Few college-bound students have the financial resources to pay for their post-secondary education entirely out of pocket. Even students with substantial college savings plans typically find that they are left with sizable amounts of unmet need. The average total cost of attending a public four-year college is more than $20,000 per academic year. Students planning to attend a private college or university can expect to spend more than $30,000 per academic year. A college education is a costly proposition, and all indications are that those costs are only going to increase.
While you are waiting for the Student Aid Report (SAR) that will be generated as a result of filing of the FAFSA, you should contact the Records/Admissions department at EFSC to make sure your records are complete. You will have to order your high school transcript, declare your major, and take the appropriate college placement test for your program of intent. If you have attended other colleges, you also have to order official transcripts for evaluation of transfer credit.
There are many potential tax benefits that are available to most tax payers. These include Section 529 college tuition savings plans. Additionally the interest on student loans is sometimes tax deductible. While we are not attorneys or CPAs, and hence do not wish to dispense tax advice, we have included some general information on the tax ramifications of financing a college education. This should certainly help you get on your way to optimizing your tax situation.
Completing a FAFSA can be a time-consuming process that some students or parents might be tempted to skip. “On one end of the spectrum, you have students that don’t think they qualify for aid so they don’t [apply],” Randolph said. “On the other end, you have students that are so confused by the application, verbiage, and choices, that they struggle, perhaps even to the point of not finishing the FAFSA.”
Eastern Florida State College has partnered with BankMobile, formerly HigherOne, to provide refunding and Financial Aid disbursements to our students. Your EFSC refund selection information will be mailed from BankMobile, in a bright green mailer, to the most current mailing address you have on file – so keep your address current through the myEFSC Portal. Once you receive the packet, visit refundselection.com to set up your preferences for how you'd like to receive your refund. You can learn more about this process on EFSC's refund process web page.
Your school will notify you if you must repay part of the grant. From that point, you will have 45 days to either pay that portion of the grant back in full or enter into a satisfactory repayment arrangement. If you enter into a satisfactory repayment arrangement, the school may assign the debt to ED for collection or may keep the debt and allow you to make payments directly to them.
If you’re a noncitizen without a Social Security card or had one issued through the federal Deferred Action for Childhood Arrivals program, you should fill out the California Dream Act Application found at caldreamact.org. You don’t need to fill out a FAFSA form to be eligible for California student financial aid. Contact the California Student Aid Commission (csac.ca.gov) or your financial aid administrator for more information. Additional forms might be required. Applicants are encouraged to keep a record of their submission by printing out their online FAFSA confirmation page or obtaining proof of mailing the FAFSA form.