Applying for Financial Aid at CCSU
Fall 2009 - Spring 2010 - Summer 2010
What is Financial Aid?
Financial aid is to assist students in paying for their college education. Financial aid funds come from the federal and state governments, Central Connecticut State University, and other agencies or organizations. Financial aid consists of these types of assistance:
Grants - "free money" made available by the federal and state governments, and CCSU.
Scholarships - funds awarded to students based on merit either by CCSU or outside private donors.
Loans - funds which must be repaid made available to borrowers, student and parent, by the government and private lenders.
Work Study - funds awarded to students for on-campus employment.
How do I apply for Financial Aid?
All students must complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov to determine a student's and family's ability to pay for educational costs.
To complete the FAFSA, both the student and parent need to go online at www.pin.ed.gov and request a Personal Identification Number (PIN). The PIN enables the student and parent to sign the FAFSA electronically as required.
CCSU's federal code number - 001378 must be included in Step 6 - question 104a on the FAFSA.
Completing the FAFSA!
The FAFSA requests demographic and financial information about the student and parent (and spouse when applicable).
Answer all questions - If you or your family have unusual circumstances such as loss of employment, complete the FAFSA and submit it as instructed and consult with a financial aid administrator at CCSU for further instructions.
The following provides guidance on how to answer some of the questions on the FAFSA accurately and completely:
Question 28 - "When you begin the . . . school year, what will be your grade level?" The answer is soley based on your matriculated basis and the total credit hours you have earned to date: Freshman 0-25 hours; Sophomore 26-53 hours; Junior 54-85 hours, and Senior 86 hours plus.
Questions 33-35 (student) & 82-84 (parent) - These questions have to do with your filing a Federal Income Tax Return. If you are supposed to file a federal income tax return, we recommend that you complete it before filling out the FAFSA. If you have not yet filed your return, you can still submit your FAFSA, but you must proivde estimated income and tax information. Once you file your tax return, correct any income or tax information that is different from what you initially submitted on your FAFSA.
Essentially there are 3 types of Federal Income Tax Return forms - 1040EZ (simplified), 1040A (moderately simplified) and 1040 (usually for more complicated reporting). Consult with a tax specialist to detemine the best form for you to use. Questions 35 and 84 ask if you were eligible to file a 1040EZ or 1040A form. If you itemize deductions and or report a business (schedule c), you are not eligible to use a 1040EZ or 1040A form. You may answer "yes" to the question if you meet the qualifications but actually filed using a 1040 form. Refer to the IRS website at www.irs.gov to determine if you are required to file a federal tax return.
Questions 36-40 (student) & 86-90 (parent) - These questions report the actual income, taxes paid, and earnings. The answers to these questions are listed on specific liines on your federal tax return and or the W2's:
Adjusted Gross Income - 1040EZ - line 4, 1040A - line 21, and 1040 - line 37;
Taxes Paid - 1040EZ - line 11; 1040A - line 35, and 1040 - line 56.
Earnings - Reported on the W2's provided by each employer and other sources, but listed on the 1040EZ - line 1; 1040A - line 7, and 1040 - lines 7, 12, 18 plus Box 14 of IRS Schedule K-1.
Questions 41-43 (student) & 91-93 (parent) - These questions report balances in cash, savings and checking accounts; net worth of investments but not the family residence; and net worth of current businesses and or investment farms. It is important that these questions are answered. If the answer is none then enter a "0" as the answer. However, do not fail to report net worth of investments especially if they are reported on the 1040 tax return.
Questons 46-47 (student) & 94-95 (parent) - These questions report additional financial information about specific items. The most non-reported items are:
Education Credits - reported on the 1040 - line 50, or the 1040A - line 31
Tax-deferred Payments to Pension and Savings Plans - reported on the W2 forms in Boxes 12a through 12d, codes D, E, F, G, H, and S.
Step Three: Questions 48-60 - These questions determine whether a student may be considered dependent or independent. If an answer is "Yes" to any of these questions (documentation may be required),the student is considered to be independent for financial purposes and is not required to include parental information.
Questions 61-70 - These questions report a parent's marital status. If your parents are living and married to each other, answer the questions about them. If your widowed parent is remarried answer the questons about that parent and your stepparent. If your parents are divorced or separated, answer the questions about the parent you lived with more during the past 12 months, or if you did not live with one parent more than the other, give answers about the parent who provided more financial support the past 12 months. If this parent is remarried, answer the questions about that parent and your stepparent.
Questions 75-76 (parent) & 96-97 (if student is independent) - These questions report how many people are in the household and the number who may be attending college for the academic year:
Parents' Household - list yourself - the student, your parents, your parents' other children if a) your parent provide more than half of their support and will continue to do so, or b) the children could answer "No" to every question in Step Three, and other people if they now live with your parents and your parents provide more than half of their support and will continue to do so.
Number in Parents' Household Attending College- Always count yourself as a college student. Do not include your parents. You may include other members who are part of the parents' household but only if they will be attending at least half--time in a program that leads to a college degree or certificate.
Student's Household (independent only) - Include yourself (and your spouse); your chldren if you provide more than half of their support; and other people if you proivide more than half their support and will continue to do so.
Number in Student's Household Attending College - Include yourself (and your spouse) and others only if they will attend at least half-time in a program that leads to a college degree or cerrtificate.
How is Financial Need Determined?
Two important figures are used to determined a student's eligible financial need. They are:
Cost of Attendance Budget (COA) - The financial aid office creates a cost of attendance budget for each student based on residency, class standing, and housing status. The COA budget inlcudes both the actual costs to attend CCSU and other estimated educational and miscellaneous costs which may occur. The COA budget is not what it costs to attend CCSU..
Estimated Family Contribution (EFC) - Using the data entered on the FAFSA, the EFC figure is computed by the U.S. Department of Education and sent to CCSU.. This figure is used to determine the ability of the student and the family to pay for college...
The COA Budget minus the EFC determines the student's eligible financial need. From this data, the CCSU FA Office creates award categories from the most to the least needy. The financial aid awarded to each student by the FA office comes from federal, state, and school grants and loans. Scholarships, tuition waivers, private loans, and other kinds of financial aid are not usually included in the aid award but are added as reported to the FA Office by the student, donor, or private lender.
All students are eligible for the Federal Direct Stafford Unsubsidized Loan regardless of income.
Important Dates to Remember!
Your FAFSA for the upcoming academic year may be filed beginning January 1. You don't have to wait until you are accepted by CCSU to file the FAFSA.
However, please note the following priority processing deadlines set by the CCSU FA Office:
March 1 is the priority date for incoming freshmen and transfer students to have completed filing their FAFSA.
April 15 is the priority date for continuing CCSU students to have completed filing their FAFSA.
If you do not meet the appropriate posted priority processing deadline, you are inelgible to be awarded institutional grant funds. You may file a FAFSA after the priorty dates.
Let's Review!
-Must complete a FAFSA online at www.fafsa.ed.gov
-Must obtain student and parent PIN at www.pin.ed.gov
-Must include CCSU Federal ID code number - 001378.
-Must meet Priority Processing Deadline to be eligible for institutional grant funds.
-March 1 - freshmen and transfer students
-April 15 - continuing CCSU students.
