FAFSA

Financial Aid Sites

Understanding the financial aid process for school can be overwhelming. The following websites will help you navigate through this process with a little more confidence.

Next Steps FAFSA Completion Guide

This document which was found on Next Steps website can be helpful when registering yourself for FAFSA.

www.finaid.org

The most comprehensive and complete site for student financial aid. It includes scholarship searches, as well as a cost calculator.

www.fafsa.ed.gov

Here is the form to be filled out October 1st of the senior year. It will determine family qualifications for financial aid. Keep in mind this process is FREE.

www.nasfaa.org

Sponsored by the National Association of Student Financial Aid Officers, this gives important financial aid information for parents and students.

www.collegeanswer.com

Sponsored by Sallie Mae Foundation, this website gives information on loans, savings accounts and scholarships.

Where to Find the FAFSA

The FAFSA is available online at FAFSA on the Web. If you need a paper copy, you can download a PDF at www.studentaid.ed.gov/PDFfafsa or call 800-4-FED-AID (433-3243).

Before You Apply:

1. Complete your income tax return. When completing your FAFSA, you and your family will be able to use your most recently completed tax returns. You can transfer your income data directly from the IRS website to your FAFSA, making it easier to accurately complete the FAFSA.

2. Create an FSA ID. When you start your FAFSA on the web application, you will set up your account by creating a user ID and password. These will become your online identifiers for all federal student aid programs. You will need to provide your own email address and password. (Parents will create their own account using a different email address and password). Set up your user ID and password before you start your FAFSA.

3. Collect documents.

• Your Social Security Number

• Your Alien Registration Number (if you are not a U.S. citizen)

• Your federal income tax returns, W-2s, and other records of money earned. (Note: You may be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.)

• Bank statements and records of investments (if applicable)

• Records of untaxed income (if applicable)

• An FSA ID to sign electronically

The New IRS Data Retrieval Tool

You can save time and effort if you qualify to use the IRS Data Retrieval Tool. It will transfer your income tax data directly from the IRS to your online FAFSA.

You and your parents may be eligible to use this tool if:

• Your family income tax returns were filed electronically at least two weeks before you complete the FAFSA.

• Your family income tax returns were mailed to the IRS at least eight weeks before you complete the FAFSA.

If you are eligible to use the IRS Data Retrieval Tool and choose to do so, you’ll be transferred from the online FAFSA to the IRS website, which will guide you through the transfer of your tax information. When you’re done, you’ll be sent back to your FAFSA.

You don’t have to use this tool, but it’s recommended that you do. If you have to complete the FAFSA using estimated income tax information, you can always return to FAFSA on the Web to use the IRS Data Retrieval Tool once you have filed your tax forms.

The Student Aid Report (SAR)

After the information you provided is analyzed, you will receive a SAR that contains the data you entered on the FAFSA. The U.S. Department of Education will send this form to you either by email or by postal mail.

Review the SAR carefully for errors (the form highlights items that may need attention) and follow directions for making and submitting corrections. Submit corrections promptly. Make sure to keep a copy of the SAR for your records.

Expected Family Contribution (EFC)

On the front page of the SAR, you'll find a figure called the expected family contribution (EFC). Your EFC is an indicator of your family’s financial strength. It is sent to your state scholarship agency as well as to the colleges you listed on the FAFSA. They use this number to determine your financial aid award.

Other Financial Aid Forms

After you complete the FAFSA, make sure you submit any additional financial aid forms that your colleges require. For example, some colleges require you to submit the CSS/Financial Aid PROFILE® or their own forms.

Help with the FAFSA

If you have questions about the application, FAFSA on the Web or federal financial aid for students in general, call:

Federal Student Aid Information Center (FSAIC)

800-4-FED-AID (433-3243) / TTY 800-730-8913

Monday through Friday, 8 a.m. to midnight Eastern Time

Saturday, 9 a.m. to 6 p.m. Eastern Time

Freshman/Sophomore Year:

• Find out how financial aid can help you afford college. You might be surprised by how affordable a college education can be. Check out 7 Things You Need to Know About Financial Aid.

• Learn the basics of college costs. Besides tuition, what expenses do college students have to cover? Find out by reading Quick Guide: College Costs.

• Get an idea of what college might really cost you. Check out 9 Things You Need to Know About Net Price to learn why you may not have to pay the full published price of a college. Then pick a college you’re interested in and go to College Search to find its profile. Click the Calculate Your Net Price button to see that college’s estimated net price for you — the cost of attending a college minus grants and scholarships you might receive. Save the data you enter, when possible, so you can recompute the net price as college gets closer.

• Talk to your family about ways to pay for college. Discuss the options and share ideas about how your family might pay for it.

• Save money for college. Bank part of your birthday money, your allowance or your earnings from chores or an after-school job for future college expenses. Even a small amount can be a big help when you’re buying textbooks and school supplies later on.

• Challenge yourself inside the classroom. Good grades not only expand your college opportunities but also can help you pay for college. Some grants and scholarships — money you don’t have to pay back — are awarded based on academic performance.

• Get involved in activities you like. Your activities outside the classroom — like playing sports, volunteering and participating in clubs — can lead to scholarships that will help you afford college.

