Statement of Financial Need
When donors establish scholarship funds at the Foundation, they tell us the criteria that is most important to them. The selection committees then search for applicants that most closely match that criteria. The majority of the donors choose to make financial need one of the criteria. Our selection committees requires a consistent method of evaluating financial information among applicants. The Community Foundation has found the FAFSA4caster to be an easy and time-saving tool for applicants and it gives the selection committees the information they need.
What is FAFSA4caster?
It’s an online tool to help college-bound students and families anticipate college costs before officially applying for federal student aid. It provides an estimate of federal student aid eligibility by instantly calculating an estimate of the Expected Family Contribution - the indicator used to estimate financial strength.
Why not just require the official FAFSA form?
Two reasons: 1) Timing. The FAFSA guidelines require your application not be submitted before January 1 and then you must wait for the results. It’s too close to the Community Foundation’s February 15th deadline.
2) Many students won’t need to fill out the entire FAFSA form because they won’t be applying for federal financial aid.
What information does the FAFSA4caster provide?
With the FAFSA4caster, you will be able to see what college might cost depending on the type of school you plan to attend. If you plan to attend a four-year public school, it shows the types of federal student aid that might help cover that and provides examples of aid awards showing in-state and out-of-state costs. Finally, FAFSA4caster shows any estimated financial need that remains after the estimated aid amounts and Expected Family Contribution are taken into account.
Are there other benefits?
Parents of younger students can use it to receive early estimates, create scenarios based on future earnings, and to establish college savings strategies. Also, some of the data entered in FAFSA4caster will populate a portion of the official FAFSA form if and when you actually apply for federal student aid.
What documentation do I include with my application?
A copy of the “Estimated Federal Student Aid Eligibility” page printed from the FAFSA4caster is required with your application. Be sure to write in your name.
Are there other calculation tools I can use instead?
Yes. Feel free to use the tool that works best for you as long as you provide documentation of the Estimated Expected Family Contribution. Some to look at are: www.collegeboard.com/fincalc/efc, www.collegeanswer.com/paying, and www.finaid.org/calculators/finaidestimate.
