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Welcome to Knowledge for College brought to you by Chase, and thanks for joining us. This series of videos provides valuable information on the many important steps of going to college and financing an education.

Hi, I’m Chelsea Richardson. The FAFSA4caster can help you determine what college may cost you. Ken Butler shares with us how to use this important tool.

Do you want to attend a school that you think may be out of your price range? It may not be, and now there’s a way that you can easily find out.

It’s an online tool called the FAFSA4caster and it’s available, free, on the federal student aid Web site - FAFSA4caster.ed.gov. The FAFSA4caster lets students and parents get an early estimate of their federal aid eligibility before they complete the FAFSA, the Free Application for Federal Student Aid. It's the FAFSA that determines if you qualify for federal grants, work-study programs and student loans.

The FAFSA4caster takes about 25 minutes to complete. You’ll need to provide the name of the school you want to attend, your name and your Social Security Number. You’ll also need to provide tax information and other financial details for both you and your parents. These can be estimates, but the more accurate your figures, the more accurate the calculation.

Based on this information, the FAFSA4caster will provide the school's estimated Cost of Attendance which includes tuition, books, fees and living expenses. The FAFSA4caster will also provide you with an estimated Expected Family Contribution or EFC. The EFC is the amount that you and your family are expected to pay for college. And it’s the EFC that colleges consider when they award financial aid.

There are other benefits to using the FAFSA4caster besides getting an estimate of your financial aid award. It’s a good way to become familiar with the financial aid process and terms. And you can learn more about other types of aid that may be available, such as grants and scholarships. Plus, when you use the FAFSA4caster, the system automatically submits a request for you to receive a Personal Identification Number or PIN. Your PIN will allow you to file for federal financial aid, electronically sign forms and access your profile to apply for aid in the future. Finally, it makes the actual FAFSA application process easier.

By using the FAFSA4caster first, your information will automatically transfer to your FAFSA Web application when you’re ready to apply for student aid online.

So, how does this information fit into your college planning?

Well, it’s important to know what the total price might be for the schools you're interested in attending. Price and financial aid are often deciding factors when choosing a college. The FAFSA4caster can help you get an early estimate for both. To learn more about the FAFSA4caster, visit FAFSA4caster.ed.gov.

Knowledge for College is brought to you by Chase to help you better understand college financing. If you have any questions on your specific financial situation, consult your financial advisor or the financial aid office of your school.

Important Information: This information was correct as of 11/01/08 and is subject to change. Contact Chase for the most up-to-date terms.

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