What is financial aid?
Money to help pay for college.
Gift Money = Internal/external scholarships and federal, state, or institutional grants
Earned Money = Federal work-study
Borrowed Money = Federal subsidized/unsubsidized loans, parent PLUS loan, and/or private loan
What is the FAFSA and how often do I apply for FAFSA aid?
FAFSA = Free Application for Federal Student Aid
- Submitting a FAFSA allows a student to be considered for federal student aid as well as potential state and institutional need-based aid
- FAFSA is based on the prior, prior tax year (i.e. 2020-2021 FAFSA = 2018 income tax year)
- Apply every year you are enrolled in college at gov
- FAFSA is available every October 1st
- You will apply your senior year of high school or the year prior to attending college
- The Ohio State University’s priority deadline every year is February 1st
- The Ohio State University’s (all campuses) federal code is 003090
What is the FSA ID and who needs one?
FSA ID = Federal Student Aid ID
- One parent and the student each need their own FSA ID
- Create a username and password at ed.gov
- FSA ID allows you to log into your FAFSA and sign it electronically; also used for completing federal student/parent loan processes
What is Federal Work-Study?
- Part-time employment for undergraduate students with financial need allowing them to earn money to help pay for education expenses
- If interested, check yes when asked on the FAFSA
- If offered federal work-study, students must accept the offer and apply for a job on campus
What is the IRS data retrieval tool?
- Allows students and parents who filed a U.S. tax return with the IRS to access the IRS tax return information needed to complete the FAFSA and transfers the data directly to their FAFSA
- Benefits: Easiest way to provide tax return information, ensures accurate tax information, and you will not need to provide a copy of your tax returns to the school
What is an EFC?
EFC = Expected Family Contribution (number)
- EFC is calculated based on the information reported on the FAFSA
- The school uses the EFC to determine financial aid eligibility award
- Formula: Cost of attendance – EFC = student’s financial need
- Note: An EFC is not the amount of money a family will have to pay for college nor is it the amount of federal student aid a student will receive. It is a number used by the school to calculate the amount of federal student aid a student is eligible to receive
Helpful Tips
- Submit your FAFSA on time every year
- If selected for verification (common process) by the college, complete all required forms and submit by requested deadline
- Follow up and check email communication from University Student Financial Aid as well as your Buckeye Link account
- Apply for internal and external scholarships in addition to submitting a FAFSA
Questions?
Julia Morris, Ohio State ATI Coordinator of Student Financial Aid
Email: morris.878@osu.edu
Phone: 330-287-1214
Ohio State ATI: https://ati.osu.edu/money-matters
Ohio State University Student Financial Aid: https://sfa.osu.edu/
Helpful Financial Aid Videos:
https://www.facebook.com/OhioStateATI/videos/627816147652040/