Getting Financial Aid

 What is the FAFSA?
The Free Application for Federal Student Aid (FAFSA) is used to determine your eligibility for all federal student aid, including grants, loans, and work-study. In addition, it is used by most states and schools to award non-federal student financial aid.

The 2012-2013 FAFSA covers the Summer 2012 through Spring 2013 terms. You may submit this application anytime. The 2013-2014 FAFSA will be available online beginning January 1, 2013. This application is for the Summer 2013 through Spring 2014.

Check out this website by ECMC to learn about financial awarness basics.

What is the first step?
First time students, without a Personal Identification Number (PIN), and parents of dependent students should request a PIN from www.pin.ed.gov. This PIN can be used each year to electronically apply for federal student aid, serve as your electronic signature and gives you access to your personal records with the Department of Education. You should never give your PIN to anyone, including commercial services that offer to help you complete your FAFSA. Be sure to keep your PIN in a safe place.

Completing the FAFSA is the next step in the financial aid process. If you have questions on what you need to properly complete a FAFSA, the purpose of the FAFSA or how to check the status of your FAFSA, check out the Department of Education website for great information.

The best way to complete the application is online at www.fafsa.ed.gov. This will reduce processing time of the application by the Department of Education from weeks to days. Prior to completing the online application, we suggest that you complete the pre-application worksheet. The worksheet is designed to follow the web questions step by step and cut the time in which you are on the computer. You may complete a paper FAFSA which is available in most high schools and colleges. The FAFSA does include a preaddressed envelope to the federal processing center.

When you apply for financial aid, expect to answer questions about your family's income and savings. Most of this information is readily available from your tax returns, paycheck stubs, bank and other financial account statements.

If you have further questions regarding the completion of the FAFSA online visit the Department of Education website.

Am I eligible to apply?
Any US citizen or eligible noncitizen may apply, who has a high school diploma or GED, or evidence of ability to benefit as determined by the COCC Admissions Office and Department of Education. The student must be admitted into a degree or certificate program and at least 17 years of age. Scholarship and Veterans programs have additional eligibility requirements.

COCC's Federal School code is 003188.

When do I apply?
Complete the FAFSA application early, as soon as federal tax returns are completed. The best time to apply is between January 1st and March 31st. FAFSA applications received later will be considered for funding from available aid programs such as Pell Grant and federal loan programs. If you are beginning school in the middle of the school year, complete the FAFSA as soon as possible. To actually receive aid, a correct, complete financial aid application must be at the College before your last day of enrollment in the school year. You must apply for financial aid each year.

Remember, it can take 2 - 3 months to process your application for financial aid.

What happens after I complete the FAFSA?
Once you submit the application, the Department of Education will process your information. Your information is entered into a formula from the Higher Education Act of 1965, as amended, and the result of the calculation is your Expected Family Contribution (EFC). The EFC is the way a family's ability to pay for college is calculated. The formula for determining eligibility for federal aid programs is the same for every college.

Once you application is submitted and processed by the Department of Education, you will receive a Student Aid Report (SAR) which contains your EFC. An electronic copy of your SAR will be available to the schools listed on the FAFSA. If you submitted the FAFSA electronically, you may view your SAR with in 72 hours from date of submission. If you mail the FAFSA, the SAR will be mailed to you in about 4 - 6 weeks. It is important that you review your SAR to make sure all of your information is correct and to provide any necessary corrections or additional information.

The schools listed on your FAFSA receive your EFC along with the rest of your information. The EFC is used to prepare a financial aid package to help you meet your financial need. Financial need is the difference between your EFC and the school's cost of attendance (which can include living expenses), as determined by the school.

Filing out the FAFSA and applying for student financial aid is free. Be wary of mailings or websites that offer to submit your application for you or to find you money for school if you pay them a fee. Some of them are legitimate, and some are scams. Generally, any information or service you pay for can be had for free from your school or from the U.S. Department of Education.

Will the school ask for any documents?
COCC may ask for you to complete other types of documentation. COCC will mail a 'Requested Document' letter notifying you of the documents needed and how to download them from your student services account. If you do not have internet access, documents are available in the Boyle Education Center. Please return the documents as soon you complete them. Processing of any document by the Financial Aid Office may take 2 - 3 months. After all documentation has been satisfied, COCC will package you for financial aid.

Go back to How to get financial aid at COCC.

What funds are available with FAFSA?