The 6 steps for applying for Federal Financial Aid
Before you get started, keep these tips in mind:
*If one or both of your parents have lost their job and you've already filed the FAFSA, contact the financial aid office of the colleges you applied to and ask for a "professional judgement review." The change in your household income could mean an increase in your financial aid.
*There's plenty of free help. You should never have to pay for the FAFSA or have it completed for you.
*Even if you think your family has too much money to qualify, you should still apply for financial aid. You may not receive need-based aid, but you may qualify for low-interest federal student loans.
1. Collect your information
-Your Social Security Number
-Your Federal Student Aid PIN and one of your parents' PIN's - Go to www.pin.ed.gov to get your personal identification number (PIN). You will use this to e-sign your FAFSA.
-Your financial records - Includes you and your parents W2's, current bank statements, 2014 federal tax returns, and other income information.
-An e-mail address
-Your driver's license number
2. Fill out the FAFSA on the Web Worksheet
This way, you'll have all the information you need in front of you when you're ready to complete the FAFSA. The worksheet is available at www.fafsa.ed.gov
3. Complete the FAFSA online
www.fafsa.gov
-Complete the 2015-2016 FAFSA.
-Schedule an hour if you have your FAFSA on the Web Worksheet in front of you
-Read all the instructions, work through each step and review your answers carefully.
-Be sure your name matches your name as it appears on your Social Security card.
-Keep a copy of your FAFSA for your records, also keep copies of the financial records you use to complete the FAFSA, your college may ask to see them.
-E-sign your FAFSA using your PIN
-If you provide an e-mail address you'll get an instant confirmation that your FAFSA was received.
-Use your PIN to check on the status of your FAFSA
4. Submit any other applications
Some colleges use the FAFSA as well as additional applications. Ask the financial aid office of each college you're considering what forms are required to apply for financial aid.
5. Review your Student Aid Report
If you submit the online FAFSA correctly, you'll usually receive your Student Aid Report (SAR) within 72 hours. (Paper applications take up to two weeks). It lists your expected family contribution (EFC) for the school year. Colleges will use your EFC to dtermine your eligibility for federal grants, loans, and work-study, and possible state or institution based funding. Check to make sure the information you provided is accurate.
6. Evaluate your financial aid offers
The financial aid office at each college you list on your FAFSA will provide you with an evaluation of your eligibility for fiancial aid if you submitted the required financial aid applications and met the deadlines. If your college asks for additional information, be sure to respond promptly.
Your offers may vary from college to college, so you may want to wait until you've heard from each one before making a decision where to attend.
Keep in mind that you don't have to accept your entire student aid package but can pick and choose the aid you want.
This information comes from the "Fund your future" booklet published by EdFund. For a copy of this portion of the booklet, e-mail Tara Johnson at Tara.Johnson@ccsdut.org.
