Maco & Associates understands that high school seniors are busy applying to colleges and planning for their future, which is why we offer college financial aid application assistance. Let your senior concentrate on getting into the school of his or her choice and let us make sure they can afford it.
Every student should be able to attend college regardless of financial circumstances. How does the financial aid process work? Receiving financial aid is based off of three important terms that you should become familiar with: EFC, SAR, and COA.
- EFC (Expected Family Contribution) is what determines how much financial aid a student will receive. EFC is not necessarily what the school thinks a person can pay out of current income; usually families pay more or less depending on the availability of financial aid (loans and grants) at your school. Ultimately, the lower the EFC number, the more aid you will likely receive. The factors that are considered when determining EFC are the following:
- Income
- Assets
- Employment benefits
- Family size
- Number of family members in college
- SAR (Student Aid Report) is the report that is received by both the school and the student after the EFC is determined. Once the financial aid office receives the SAR, they subtract the EFC from the COA at their school to determine how much aid a student will receive.
- COA (Cost of Attendance) is just what it says: the cost of attendance for the school to which the student is applying. The COA includes: tuition and fees, books and supplies, room and board, and personal expenses (laundry, clothing, recreation, etc.). By subtracting the EFC from the COA, the result is how much aid the student needs. After the school determines the level of the student's need, the financial aid office puts together a package of loans and grants to help the student meet expenses.
The two forms that Maco & Associates fills out for our clients are known as the FAFSA (Free Application for Federal Student Aid) and PROFILE forms. Some schools also require their own financial aid application, which we also complete for you.
Why use Maco & Associates to help with your financial aid forms? For the same reasons you use us as your tax preparer. With over 14 million FAFSA applications processed per year, you'll want our advice and professional review of your forms to ensure their accuracy, and make certain that your chances for aid are the best they can be.
The aid students receive from FAFSA can greatly influence the affordability of a school. Even students who do not do not qualify for other types of financial aid should fill out the FAFSA form. Students can still attain Stafford loans and parents can attain Federal PLUS loans through the FAFSA form. The deadline for the FAFSA form varies from school to school, and also from class year to class year, but no FAFSA form will be accepted before January 1st of the year a student is applying to school.
FAFSA is not the only form that can help a student receive financial aid. Some schools require students to fill out a PROFILE form, which is used to determine students’ eligibility for non-federal student aid. This form is administered by the College Scholarship Service (CSS), and is slightly different than the FAFSA. The submission deadlines, questions asked, and determination of need are all different, and unlike the FAFSA, the PROFILE form requires a small payment. Many schools that are more expensive and/or prestigious require the PROFILE form in addition to the FAFSA; all others accept FAFSA. The deadline for the PROFILE form also varies from school to the school, but a student can send this form in before January 1st of the year he/she is applying for school. Many times, if tax data is not yet available, estimates are submitted, and the form is updated again when the actual data is available.
The financial aid process can seem confusing and overwhelming for students already stressed about the college application process. Our staff will make things easier for you. We are experts at completing the FAFSA and PROFILE forms, as well as supplemental schedules and other applications your school may require. We make the process of applying for aid hassle-free.
Contact us today to make college more affordable!
Read about our other services for individuals:
- Tax Preparation & Consultation
- Tax Minimization Strategies
- IRS VITA/TCE (Volunteer Income Tax Assistance and Tax Counseling for the Elderly)
