The following is a summary of a workshop hosted by Willamette University and the Pacific Northwest Association for College Admission Counseling (PNACAC). The workshop, led by Willamette University’s Director of Financial Aid, focused on the FAFSA form which is required for any type of federal, state, or college-level financial assistance.

The first activity that must be completed in the quest to complete the FAFSA is that the student and the parents of a dependent student need to obtain PIN numbers. Yes, both the student and parents have to get PINs!!! Keep in mind that the FAFSA is constituted from the perspective of the student (sometimes a stark realization for both students and parents – he/she is growing up!!). PINs can be obtained at www.pin.ed.gov.

A PIN can be obtained at any time prior to completing the FAFSA. Some families like to get an idea of what the FAFSA is like, what information is required, and what might be reasonably expected at the end of the process. This can happen by going to www.fafsa4caster.ed.gov. This site is an online financial aid estimator that provides students and families with an early estimate of federal student aid eligibility.

Each year, the FAFSA is officially ready to be completed starting on January 1st. The sooner it is completed, the better it is for the student as funds tend to dwindle with the passage of time. Thus, thinking back a bit, it becomes important to consciously collect financial information each year a student is in college so that FAFSA can be submitted as soon as possible.

What happens following the successful submission of a FAFSA? You will receive notification of a few figures:

EFC (Estimated Family Contribution) – This figure will probably cause a fainting spell but know that it is an objective figure based on a complex federal formula which seeks to make accurate and just comparisons among all students so that schools can make appropriate financial aid decisions. Re-read these sentences when you come to.  Many families think this figure is an unreasonable possibility for them to pay. Know that you should speak with financial aid officers to present extenuating circumstances that may alter your EFC. It’s part of their job.

PC (Parent Contribution) – This figure is the amount that the parents of a dependent student are supposed to contribute to the college education of their child or children. This figure is divided by the number of children in college to arrive at the final EFC.

SC (Student Contribution) – This figure is based on the expected contribution that the student should make to the cost of his/her college education. This figure comes from a complex formula which factors in the student’s assets and potential earnings. This is included in the EFC.

FAFSA information will be sent to the schools to which the student has applied ONLY if the student has directed FAFSA to do so. Be sure to check that this has been accomplished on the FAFSA online form. What happens next?

Step 1 – The student is now eligible for consideration for federal, state, college-level tuition assistance based on need as well as satisfying one of the eligibility requirements for many private scholarship opportunities.

Step 2 – The Financial Aid office of a college or private organization may request additional documentation from families such as tax returns, asset verification, layoff notices, etc.

Step 3 – The Financial Aid office will use the total Cost of Attendance (tuition, fees, room and board, books, transportation, etc.) and subtract the EFC to arrive at the student’s Need for Financial Aid.

Step 4 – The student will receive an Award Letter (a.k.a. Offer of Financial Assistance or Award Notification) from the Financial Aid office. This correspondence will list all of the types of funding for which the student is eligible and information describing each of them.

Step 5 – The student and parents must now do their own math and have a frank discussion of what is within the realm of possibility for the family. Remember, you should contact the Financial Aid office for clarifying information or to provide additional factors for them to consider. One cautionary note – be sure you are bringing something real for them to consider and know that negotiation is not what this contact is about. (e.g. “My son/daughter is receiving a need-based scholarship of $xxxx to What’s-a-Matter U., so shouldn’t you give more because he/she really wants to go here?”)

Step 6 – The student must make a decision, accept or reject offers of aid, and send in appropriate deposits to the school of choice. It is also appropriate to send a note of declination to other schools.

Step 7 – The student and parents finalize all paperwork and verification of information. Loan applications are completed.

Step 8 – After the completion of all the paperwork, funds will be released to the college to offset the total cost of attendance. In the rare case that there is an excess of funds available, these funds will be given to the student for books, supplies, living expenses, etc.

……….and then, next year, you get to do it all over again!