Academic Excellence Ministry presents

What IS and IS NOT the FAFSA

The FREE Application for Federal Student Aid

It is NOT something you pay for

It’s a tool used by the Dept. of Education, not the system

It’s a form, like the IRS uses the 1040

Gives a snapshot of where you are financially at a given point in time

Will NOT give an exact measure of you will need to pay

The first form most reputable colleges will need to process financial aid

Other information may be necessary; schools not participating in federal student aid will probably not use this form

Free Application for Federal Student Aid

3 Ways to Access

Paper FAFSA

FAFSA on the Web

PDFFAFSA

1-800-4-FED-AID www.FAFSA.gov www.FSA.ed.gov

• Serves as an electronic signature and provides access to personal records

• Go to www.pin.ed.gov

• OR have a conditional PIN set up when you fill out the FAFSA at www.fafsa.gov

Option 1: Create a four-digit PINOption 2: Have the site create PIN

• PIN is conditional until relevant information is verified with the Social Security Administration (1-3 days)

• PIN will not expire at the end of the year

• Students and parents need a PIN to use the FAFSA on the Web.

A PIN, along with other identifiers, gives Internet access to information on the Federal Student Aid systems. Students AND parents can get a PIN

Personal Identification Number

PIN Checklist

oSocial Security Number

oLast Name

oFirst Name

oMiddle Initial

oDate of Birth

oStreet Address

oe-Mail address (optional)

What is needed to complete the FAFSA

* The information for a parent is needed even if the student does not live with the parent. The definition of a parent, for the purposes of a FAFSA, is restricted to a biological, stepparent or legally adopted parent. Unless they have legally adopted the student, grandparents, foster parents, legal guardians, aunts and uncles, are not considered parents for the purposes of a FAFSA.

oSocial Security Number. Be sure that it is correct, and that your name matches your social security card! (An error will occur if there is a discrepancy)

oRecords of income, such as income earned from work and business, child support paid or received and any other untaxed income. If available, refer to the W-2 Forms and the Federal Income Tax Return IRS 1040, 1040A or 1040EZ.

o Information about assets, such as savings, certificates of deposit, stock options, bonds, 529 plans and other college savings programs; and investment real estate, business and farm.

oDriver’s license number, if the student has one.

oAlien Registration Number, if not a U.S. citizen.

What information is needed?

Completing the FAFSA

NOTES:

• Parental information is required unless a student is at least 24 years of age or meets the criteria for filing as an independent student as described on the Free Application for Federal Student Aid. Refer to www.FAFSA.gov.

• A student must report his or her income and assets and those of the parents (if a dependent student) or spouse (if married).

• Use income records for the year prior to the academic year for which a student is applying: for instance, if filling the 2014-2015 FAFSA, refer to 2013 tax information.

Completing the FAFSA

Completing the FAFSA

Completing the FAFSA

How to know how much financial aid you will get

COMPLETED FAFSA

ACCEPTED College

Application

Financial Aid Award

The Financial Aid Process

Final ThoughtsFinancial aid helps make up the difference between

what you can afford to pay and the cost of college.

• Don’t underestimate your options.

• Consider marking “work study” and “loans” on your FAFSA (you can always reject them later)

• Financial Aid Counselors have “professional judgment”, and can override initial FAFSA results, depending on circumstances (such as recent job layoffs, sudden health issue)

• DOCUMENTATION is the key to supporting any financial aid exceptions

Find answers to your questions…Illinois Student Assistance

Commission(800) 899-ISAC (800-899-4722) www.ISAC.orgwww.collegeillinois.orgwww.whatsnextillinois.orgisac.studentservices@isac.illinois.gov

U.S. Department of Education(800) 4 FED AID (800-433-3243)www.StudentAid.gov

They are here to help.