FAFSA Terms:EFC/SAI
The EFC stands for ___ when filling out the FAFSA form.
The SAI stand for ___ when filling out the FAFSA form. (2024)
What is the Estimated Family contribution?
*As of 2024, the term EFC, has been swapped to SAI (Student Aid Index) They refer to the same thing!
True or False: Financial aid offices can adjust your FAFSA based on special circumstances.
What is True?
* You can always contact your school’s financial aid office if you have questions or concerns.
Who should complete FAFSA?
What are students seeking federal financial aid for college?
Name one important document you need to complete the FAFSA.
What is Social Security Number, tax returns, and/ or bank statements.
True or False: A lower EFC/SAI means you are likely to qualify for more financial aid.
What is False?
* Can someone explain why this is false?
The 3 different types of financial aid available to students through FAFSA.
What are Loans, Grants,
and Work-Study Programs?
The cost to submit the FAFSA.
What is free?
*FAFSA stands for Free Application for Federal Student Aid.
The tax form that is usually required to complete the FAFSA.
What is the IRS Form 1040 (Federal Tax Return)
The name of the federal grant for students with financial need.
What is a Pell Grant?
Describe how scholarships differ from other forms of financial aid.
Financial aid is typically awarded based on financial need and offered by the government, colleges, and universities.
Scholarships are more commonly awarded based on academic merit, athletic ability, or other achievements and can be provided by various organizations.
True or False: You only need to fill out the FAFSA once.
What is False?
*You must submit it every school year.
Besides tax information, what other financial documents may be required for the FAFSA?
What are records of your assets?
*The FAFSA form will ask you and your contributors questions about your assets, so make sure you have records of your savings and checking account balances, as well as the value of any investments, such as stocks, bonds, and real estate (excluding your primary residence).
The EFC/SAI is important in the financial aid process because ...
What is... it gives you the amount of money (an estimate) you are expected to pay?
The difference between grants and loans in financial aid packages.
Grants: Financial aid that generally doesn't have to be repaid.
Loans: Borrowed money for college or career school; your loans must be repaid with interest.
*Note: Always prioritize subsidized loans first since they save you money on interest. Unsubsidized loans build interest while you are in school.
True or False: Filling out the FAFSA guarantees financial aid
What is False?
*It determines eligibility but doesn’t guarantee aid.
The name of the program in Connecticut that helps students with state-based scholarships and grants.
What is The Roberta B. Willis Scholarship Program?
In combination with your family size and income, these 3 major things can influence your EFC/SAI calculation.
What is...
your family's taxed and untaxed income,
Assets
And benefits (such as unemployment or Social Security)
all could be considered in the formula.
How does financial need (your EFC/ SAI) influence the amount of aid a student receives?
Colleges subtract your EFC/SAI from their cost of attendance to determine your financial need.
*The financial aid you actually receive from a college could be higher or lower than your EFC, depending on the college's financial aid policies.
True or False: If your family makes too much money, you won’t get financial aid
What is False?
*Aid is available for all income levels, including loans and work-study.
Name one circumstance that qualifies you as an independent student.
What is married, military service, orphan, ward of the court, or having dependents of your own?