FAFSA (Free Application for Federal Student Aid)

FAFSA should be available beginning on December 1st, 2024. You will need your parent(s) 2023 tax returns, as well as yours if you filed. Because funding and grant monies are first-come, first-served and university FAFSA priority deadlines are around mid-February, you should complete the FAFSA by mid-February (before or during winter break is best!).  

The FAFSA can result in 3 things: Grants, Loans, and Work Study 

Grants: Money you don't have to pay back 

• A Federal Pell Grant, unlike a loan, does not have to be repaid and can be awarded for as much as $7395 

• NC Need-Based Grant / UNC System Grant : Can be as much as $4000 

• Institutional Grants : Awarded with funds from a particular college / university 

Loans: Money you do have to pay back with interest 

If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.  The William D. Ford Federal Direct Loan (Direct Loan) Program is the largest federal student loan program. Under this program, the U.S. Department of Education is your lender. There are four types of Direct Loans available:      

• Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.  

• Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan. 

• Direct Plus Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. 

• The Federal Perkins Loan Program is a school-based loan program for undergraduates and graduate students with exceptional financial need. Under this program, the school is lender.                               

Work-Study: A job on campus 

• Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study. 

• FSA- ID: Both the student and the parent must create their own FSA-ID to fill out a FAFSA. This can be created at fsaid.ed.gov.  Student and parent cannot share an FSA-ID, so you must each create your own. You need a social security number and a valid email address to create this ID. If the student or parent does not have a valid social security number, please see your College Adviser for additional information. 

• 2023 Tax Returns (1040 / 1040a / 1040ez/1099) 

• Parental tax information, as well as student tax information in cases where the student is employed, must be included on the FAFSA. Starting last year, you will use prior prior year taxes. This means you will use 2023 taxes for the 2025-2026 school year FAFSA (your college freshman year).  

  1. • Regardless of if the parent is financially contributing to the student’s college expenses, the parent MUST provide their tax information if the student is still a dependent, which is almost always the case. 

• Other things you might need 

• Cash, savings, and checking account balances 

• Alien registration number (if applicable) 

• Records of untaxed income 

• Investments other than your home 

The FSA ID is your login information for FAFSA and allows students and parents to identify themselves electronically to access Federal Student Aid websites. It also allows you to electronically sign your FAFSA, which is necessary for submission. 

Visit studentaid.gov to create your FSA ID.

• Students and their parents/guardians MUST each create an ID.

• Do NOT use your high school email address. Use a personal email. You will need to access this every year while you are still in college.

Yes! Your parent/guardian does not have to have a Social Security Number (SSN) for you to complete FAFSA.

• Your parent will still be able to make an FSA ID without a SSN.

• There might be some extra verification you and your parent will have to complete, but the FAFSA is still doable!

Do not worry if you are selected for verification. Make sure you look out for emails from colleges about verification as they will request additional documents that support the information you reported on the FAFSA.

What is verification?

• • Verification is the process that schools use to confirm that the data reported on an applicant’s FAFSA is accurate.

  • It may involve requesting additional documentation to corroborate the information reported and authenticated by the applicant (you) and/or your parents

Why is verification important?

• In order to secure the federal funding pool, the Department of Education must take steps to ensure that aid is being awarded in the appropriate way.

• Please note that financial aid packages can change once verification is complete.

  • Aid can and will be lost if verification requests are not fulfilled.

How do students know if they were selected for verification?

• Students can see whether they are selected for federal verification after submitting the FAFSA and reviewing the Student Aid Report (SAR). There will be an asterisk (*) by your SAR

• In addition, colleges may contact the student via mail, e-mail, or portal to ask for verification materials at ANY TIME during the financial aid process

• Some colleges may list that they select all students for verification and the necessary documents on their website

What documentation may be required?

• A tax return transcript

• A signed statement to confirm the number in the student’s family and where any other dependents may be attending college

• All W-2’s received by the student and parent(s)

• A signed statement to certify that any Federal student financial assistance received will only be used for educational purposes and to pay the cost of attending school

Bottom line:

• More and more colleges have started asking for verification from 100% of their students, to ensure that they are consistent in their verification process.

• Financial aid offices encourage students to be vigilant on checking up on their financial status -- students are encouraged to call school financial aid offices and ask if their financial aid file is complete.

• e.g. “Hello, my name is ____. I have been accepted into (or I have applied for) freshman admissions, and I just want to make sure my file is complete. Could you please let me know if anything is missing?”

First of all, congratulations! Completing the FAFSA can be overwhelming, but you did it and now you are one step closer to college! Now come see me and tell me you completed it, or shoot me a message so we can celebrate!

After you submit the FAFSA electronically, you will receive an email confirming your submission. If you don't get this email, let me know ASAP.

• After you submit the FAFSA electronically, your SAI will appear on the screen. This is your Student Aid Index, which is the amount of money that a family is able to contribute to their student’s college education. 

• The SAI, along with the results of the FAFSA, will be sent to the schools that you listed while completing the FAFSA. Schools that you are admitted to will then send you a Financial Aid Award letter. This letter will tell you the exact amount of grants, scholarships, and loans that you can expect to receive from the institution as well as any federal aid you will receive, such as Federal Pell Grants. In most cases, this letter will not include any outside scholarships you have received from community organizations, the school, or businesses.  

• You should wait until you have received your Financial Aid Award letter from every school you are considering before making a final decision. This will allow you to compare your financial aid packages at each school. Remember, don’t just look at the sticker price of attending a school! Look at how much each school will cost after you take into account and grants and scholarships you receive. 

• Remember, loans are NOT free money! You must pay them back after you finish school. 

• Grants and scholarships, for the most part, ARE free money. You usually do not have to pay them back. 

• Please set up an appointment with your adviser to go over your financial aid award letter. It is very easy to get confused and mistake loans for grants/scholarships. Please be informed and make smart financial decisions! 

I am an undocumented/DACA student. Can I file FAFSA?

• Unfortunately, undocumented and DACA students are not eligible for federal student aid. You may still be eligible for state or college financial aid. There are also scholarships you can apply to. Please contact Ms. Johnson for more specific information.

My parent/guardian(s) does not have a social security number. Can I still do FAFSA?

• Yes! Your parent/guardian does not have to have a social security number (SSN) for you to complete FAFSA. Please check out this resource for more information!

• If you can not print it at home please see Ms. Johnson for help, she can also mail it for you!!

• Click here for more information and answers to common questions.

  • Haga clic aquí para más información.

Helpful links:

• Creating and Using the FSA ID

  • Cómo crear y utilizar la credencial FSA ID

    • FAFSA and Homeless Youth