All the Facts About Financial Aid

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:

Financial Aid

Cha-Ching 💵 Chime in to learn more about Financial Aid at Ohio State ATI! ⚠️ Don’t forget FAFSA is due Feb. 1 and the Scholarship Application is due Feb. 15. Learn more at ati.osu.edu/money-matters

Posted by Ohio State ATI on Wednesday, January 23, 2019

 

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