Educate Yourself!
For Colleges and Universities:
Many Financial Aid Associations (including NASFAA and MASFAA) offer extensive instructions on handling the preferred lender selection/RFI process. For more information, please visit their websites.
For Students and Parents:
Direct from the Department of Education…
Tips to Getting Aid Without Delay!
Financial aid administrators and guidance counselors from around the country agree that the following tips speed up the application process:
Important: Read the instructions!
Many questions on the FAFSA are straightforward, like your Social Security Number. But many questions are asked specifically for purposes of student financial aid. Common words like "household," "investments," and even "parent" may have special meaning. Read all instructions carefully.
Apply early
State and school deadlines will vary and tend to be early. Check with them to find out their exact deadline dates. The U.S. Department of Education (ED) will process your FAFSA if received on or before the deadline. However, to actually receive aid, your school must have correct, complete FAFSA information before your last day of enrollment.
Complete your tax return
We recommend that you (and your parents if you are a dependent student) complete your tax return before filling out your FAFSA. This will make completing the FAFSA easier. If you have not filed your tax return yet, you can still submit your FAFSA but you must provide income and tax data. Once you (and your parents if you are a dependent student) file your tax return, you must correct any income or tax information that changed.
Save time: File Electronically!
Complete and submit your FAFSA online. It is the fastest and most accurate way to apply for student aid.
Ask: Do I need additional forms?
Many schools and states rely on the FAFSA as the single application for student aid. However, your school or state may require additional forms. Check with your state agency and the financial aid office at the school you plan to attend to find out if they require additional forms.
Why fill out a FAFSA?
The FAFSA (Free Application for Federal Student Aid) is the first step in the financial aid process. Use it to apply for federal student financial aid, such as Pell grant, student loans, and college work- study. In addition, most states and schools use FAFSA information to award their financial aid. For introductory instructions on how to complete the FAFSA online or on paper go to Completing the FAFSA at http://studentaid.ed.gov/completefafsa
Why all the questions?
We enter your FAFSA responses into a formula (known as the Federal Methodology), which is required by the Higher Education Act of 1965, as amended. The result is your Expected Family Contribution, or EFC. The EFC is a number that measures your family’s financial strength. It is subtracted from the Cost of Attendance at the school(s) you plan to attend which determines your eligibility for federal student aid. Your state, and the school(s) you list, may use all or some of your responses. They will determine if you are also eligible for school or state aid.
How do I find out what my EFC is?
We will send you a report, called a Student Aid Report (SAR) by email or by postal mail depending on the addresses that we have on file for you. The SAR lists the information you reported on your FAFSA, and will tell you your EFC. Reviewing your SAR is important to ensure all of your information is correct. Make any necessary changes or provide additional information.
How much aid do I get?
The schools use your EFC to prepare a financial aid package (grants, loans, and/or work-study) to help you meet your financial need. Financial need is the difference between your EFC and your school’s cost of attendance (which can include living expenses), as determined by the school. If you or your family have special circumstances that impact your financial situation, contact your school’s financial aid office. Some examples include: unusual medical or dental expenses, or a large change in income from last year to this year.
When do I get the aid?
Your financial aid will be paid to you through your school. Typically, your school will first use the aid to pay tuition, fees, and room and board (if provided by the school). Any remaining aid is returned to you for your other expenses.
Where can I get more information on student aid?
The financial aid office at the school you plan to attend is best place to get information about federal, state, school and other sources of student financial aid.
You can also check out these resources:
www.studentaid.ed.gov
www.students.gov
Your high school counselor’s office
Your local library’s reference section
There may be information available from foundations, religious organizations, community organizations, and civic groups, as well as organizations related to your field of interest, such as the American Medical Association or American Bar Association. Check with your parents’ employers or unions to see if they award scholarships or have tuition payment plans.
Additional Websites:
www.fastweb.com : a FREE scholarship search
www.finaid.com : The SmartStudent Guide to Financial Aid
www.fafsa.ed.gov : The Department of Education website for the FAFSA (Free Application for Federal Student Aid)
www.ed.gov/finaid : The
Department of Education website for Federal Student Aid
www.collegeboard.com :
Connect to college success