What is FAFSA?
"FAFSA" stands for "Free Application for Federal Student Aid". By filling out this form, you are able to determine the federal government grants and loans that you might be eligible for.
The form and instructions for completing it can be found at fafsa.ed.gov. Please pay attention to your college or trade school's deadline for submitting the FAFSA. Once the deadline for submission has passed, you may not be eligible for government aid.
Send in the FAFSA (online really is best) starting in October of your senior year. The Department of Education then sends you and the schools you select a Student Aid Report, or SAR, which is a one-page summary of the FAFSA. It also lists the Expected Family Contribution, or the EFC, which is the amount of money that the parent(s) will be expected to contribute to the child's education. Your estimated family contribution (EFC) is sometimes $0 and sometimes more than the family can pay. If you would like to see an estimate of your EFC, there are online calculators available at finaid.org. After receiving your reports, colleges then offer the student a "Financial Aid Package." The student then compares the offers and makes a choice of school.
Fill out the FAFSA for 3 Types of Financial Aid:
Please note: To be considered for scholarships at many institutions, students MUST submit the FAFSA. Even if you think your parents make too much money to qualify for financial aid, it is worth submitting.
What you will need to complete the FAFSA:
Quick FAFSA Tips:
Avoid the most common FAFSA mistakes:
One in seven FAFSA forms is returned and thereby delayed, due to errors. File online - file accurately.
The guidance counselor or the Next Step Director, Kat Habib, would be happy to help with any questions you may have!
"FAFSA" stands for "Free Application for Federal Student Aid". By filling out this form, you are able to determine the federal government grants and loans that you might be eligible for.
The form and instructions for completing it can be found at fafsa.ed.gov. Please pay attention to your college or trade school's deadline for submitting the FAFSA. Once the deadline for submission has passed, you may not be eligible for government aid.
Send in the FAFSA (online really is best) starting in October of your senior year. The Department of Education then sends you and the schools you select a Student Aid Report, or SAR, which is a one-page summary of the FAFSA. It also lists the Expected Family Contribution, or the EFC, which is the amount of money that the parent(s) will be expected to contribute to the child's education. Your estimated family contribution (EFC) is sometimes $0 and sometimes more than the family can pay. If you would like to see an estimate of your EFC, there are online calculators available at finaid.org. After receiving your reports, colleges then offer the student a "Financial Aid Package." The student then compares the offers and makes a choice of school.
Fill out the FAFSA for 3 Types of Financial Aid:
- Grants -- (Free Money) These are primarily given to lower and middle-income families although many school have "merit" based grants and scholarships that are available to high-achieving students. This is money that does not need to be paid back.
- Work-Study -- (Earned Money) Money the student earns while working at school.
- Loans -- (Borrowed Money) Money that must be paid back at a low interest. Some of this money may be interest-free while the student is in school. Some loans are taken out by the parents (PLUS Loans).
Please note: To be considered for scholarships at many institutions, students MUST submit the FAFSA. Even if you think your parents make too much money to qualify for financial aid, it is worth submitting.
What you will need to complete the FAFSA:
- Your and a parent’s U.S. Department of Education personal identification number (PIN), if you are a dependent student. Register as soon as possible for the PIN at http://www.pin.ed.gov. In addition, if you already have a PIN, you may need to activate it even if you have used it in the past. To activate your PIN, go to http://www.pin.ed.gov and select the “Activate My PIN” link. This only needs to be done once and is additional security against identity theft.
- Your Social Security number
- Your driver’s license (if any)
- Your 2016 W-2 forms and other records of money earned (are you thinking, but wait, it's 2018! Yes, the FAFSA now uses "prior prior year" meaning that for the 2018 FAFSA, 2016 taxes are needed.)
- Your (and your spouse’s, if you are married) 2016 Federal Income Tax Return – IRS Form 1040, 1040A, 1040EZ, 1040Telefile, foreign tax return or tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands or the Federated States of Micronesia
- Your parent’s 2016 Federal Income Tax Return (if you are a dependent student)
- Your family’s 2016 untaxed income records (Social Security, temporary assistance to needy families, welfare, food stamps, child support, or veterans benefits records)
- Your family’s current bank statements
- Your family’s current business and investment mortgage information, business and farm records, stock, bonds and other investment records
- Your alien registration card (if you are not a U.S. citizen)
Quick FAFSA Tips:
- Start early. File in October of the student's senior year.
- File online (instead of paper).
- You will fill out the form every year that you are in school. It gets easier.
- Print and save a hard copy. Keep all information (PIN #, Xeroxes) in a file.
- Watch out for scams! The form and the help are FREE.
- Call 1-800-4-FED-AID for help.
- Online: FAFSA: www.fafsa.ed.gov
- PIN : www.pin.ed.gov - When you get a PIN, remember it and keep it in a safe place. You will need to reuse it each year to access aid.
Avoid the most common FAFSA mistakes:
One in seven FAFSA forms is returned and thereby delayed, due to errors. File online - file accurately.
- The most frequent mistake made is leaving a field blank. If the answer is zero or the question does not apply to you, write in a zero. If you leave a question blank, the processor will assume that you forgot to answer.
- Use the 1040 federal tax return (NOT a W2) for income reporting and reporting taxes paid.
- Don't forget to report all the required sources of untaxed income. These include Social Security, child support, and Aid to Dependent Children.
- Report your correct marital status. If you plan to file as a married student, you must be married on or before the date that you sign your FAFSA.
- Include your stepparent's information.
- Include yourself in the household size. Even if you didn't live there during the previous year, you should always include yourself as part of your parent's household.
- There is a Student Section and a Parent Section-- each section is meant to be filled out by that person! We have seen EFC come back much higher than they should because a parent has filled out a student section for them and in response to 'your' has input parental income info, rather than student. Be mindful of who is supposed to be doing what to avoid this error.
- Sign the application. If you're filing as a dependent, both you and your parents must sign. If you file online, you and your parents can sign the form electronically using your PIN numbers.
- File on time. Priority for programs with limited funds is often given to students who file the FAFSA as soon after January 1 as possible.
- As with all forms and applications, make sure you read the instructions and questions carefully. If you're unclear about a question or are having trouble filling out the FAFSA, check the FAQ section on the FAFSA Web site, or call the Federal Student Aid Information Center at 1-800-4-FED AID (1-800-433-3243).
- On the paper form, follow instructions with regard to using a pen or pencil.
The guidance counselor or the Next Step Director, Kat Habib, would be happy to help with any questions you may have!
