FAFSA FAQ
Free Application for Federal Student Aid
What is the FAFSA?
It is the Free Application for Federal Student Aid (FAFSA). There are many resources to help you complete the FAFSA—Mrs. Macho hosts FAFSA Fridays. Never pay someone to help you complete the FAFSA—all resources are free. To get started with this process, you must create an FSA ID (see below for instructions and more information.)
Who can file the FAFSA?
A student, parent or guardian can file. However, they must be a U.S. citizen, or be a permanent resident of the United States.
What is the FAFSA priority filing date?
October 1st is when the application opens, fill it out as EARLY as possible, it is a very simple process. Federal aid money runs out quickly! Do not wait for the deadline!
Do my parents have to file their taxes before I complete the FAFSA?
No. You may use last year’s taxes or estimated tax amounts in your initial FAFSA filing. Once your parents have completed their taxes, you will need to log-in to the FAFSA site and update the income portion.
If I missed the FAFSA priority filing date, have I missed out on the scholarship?
No, but you should still file the FAFSA as soon as possible.
Should I file the FAFSA if I’m not sure if I’m going to go to college or I’m not sure where?
Yes. The FAFSA is free and takes less than an hour to complete. If there’s any chance you may attend college in the 2019 – 2020 academic year, just file it.
Do I have to file a FAFSA every year I am in college?
Yes. File before March 1, just as you did your senior year of high school.
If I make a mistake on my FAFSA or need to update my information, how do I do that?
If you wrote an incorrect email or mailing address, forgot to sign the FAFSA, or need to update your income, you may log in to make those changes.
However, if you incorrectly reported your SSN, contact the Financial Aid office at the college.
Is the FAFSA the only financial aid form I have to complete?
No. The FAFSA is only the first step of the financial aid process. Your college will likely have other financial aid forms for you to complete.
We were selected for “income verification” by the college, what does that mean and why were we selected?
This process is a way for your college to confirm the data you reported is accurate, such as tax returns, on your FAFSA. It is a random process and it is important that you contact the financial aid office immediately. Don’t delay—doing so could affect your financial aid award and whether or not you can attend college.
How does federal aid (the Pell, SEOG, etc.) affect my financial aid award?
Think of your financial aid as a complete package—it does not matter which grant pays which expense. Grant aid will combine to cover campus charges and anything remaining will pay for other expenses, such as housing or transportation. The college financial aid office will determine which funds pay tuition.
I know what the FAFSA is, but what about the other terms? Where can I find more about SAR, EFC, Work Study, grants, institutional aid, private scholarship, loans?
This glossary provided by the U.S. Department of Education, is an excellent resource.
What is a federal student loan?
Federal loans are borrowed funds that you must repay with interest. A federal student loan allows students and their parents to borrow money to help pay for college through loan programs supported by the federal government. They have low interest rates and offer flexible repayment terms, benefits, and options.
What is a private student loan?
A private student loan is a nonfederal loan issued by a lender such as a bank or credit union. If you’re not sure whether you’re being offered a private loan or a federal loan, check with the financial aid office at your school.
Why are federal student loans a better option for paying for college?
Federal student loans offer borrowers many benefits not typically found in private loans. These include low fixed interest rates, income-based repayment plans, and cancellations for certain employment, and deferment (postponement) options, including deferment of loan payments when a student returns to school. Also, private loans usually require a credit check. For these reasons, students and parents should always exhaust federal student loan options before considering a private loan.
What does EFC stand for?
The Expected Family Contribution is a measure of your family’s financial strength and is calculated according to a formula established by law. Your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) are all considered in the formula. Also considered are your family size and the number of family members who will attend college during the year. Schools use the EFC to determine your federal student aid eligibility and financial aid award.
Note: Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by your school to calculate the amount of federal student aid you are eligible to receive.
What does cost of attendance (COA) mean?
Your COA is the amount it will cost you to go to school. Most two-year and four-year colleges will calculate your COA to show your total cost for the school year (for instance, for the fall semester plus the spring semester). Schools with programs that last a different period of time (for instance, an 18-month certificate program) might give you a COA that covers a time period other than a year.
If you're attending at least half-time, your COA is the estimate of
- tuition and fees;
- the cost of room and board (or living expenses for students who do not contract with the school for room and board);
- the cost of books, supplies, transportation, loan fees, and miscellaneous expenses (including a reasonable amount for the documented cost of a personal computer);
- an allowance for child care or other dependent care;
- costs related to a disability; and/or
- reasonable costs for eligible study-abroad programs.
What is Need-Based Aid?
Need-based aid is financial aid that you can receive if you have financial need and meet other eligibility criteria. You can’t receive more need-based aid than the amount of your financial need. For instance, if your COA is $16,000 and your EFC is 12000, your financial need is $4,000; so you aren’t eligible for more than $4,000 in need-based aid.
FSA ID: Everything You Need to Know
If the Free Application for Federal Student Aid, or FAFSA, is your gateway to federal student aid, then the FSA ID is the key to that gateway. It’s a vital part of the aid process, but, like submitting a form at the Department of Motor Vehicles, it isn’t always as cut and dried as you’d like.
Your FSA ID consists of two elements — a username and a password — that you and your parents will use to log in to federal student aid websites, such as fafsa.ed.gov, studentloans.gov, the National Student Loan Data System and My Federal Student Aid. You’ll also use it to electronically sign the FAFSA and promissory notes, and signal the completion of entrance and exit counseling.
Do I need an FSA ID?
You don’t need an FSA ID to fill out the FAFSA, but you do need one to sign and submit the form electronically. Without one, you’ll need to print, sign and mail the FAFSA signature page to submit your application, a much longer process.
You also need an FSA ID to access your student loan records and make changes to your FAFSA online.
Is my FSA ID activated immediately?
Yes and no. You can use your FSA ID right away to sign and submit your FAFSA electronically, but you’ll need to wait a few days to use it for other purposes, such as signing a promissory note. If you already have a FAFSA personal identification number, though, you can link it to your new FSA ID and start using the ID right away.
Do parents need an FSA ID?
If you’re applying for financial aid as a dependent, one of your parents will be required to sign the FAFSA. In that case, he or she needs a unique FSA ID to sign electronically. Not sure if you’re considered dependent or independent? Check out this flowchart from the Department of Education.