes your ability to pay is a factor in wait list decisions.

How much can a student borrow?
Students borrow money in their own name through the Stafford Loan program.
Freshmen: $  3,500,  Junior: $ 5,500
Sophomore: $  4,500, Senior: $ 5,500