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Federal and State Financial aid
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Used by all colleges for federal and state aid to calculate EFC, the Expected Family Contribution that a family should be able to pay. The 2009-2010 academic years requires 2008 student and parental earnings and certain current assets. Income can be projected and adjusted to W-2 and tax information when completed. Form can be submitted beginning January 1, 2009
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SAR (Student Aid Report)
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The output of the FAFSA that edits the FAFSA
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Informational worksheet that reports FAFSA details, errors and financial eligibility for governmental loans and grants. In turn, corrections can be made on the form or on line.
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CSS/Financial Aid Profile
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Used by many private colleges and scholarship programs for institutional private aid they control
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Asks detailed questions such as past, present and projected incomes, home value, educational costs, institution specific questions and leaves space for explanations. It calculates the Expected Family Contribution using an institutional methodology to determine a family’s financial need for the institution’s scholarship and grant programs.
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Business Farm Supplement
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May be required from parents with small businesses or farms or those that are self employed to provide profit and loss and balance sheet information..
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This gives the institution a more accurate picture of a family’s ability to pay based on business ownership.
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Institutional Forms
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Customized forms that many colleges use in addition to the FAFSA.
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Many colleges develop their own financial aid forms asking specific questions similar to the CSS / Financial Aid Profile. Each form may be required in addition to the FAFSA and CSS Profile
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NCP/ Non Custodial Parent Profile
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This form may be required if the student answers that their biological or adoptive parents are separated or divorced and do not live in the same household when they completed the CSS/Financial Aid Profile
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The completed information is kept confidential from the custodial; parent and student. It is used to factor in what the non custodial parent can contribute, if anything, to their child’s education.
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Non Custodial Parent’s Statement
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This form may be required if the student’s biological or adoptive parents are separated or divorced and do not live in the same household.
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The completed information is kept confidential from the custodial; parent and student. It is used to factor in what the non custodial parent can contribute, if anything, to their child’s education. |
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IDOC
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Document Imaging Service offered by the Colllege Board that electronically copies the parent’s tax and other forms and transmits that information to the college
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Used by some institutions to process for verification purposes. The institutions require parents to submit their documents to IDOC rather than directly to them.
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Verification Worksheet
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Required by the US Department of Education Central Processing System to verify the financial aid forms to the source documents.
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Some colleges have their own verification that requires 100% verification, random verification or verification of questionable data. This process prevents ineligible students from receiving from receiving aid and ensuring that eligible students receive the aid they are entitled.
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Financial Aid Package /Award Letter
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The financial aid offer
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Shows projected costs after any financial aid the college is offering. Awards consist of scholarships, loans, grants and work study The award usually reports the Cost of Attendance (COA) less financial aid, family contribution and unmet need (amount left).
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Statement of Special Circumstances or Status Changes
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Form that may be used in lieu of an appeal letter for more financial aid.
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Changes in financial status can result from job loss, changes in marital status, unexpected expenses, etc.
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Appeal Letter
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Not a form but an individualized letter to request additional financial aid
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It is critical to provide sufficient back up data to justify your need. Always be sure that the FAFSA is up to date and the college is aware of any special circumstances (job loss, reduction in hours, etc.) that may impact the financial aid award
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MPN Master Promissory Note
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Required when a student signs when taking out a Stafford loan.
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Entrance Counseling – Stafford Loans
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A test to conform that the student understands their rights and responsibilities of their loans before their first disbursements
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Students with federal student loans are counseled in person, in groups or line expected to take this test.
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PLUS Loan Applications
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Formal application for a parent PLUS loan.
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These are fixed rate parent loans that may be deferred until after graduation.
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PLUS Loan Certification Worksheet-
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Required when a family has not completed the Free Application for Federal Student Aid but is applying for a PLUS Loan
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Loan Applications
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Most student loans will require a cosigner
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The interest rates on alternative loans are either fixed or variable and based on the borrower’s or co-signers credit
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Installment Payment Plan Enrollment-
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Installment payment plan to spread the out of pocket costs over 8 to 12 month period with no interest
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Not a loan but a method to improve cash flow
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Scholarship Application Information Release Form RELEASE FORM
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The Family Educational Rights and Privacy Act (FERPA) requires student consent to disclose personal and educational information to provide scholarship donor(s) with the required information about their scholarship recipients.
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