tips for college bound students: the fafsa
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$. Tips for College Bound Students: The FAFSA. The First Step for Finding Financial Aid. What is it? How does it work? How do you complete it?. What is it?. FAFSA stands for “Free Application for Federal Student Aid.” - PowerPoint PPT PresentationTRANSCRIPT
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Tips for College Bound Students: Tips for College Bound Students:
The FAFSAThe FAFSA
What is it?
How does it work?
How do you complete it?
The First Step for Finding Financial Aid
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What is it?What is it?
FAFSA stands for “Free Application for Federal Student Aid.”
It’s the form that the federal government uses to determine your eligibility for federal aid, including grants, scholarships, work-study and loans.
What is it?
How does it work?
How do you complete it?
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How it WorksHow it Works
Using the information you supply on the FAFSA, the federal processor determines: 1) Expected family contribution (EFC) – the amount of money you and your parents can be expected to contribute to your college costs.
2) Your prospective college then applies an equation to decide how much financial aid you will need. (To get an early estimate of your EFC, check out the Financial Aid Estimation Calculator at www.finaid.org.)
3) Your prospective college will then try to meet your need through a financial aid package which can include funds from federal, state, school and private sources.
What is it?
How does it work?
How do you complete it?
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Tip 1Tip 1
The FAFSA becomes available January 1 of each year.
Download or complete the FAFSA on the Web at www.fafsa.ed.gov, pick one up at your high school, local college or library, or call 1-800-4-FED-AID.
Completing a FAFSA on the Web can speed up the FAFSA process and cut down on postal service delays.
What is it?
How does it work?
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Tip 2Tip 2
Submit the FAFSA whether or not you think you qualify for aid.
Sometimes being rejected for federal aid is a prerequisite for receiving private awards.
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Tip 3Tip 3
Review all of your data on the FAFSA every year.
Your eligibility can change from year to year, depending on your family’s circumstances.
What is it?
How does it work?
How do you complete it?
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Tip 4Tip 4
The FAFSA becomes available January 1. Complete your FAFSA as soon as possible.
Early submission maximizes chances of receiving financial aid.
What is it?
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How do you complete it?
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Tip 5Tip 5
Contact your prospective college’s financial aid office for additional information.
Your school may require forms besides the FAFSA or may have an earlier submission deadline.
What is it?
How does it work?
How do you complete it?
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Tip 6Tip 6
Read your Student Aid Report (SAR) carefully. The SAR is your official record that the federal processor received your FAFSA.
If you find any errors on your SAR, you should report them to your prospective college’s financial aid administrator to ask how you should make corrections. Unresolved errors could affect your total aid award.
What is it?
How does it work?
How do you complete it?
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Tip 7Tip 7
Call the federal processor at 1-800-4-FED-AID if you do not receive your SAR in 4-6 weeks.
Be ready to provide your Social Security Number and date of birth for verification.
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Tip 8Tip 8
Note your Data Release Number (DRN). It’s the four-digit number located on the upper right-hand corner of your SAR.
You will need your DRN to apply for financial aid at additional colleges or universities.
What is it?
How does it work?
How do you complete it?
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Tip 9Tip 9
Check to see if your SAR has been selected for verification. Look under the date for the letters “EFC” followed by a series of numbers. If there is an asterisk (*) after your EFC, your SAR has been selected.
In the verification process, your prospective college compares your SAR with documents, including tax returns that verify your financial status. About one-third of all SARs are selected for verification.
What is it?
How does it work?
How do you complete it?
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Tip 10Tip 10
If asked for SAR verification, submit the information requested to your prospective college’s financial aid office as soon as possible.
Your aid may be delayed or decreased if the materials are not provided promptly.
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How does it work?
How do you complete it?
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Helpful Web ResourcesHelpful Web Resources
FAFSA: www.fafsa.ed.govFederal Pin Number: www.pin.ed.govFederal Student Aid on the Web: studentaid.ed.govU.S. Dept. of Education: www.ed.govFastWeb www.fastweb.com
Remember, financial aid information is always available for free! Check with your guidance counselor and prospective college’s financial aid office.
What is it?
How does it work?
How do you complete it?
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What is it?
How does it work?
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