FAFSA Question RE Application Practice Run

I wanted to fill out the FAFSA application (to understand the questions, information, maybe get an idea of what might be offered in terms of aid) but they don't have the 2019-2020 application available yet.  If I fill out the 2018-2019 application, can I transfer or simply update the information later?  Or will I need to begin again from scratch?  Not sure how long it's going to take, but just thought I'd check before I begin the process. Thank you!

Pretty sure you will have to start from scratch as  they want the latest information. In any event, filling out  a "draft" application won't give you a sense of what aid you will get. The schools make that determination after receiving the information. 

You can't know in advance how much aid you will get just by filling out the form. It will tell your your EFC -- Expected Family Contribution -- but that means nothing. Do not rely on that AT ALL. That's just the MINIMUM you'd have to pay. You may in fact get zero aid, even with a low-ish EFC.

In the meantime, I can tell you this:

Fafsa is a federal form that you use to apply for federal aid. There are only THREE pieces of financial aid that the federal government gives.

1. Direct Student Loan (also known as a Stafford loan). The maximum amount available this year is $5,500 freshman year, $6,500 sophomore year, $7,500 junior year, and $7,500 senior year. That's all. The Direct Student Loan can be subsidized or unsubsidized.

---"Subsidized" means no interest accrues while you are in school or during the six-month grace period after you leave school (Actually, the fed govt pays the interest during this period.) You have to qualify based on income. You can't get the maximum amount subsidized. For example, freshman year the maximum amount You can get subsidized is $3,500. You can take the additional $2,000 unsubsidized.

---Unsubsidized loans have the same maximum limits as above. Interest begins accruing immediately. There's no income requirement. Anyone can take an unsubsidized direct student loan.

2. Pell Grant. This is for very low income families. Maximum grant is $5,920 per year.

3. Federal work study. The student has to get a job on campus. 

This is the totality of what the federal government can provide when you file the Federal Application for Student Aid (Fafsa). If you are very, very low income, sometimes there's an additional grant called SEOG (Supplemental Educational Opportunity Grant).

All other aid comes directly from the college. Any college that requires ONLY the Fafsa to apply for financial aid will NOT have much -- and most likely will not have ANY -- aid to give.

The ONLY colleges that have substantial aid to give (based on financial need) are the colleges that require both the Fafsa and the CSS profile to apply for financial aid. Here's a list of colleges that require the CSS profile. 

https://profile.collegeboard.org/profile/ppi/participatingInstitutions.aspx

Other than need-based aid, the only other aid available is merit aid. Not every college gives merit aid. You'd have to research which ones do.

Hope this helps.

fed123 said:

Pretty sure you will have to start from scratch as  they want the latest information. In any event, filling out  a "draft" application won't give you a sense of what aid you will get. The schools make that determination after receiving the information. 

Actually, they don't use the "latest" information. They use what they call "prior-prior year." Dumb name. But it means they use your tax return from the calendar year two years prior to the start of school. @LuvThisTown if your kid will be a freshman in fall of 2019, your 2017 tax return is the relevant document. If your child applies to schools requiring the CSS, they will also look at assets (in addition to income) that are current at the time you fill out the form.

shoshannah said:

The ONLY colleges that have substantial aid to give (based on financial need) are the colleges that require both the Fafsa and the CSS profile to apply for financial aid.

This may not qualify as substantial, but for general information: We got a need-based grant equal to 13 percent of the all-in cost at a non-CSS college.

DaveSchmidt said:

shoshannah said:

The ONLY colleges that have substantial aid to give (based on financial need) are the colleges that require both the Fafsa and the CSS profile to apply for financial aid.

This may not qualify as substantial, but for general information: We got a need-based grant equal to 13 percent of the all-in cost at a non-CSS college.

For a $65k school, that would be about $8,500. Not bad. That's pretty good for a non-CSS school. For someone who REALLY needs financial aid, that still leaves $56,500 per year to pay.

I should have mentioned this: There is a way you can get a general idea of what you will get at specific colleges. You have to run their Net Price Calculators (NPC). Every college is required to have an NPC. You plug in the numbers they ask for and they'll give you a rough estimate of the aid you might get at that school. It will include expected Federal aid.

Running a bunch of NPCs is a really good exercise to see how wildly varied the schools are in the financial aid available. Just for kicks, run these to get a sampling:

Yale NPC: https://admissions.yale.edu/yale-net-price-calculator

Penn State NPC:  https://cce.ais.psu.edu/legacy-college-cost-web/netPricePageOne.xhtml

Lehigh NPC: https://npc.collegeboard.org/student/app/lehigh

Rutgers NPC: https://financialaid.rutgers.edu/tools-and-resources/net-price-calculator/

Temple Univ. NPC: https://npc.collegeboard.org/student/app/temple

Make sure you use REAL numbers -- not just guesstimates. Small differences can make a big difference in outcome. The NPC result will be most accurate if you and your spouse both have W-2 jobs. If either one of you is self-employed, owns a business, etc. it will be less accurate.

Thank you so much - all helpful information!  I'm going to run several of the NPC's - great suggestion.

All hail @shoshannah and her extremely valuable information.

j_r said:

All hail @shoshannah and her extremely valuable information.

Took me a long time to learn and process all this and see it in action. I like to share what I know. 

You might find this helpful, it is a bit outdated, but I don't think that the process has changed much:  http://veronica-peralta.blogspot.cl/

This discussion is mostly about need based aid but that is not all that colleges offer. We have been deemed not eligible for need based financial aid but my Columbia High school daughter upon admission was offered four year tuition free at one institution and 90% tuition free at another. Just another example of how some schools are offering more non-need based aid. Tell your kids to keep the grades up! 

fed123 said:

This discussion is mostly about need based aid but that is not all that colleges offer. We have been deemed not eligible for need based financial aid but my Columbia High school daughter upon admission was offered four year tuition free at one institution and 90% tuition free at another. Just another example of how some schools are offering more non-need based aid. Tell your kids to keep the grades up! 

Absolutely! The student would have to be in at least the top quartile of SAT/ACT scores of admitted students for the university. It's based on where the student stands relative to the student body at that school. So a 32 ACT may get you a full scholarship at one school, but nothing at another. At some schools it's a more holistic determination, for example, if they're trying attract geographic, ethnic, or racial diversity. 

Also note that not every school gives merit money. In particular, the most highly selective/highly competitive colleges do not offer merit aid. But then again, those are the ones that offer the best need-based aid.

The guidance department of Columbia High School offers an information night that was very helpful (I think it's during the junior year).  A financial aid officer from a local college spells out the procedures.  We would never have looked at a private school, not knowing that they offer many more awards and scholarships to bring the cost down to state school out of pocket levels.