What is FAFSA? Students use the Free Application for Federal Student Aid (FAFSA) www.fafsa.gov to apply for financial aid. FAFSA is the gateway to most university and college financial aid in the United States. Although the FAFSA name indicates it is for federal aid, it is also used to award most state and school aid.
Why complete the FAFSA Form? Even if a student is not sure if he/she would qualify for grants or work-study, the FAFSA is required in order to receive federal loans that are available to almost all students regardless of their financial situation. It is also required by most schools to receive scholarships that may or may not have a financial-need requirement.
How to apply: Fill out the FAFSA, online or in print, to have access to financial aid to help pay for college. The simplified online application is available at www.fafsa.gov. If you do not want to use FAFSA on the Web, you can obtain a paper version FAFSA by calling 1-800-4FEDAID.
Estimated vs. Actual: Although the FAFSA requests “actual” tax information, estimates are acceptable and may be used to meet the priority deadline. Many times, tax information for the previous year is unavailable until after the priority deadline. It is ok to estimate your tax information, If an applicant”s tax forms are not complete it is better to estimate and make changes later rather than delay submitting the FAFSA form.
What materials you will need: Although the application can be filled out on paper and mailed in, it should be completed online to ensure the fastest processing. Most applicants complete their FAFSA online. As part of applying online, students will receive a FAFSA PIN (Personal Identification Number), which is 4-digit number used in combination with other personal information (e.g. Social Security Number, date of birth), to protect the privacy of the information they have entered and to complete electronic submittals.
Students should complete the FAFSA worksheet before filling out the actual FAFSA form. The following information will or may be needed:
- Social Security number and driver’s license
- W-2 forms and Federal Income Tax Return
- Parent’s Federal Income Tax Return (if student is a dependent)
- Untaxed income records such as Workers Compensation, Child Support or Veteran’s benefits
- Current bank statements
- Business and Investment records
- Alien Registration card or Permanent Resident card (if student is not a U.S. citizen)
Getting Your Pin Number Go to http://www.pin.ed.gov to apply for a Personal Identification Number (PIN) from the U.S. Department of Education if you do not already have one. If your parents have to provide their information, they can apply for a PIN too. After you receive your PIN, go to http://fafsa.gov and follow directions to file the FAFSA (and signature page if directed to do so). If you filed a FAFSA in 2011-12, you can use your PIN to file the Renewal FAFSA on the web. File your FAFSA or Renewal FAFSA as soon as possible after January 1, 2012 as possible.
Receiving your SAR Report You will receive an e-mail to access Student Aid Report (SAR) information after you send in your FAFSA. (If an e-mail address was not supplied, a paper SAR will be mailed). You must make any corrections requested on the form and mail or transmit it back as directed. You should correct any estimated income data when actual data is available, correct your name), social security number and date of birth if inaccurate. Remember you will have to renew your FAFSA annually – Students need to update and resubmit the FAFSA every year to be eligible for any aid, including federal loans.
Additional Resources about FAFSA: Federal Guide to Financial Aid
Additional Resources about FAFSA: Federal Guide to Financial Aid
