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FAFSA, What is it?
FAFSA, the Free Application for Federal Student Aid, is the form the federal government uses to determine your eligibility for federal assistance (loans, grants, work-study appointments and some scholarships). Schools also base their financial aid package on the FAFSA. And, as the name implies, the FAFSA is completely free. For many schools, the FAFSA is the only form you need.
Using the information you supply on the FAFSA, the federal processor determines your expected family contribution (EFC) - the amount of money you and your parents can be expected to contribute to your college costs. Your school then applies a simple equation to decide how much financial aid you will need. Your Expected Family Contribution (EFC) is subtracted from the school's Cost of Attendance to arrive at your Financial Need.
|
COA |
Cost of Attendance |
Tuition, fees, room and board, books and supplies, travel and incidental expenses |
|
-EFC |
Expected Family Contribution |
Amount of money your parents can be expected to contribute |
|
=$$$$ |
Financial Need |
Amount you will need to go to school |
The school tries to meet your need through a financial aid package made up of funds from federal, state, school and private sources as well as loans and student employment. You should submit a FAFSA every year you need aid, even if you think you don't qualify for financial aid. Your eligibility can change from year to year, especially if there are changes in your family's circumstances. Also, being rejected for federal aid is sometimes a prerequisite for receiving private awards.
When should I apply?
The new FAFSA form becomes available each year on or before January 1. Submit your application as soon after January 1 as possible. At many schools, funds are limited; if you submit your FAFSA too late, they won't have any aid left for you! Your school may require additional forms besides the FAFSA or an earlier submission deadline. Contact your school's financial aid office to learn about requirements for your school.
Where can I get the FAFSA?
Obtain your FAFSA form by:
- Picking one up at your high school, college or library;
- Calling 1-800-4-FED-AID
You can also apply directly online with through FAFSA on the Web.
If you have any questions about the FAFSA or federal student assistance programs, call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243, TTY 1-800-730-8913) from 8:00 a.m. to 8:00 p.m. Eastern Time, Monday through Friday. You can also submit questions through the Web site at www.fafsa.ed.gov/contact.htm
What happens next?
Four to six weeks after you submit a paper FAFSA, you'll receive your Student Aid Report (SAR). If you submitted a FAFSA online or included your email address on your paper FAFSA, you should receive your SAR within two weeks. The SAR is your official record that the federal processor received your FAFSA, as well as a summary of the financial aid you can expect to receive. The federal processor will also send a copy of your SAR to each of the schools you listed on the FAFSA. If you need additional copies of the SAR, call the federal processor at 1-800-433-3243.
Once you've received your SAR:
- Carefully review to make sure all the information is correct. If there are any errors, call your school's financial aid administrator or the Student Financial Aid help desk at 1-800-433-3243 to ask how you should make corrections.
- Note your Data Release Number (DRN). It's the four-digit number located on the lower left corner of the first page of your SAR. You will need it to apply to additional schools.
- Check to see if your SAR has been selected for verification. If you have been selected, there will be a notification in the text of your SAR. About 30 percent of FAFSAs are randomly selected for verification.
If selected, you will be asked by your college financial aid administrators to provide more information. Be sure to respond as soon as possible. Your aid offer may be delayed until the materials are received - which may leave you without aid if funds have already been allotted. If you do not receive your SAR within four to six weeks, call the federal processor at 1-800-433-3243. Be ready to provide your Social Security Number and date of birth for verification.
Filling out your FAFSA is the first step toward receiving financial aid. Start early, follow these steps and you may find that financing your college education is easier than you thought!
Adapted from FastWeb.com!
Financial Aid Tips
Filling out the FAFSA can be tricky. Keep these tips in mind and you shouldn't have any problems.
Identify Yourself
- Use your legal name as it appears on your Social Security card. Nicknames or aliases will cause a processing delay.
- Read the questions carefully. The words "you" and "your" on the FAFSA always refer to the student, not the parents.
- To be considered a veteran, you must have served on active duty and been discharged under conditions other than dishonorable. If your service was only for training purposes (e.g. National Guard or Reserves, or ROTC), you are not considered a veteran for your federal financial aid application.
- Remember to count yourself, the student, as one of the people in your household who will be college students during the award year.
Your Parents and the FAFSA
- If your parents are divorced or separated, the parent with whom you lived the most during the past 12 months is the parent responsible for filling out the FAFSA. This is not necessarily the parent who has legal custody.
- If the parent responsible for completing the FAFSA has remarried, the new spouse must report their income and assets on the FAFSA. Prenuptial agreements have no bearing on this requirement.
Your Dependents
- A legal dependent is a person for whom you provide and will continue to provide more than half of their support. Support includes money, gifts, loans, housing, food, clothing, automobile, medical/dental care and payment of college costs. If you have a child who is supported by your parents or someone else, you should answer "no" to the question that asks about legal dependents other than a spouse.
- If you have an unborn child who will be born before or during the award year (July 1 through June 30) and will be your legal dependent, that child should be counted as a member of the household.
Given the Option
- In the question that asks about your interest in different types of aid (e.g. work-study and student loans), answer "yes" to each question. Answering "yes" does not obligate you to accept a loan; answering "no" will not get you more grant aid.
- Even if you qualify for the simplified needs test, you should still complete the asset information section of the FAFSA. Some states and schools use this information for computing their own financial aid awards.
- By submitting the FAFSA, you give permission to release your information to the state aid agency. You cannot apply for financial aid without releasing this information.
What Counts as Income?
- The Earned Income Credit is considered "untaxed income" on the FAFSA. Other types of untaxed income include retirement plan contributions made during the year and military food and housing allowances.
- Worksheet #3 asks for income and benefits that are to be excluded from taxable income. Most students will report money earned from work-study here. If any grant or scholarship aid was reported on the income tax form, it should also be reported here.
- Prepaid tuition plans are not reported as assets on the FAFSA.
Before You Send Your FAFSA
- Sign the form and get all the other required signatures. If you don't sign the form, you will receive an SAR, but you will not receive aid.
- Do not include anything with the form when you mail it; any enclosures will be destroyed. Likewise, do not write comments or notes in the margins of the form. If there are unusual family financial circumstances, you should contact the school's financial aid administrator to ask for a professional judgment review.
- Make a copy of the form before mailing it. You can print out your online FAFSA before you submit the application.
- Submit the form on time.
If you don't understand a question or are having trouble filling out the form, call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or contact Ms. Melissa Scudder, Guidance Counselor.