Financial Aid Information
What is it? FAFSA stands for Free Application for Federal Student Aid. The federal government uses this form to determine your eligibility for federal financial aid for college, which may include grants, scholarships, work-study and loans.
Why fill it out? The FAFSA is used to apply for financial aid from the federal and state government(s) and from most public and private colleges. Private colleges may have their own supplemental forms in addition to the FAFSA for awarding their own aid funds. For example, about 250 private colleges require an additional form called the CSS/Financial Aid PROFILE. The FAFSA is a prerequisite for the unsubsidized Stafford and Parent PLUS loans, which do not depend on
EFC stands for Expected Family Contribution. According to the government’s calculation, you and your family should be able to contribute this amount in the coming academic year to your college
costs. The EFC is a harsh assessment of you and your family’s ability to pay for college. It does not consider the impact of consumer debt on a family’s financial strength.
How does it work? The college you plan to attend will try to meet your demonstrated financial need with a package of different types of aid from multiple sources, including federal, state, school and private sources.
You can do the following on www.fafsa.ed.gov:
* Electronically sign your FAFSA
* Check the status
* Make corrections
* Add additional colleges and universities
* Fill out an online renewal FAFSA next year
** To obtain an FSA ID, eligible students AND parents should visit fafsa.gov (students and parents should get their own FSA IDs). Click on “Apply for FSA ID” near the top of the page and be prepared to
enter your name, social security number, date of birth and a challenge question.
** Do not reveal your FSA ID to anyone. The FSA ID allows you to electronically sign federal student aid and loan documents and access your confidential FAFSA information.
Quick Tip: Fill out the FAFSA as soon as possible after Ocotober 1, and each subsequent year once you’re in college. Early submission maximizes your chances of receiving aid.
FAFSA Process: 1-2-3!
Step 1: Assemble forms needed to complete FAFSA You and your parents (if you are dependent) need the following to fill out the form:
* Social Security Number
* Current bank and brokerage account statements
* Driver's license (if any)
* Current mortgage and investment records (if any)
* Alien registration card (if not a U.S. citizen)
* Federal tax return (estimates are OK on tax questions, if you or your parents haven’t filed yet)
* Untaxed income records (if any)
* W2 and 1099 forms and other record of money earned
* Parents' income tax return (if dependent)
* FSA ID
Step 2: Complete the FAFSA
* Download, print and complete the FAFSA on the Web worksheet.
* Complete FAFSA on the Web at www.fafsa.ed.gov. The online version is used by over 99% of the applicants since it includes skip logic to avoid asking you unnecessary and redundant questions. Processing is quicker and more efficient with built-in edit-checks to reduce errors on the form.
* In order to maximize the amount of aid, fill out the FAFSA as soon as possible after October 1.
* Once finished, print the FAFSA summary as well as the "Submission Confirmation" page (or write down your confirmation number and date). If you complete the paper version, make a copy for your records.
Step 3: Review your Student Aid Report (SAR)
The SAR is proof that your FAFSA was received. You should receive your electronic SAR in 1-3 days if you filed electronically (paper filing: 2-3 weeks).
What if I find errors on my Student Aid Report (SAR)?
* Report errors immediately to your financial aid office. You can also make corrections online using your FSA ID at www.fafsa.ed.gov.
* If you don't receive your SAR in 3-4 weeks, call 1-800- 433-3243 (1-800-4-FED-AID) or visit www.studentaid.ed.gov.
From the Fastweb.com website