The Parent's Guide to the FASFA

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 a student records his or her personal and family income information.  The government will use income data to calculate the dollar amount a student and/or his or her family can contribute toward 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 financial need and thus a student’s financial aid award.

COST OF ATTENDANCE

-MINUS

ESTIMATED FAMILY CONTRIBUTION

=EQUALS FINANCIAL NEED

The calculated financial need is usually the amount a student 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 the FAFSA online has several benefits:

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

v     The student indicates which colleges he or she wants to allow access to the FAFSA information by entering particular college codes in the appropriate section of the FAFSA. 

v     The SAR (Student Aid Report), which is the report informing you of your EFC, will be sent  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     Parents can access their 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.  The student’s account will remain active, giving him or her ability to make updates to it the following year, when the FAFSA must be submitted again for his or her second year of college.

For the parent section, you will need the following parent documents:

v     Social Security Number(s)

v     Current bank statement(s)

v     Your most current income tax return information, W-2 forms, and 1099 forms

v     Mortgage information (if applicable)

v     Records of untaxed income, like Social Security, welfare, disability, and veterans’ benefits

v     Records that describe any unusual family circumstances (for example, medical and dental bills not covered by health insurance, loss of employment, etc.)

v     Business and farm records (if applicable)

**DEADLINE **

Submit the FAFSA as soon as you can after January 1^st.  Use the most current tax information.  The U.S. Department of Education recommends that federal income tax returns be completed before starting the FAFSA.  This may mean completing tax returns sooner than usual; however, keep in mind that tax returns do not have to be filed with the IRS before submitting the FAFSA.  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. 

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.

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 your family is expected to contribute toward your college education.  The SAR also lists what types of federal aid the student qualifies to receive, if any.  Your SAR is sent to the colleges the student applies to—the student indicates which colleges it should be sent to when completing the FAFSA—where it will be used to calculate the 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.

What if your information changes after you submit the FAFSA?  If your information changes, like your address, or you get updated tax information, let the Department of Education know by completing the Correction Form online or by paper mail-in.

Can I appeal the Financial Award Letter?  You may appeal the decision if your family’s financial situation has changed significantly since you filed your application.  In order to appeal, you must contact the financial aid office at the college and ask about their process for appeals.  The following circumstances may result in the granting of additional financial aid:

v     Loss of income through unemployment or underemployment

v     Medical expenses not covered by insurance

v     Disability

v     Death of an immediate family member

v     Unusual expenses related to special education needs of siblings

v     Parent enrolled in college without tuition benefits from employer

v     Students’ off-campus living expense

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