FASFA -  Student Handout

The FAFSA (Free Application for Federal Student Aid) is the first and most important step to getting money for college!  Almost all colleges and universities base their financial aid contributions (grants, scholarships, loans, work-study) on FAFSA data.

The FAFSA is a legal, U.S. government form on which you record your personal and family income information.  The government will use income date to calculate the dollar amount you and/or your family can contribute toward your college education.  This calculated dollar amount is called your Estimated Family Contribution (EFC).  The FAFSA is the form used to determine your EFC.  Colleges then use your EFC to calculate your financial need and thus your financial aid award.

COST OF ATTENDANCE

-MINUS

ESTIMATED FAMILY CONTRIBUTION

=EQUALS FINANCIAL NEED

Your calculated financial need is usually the amount you can expect to receive in the form of grants, loans, and/or work-study.

There are two ways to complete the FAFSA:  online at http://www.fafsa.ed.gov, or on a paper form.  You may get FAFSA forms from Mr. Wayne.  However, completing and submitting your FAFSA online has several benefits:

v     If you make a mistake, like neglecting to complete a necessary field, you’ll be informed immediately.

v     You indicate which colleges you want to allow access to your FAFSA information by entering particular college codes in the appropriate section of the FAFSA.  These codes are collected automatically online so you don’t have to look them up!

v     Your SAR (Student Aid Report), which is the report informing you of your EFC, will be sent to you via email, a much faster method than the postal service, which will take a few weeks.

v     You can update and make corrections quickly by simply logging into your personal FAFSA account.

v     Your parents can access your FAFSA account as well (with their own pin numbers), so they can complete necessary parent sections and make corrections quickly.

v     You can access your FAFSA anytime from any Internet connection.  Your student account will remain active, giving you the ability to make updates to it the following year when you are required to submit the FAFSA for your second year of college.

Don’t lose your PIN OR your password.  You will need your PASSWORD to access an incomplete FAFSA that you are working on online.  You will need your PIN all four years of college, since you must complete the FAFSA each year.

For the student part, you will need the following student documents:

v     Your social security number

v     Your driver’s license number

v     Your current bank statement

v     Your previous-year tax returns

v     Your W-2 forms and 1099 forms

**DEADLINE **

Submit the FAFSA as soon as you can after January 1^st.  (You don’t want to use old income information.) If you have been employed, complete your taxes as soon after January 1^st as possible.  Encourage your parents to complete their taxes early also, since their income information is needed as well. Most colleges want you to submit the FAFSA by February 15^th, but some might want it earlier.  Colleges have more aid to give earlier in the process, so increase your chances by submitting the FAFSA by February 15.   Mr. Wayne’s deadline is Valentine’s Day!

HELP!  HELP!   

For FREE help with the FAFSA, you may contact the U.S. Department of Education toll-free at 1-800-4-FED-AID or online at http://www.fafsa.ed.gov.

PROOFREAD your FAFSA!  It will be returned unprocessed of it is incomplete or includes incorrect information. This wastes precious time.

CHECKLIST BEFORE SUBMITTING:

____Did you sign the paper form or complete the necessary procedures for signing the electronic version?

____Did you make a copy of your completed FAFSA and/or double check that all information has been saved properly online?

____If you file using the paper FAFSA, did you use the envelope provided and use regular first-class mail—not registered, certified, or express mail?

____If you mailed the FAFSA, did you obtain a certificate of mailing from the post office for your records?

____Did you only fine one FAFSA?  Remember:  Only one FAFSA is needed, no matter the number of colleges you have applied to.

NOW WHAT?

You will receive your very own SAR (Student Aid Report) informing you of your EFC, the dollar amount you and your family are expected to contribute toward your college education.  The SAR also lists what types of federal aid you qualify to receive, if any.  Your SAR is sent to the colleges you apply to—you indicate which colleges it should be sent to when completing the FAFSA—where it will be used to calculate your financial aid reward.  You should receive the SAR approximately four weeks after you submit the FAFSA.  (If you submitted the FAFSA online, you will receive an email with instructions for printing your SAR from your online account at FAFSA on the Web).  You will receive your SAR more quickly if you submit the FAFSA online.  Otherwise, you will receive your SAR in the mail.  You can check your FAFSA status online at http://www.fafsa.ed.gov using your personal pin number, even if you don’t complete and submit your FAFSA online.  If you don’t receive a SAR or other notification within four weeks, call the U.S. Department of Education’s FAFSA helpline at 1-800-4-FED-AID.

What happens if you made a mistake on the FAFSA?  The federal Department of Education will mail a Correction Form to you, or if you completed your FAFSA online, you will receive an electronic Correction Form via email.  Be sure to make and submit corrections in a timely manner.

This information was kindly provided by Mrs. Arnold.  Thank you, Mrs. Arnold!