Junior Year

Summer/Fall:

• Continue talking with your family about paying for college. Start planning your financial strategy. Most families use a combination of savings, current income and loans to pay their share of tuition and other costs.

• Take the PSAT/NMSQT. Juniors who take the PSAT/NMSQT, which is given in October, are automatically entered into the National Merit Scholarship Program. Organizations such as the American Indian Graduate Center, Asian & Pacific Islander American Scholarship Fund, Hispanic Scholarship Fund, Jack Kent Cooke Foundation, and United Negro College Fund use the PSAT/NMSQT and PSAT 10 to identify students for scholarships.

• Take an inventory of your interests and passions. Scholarships are not only based on academic achievement. Many scholarships award money for college based on a student’s activities, talents, background and intended major.

• Learn the difference between sticker price and net price. A college’s sticker price is its full published cost, while the net price is the cost of attending a college minus grants and scholarships you receive. Knowing the difference will help you understand why most students pay less than full price for college. Read Focus on Net Price, Not Sticker Price to learn more.

• Research the various types of financial aid. Find out the difference between a grant and a loan, the way work-study can help with college costs, and more. Read Financial Aid Can Help You Afford College.

• Think about getting college credit while you’re still in high school. Consider taking Advanced Placement (AP) classes and exams, which can count for college credit and may help you save money. Read Getting College Credit Before College to learn more about AP and other college-level courses.

• Get perspective and tips from people who know. Visit the Video Gallery to watch short videos of college students and education professionals talking about paying for college.

Winter/Spring:

• Keep looking up colleges’ estimated net prices — net price calculators get updated every year. Pick a college you’re interested in and go to College Search to find its profile. Click Calculate Your Net Price to see that college’s estimated net price for you — the cost of attending a college minus the grants and scholarships you might receive.

• Start researching scholarship opportunities. Scholarships are free money; that is, unlike student loans, they don’t have to be paid back. Use the College Board’s Scholarship Search tool to find scholarships you might qualify for.

• Get to know the FAFSA. The Free Application for Federal Student Aid is the key to having access to federal financial aid. You can’t fill out the FAFSA until Oct. 1, but you can create your account and get an FSA ID to get a head start.

• Go to a financial aid event. Many schools host financial aid nights so students and their families can get information and ask questions.

• Set aside money from a summer job. Even a little extra money will help you pay for books and living expenses while in college or enable you to buy some of the things you need to make a smooth transition to college.

• Gather the documents you’ll need to fill out your financial aid applications. You and your parents will need to gather tax returns, income statements, and lists of assets to prepare to fill out the FAFSA, the PROFILE, and other applications. Read How to Complete the FAFSA.

Senior Year

Summer/Fall:

• Complete your FAFSA. You can submit the FAFSA after Oct. 1 — sooner is better so you can qualify for as much financial aid as possible. Filling out the form online at fafsa.ed.gov is the fastest way to do it.

• Research local scholarship opportunities. Talk to your school counselor, teachers or other adults in your community about scholarships offered by local organizations. Go to your local library and ask for help. Ask your parents to see if their employers grant scholarships. And don’t forget to check the College Board’s Scholarship Search.

• Look up deadlines. Don’t miss the priority deadlines for your colleges’ financial aid applications — meeting these will help you get as much money as possible. You can compare deadlines for different colleges by using the College Search tool. And be sure to find out the application deadlines for any private scholarships or loans you plan to apply for.

• Get an estimate of what the colleges on your final list will actually cost. Get a better idea of what you’ll pay to attend a college by looking at its estimated net price — the cost of attending a college minus grants and scholarships you receive. You can get this figure by going to the net price calculator on the college’s website or, for some colleges, by using the College Board’s Net Price Calculator.

• Find out about different kinds of student loans. Not all student loans are equal. Loans come from different sources, and some kinds are more expensive than others. Read Types of College Loans to learn more.

• Find out if you need to file a CSS/Financial Aid PROFILE®. A college may require students to complete this application — or the college’s own forms — to apply for financial aid awarded by the institution.

• Complete the CSS/Financial Aid PROFILE, if required. If you need to submit the PROFILE to a college or scholarship program, be sure to find out the priority deadline and submit it by that date. Read How to Complete the CSS/Financial Aid PROFILE.

Winter/Spring:

• Apply for any private scholarships you’ve found. Make sure you understand and follow the application requirements and apply by the deadline.

• Compare your financial aid awards. The colleges you apply to will send financial aid award letters to tell you how much and which kinds of aid they’re offering you. Use the Compare Your Aid Awards calculator to make side-by-side comparisons of each college’s aid package.

• Select a financial aid package by the deadline. Once you’ve compared the offers, you and your family should discuss which package best meets your needs. Financial aid is limited, so if you don’t accept your award on time, it may go to another student. You can, however, ask for an extension if you are waiting to hear from other schools. Each college will decide if it’s able to give you an extension.

• Contact a college’s financial aid office, if necessary. Financial aid officers are there to help you if you have questions. If your financial aid award is not enough, don’t be afraid to ask about other options.

• Complete financial aid paperwork. If loans are part of your financial aid package, you’ll have to complete and submit paperwork to get the money.

• Get ready to pay the first college tuition bill. This usually covers the first semester and is due before you enroll.