The FINANCIAL AID PROCESS

BEFORE the FAFSA

1. Create FSA ID. You and your and parents (if you are a dependent*) should apply for separate FSA IDs.FSA ID gives you access to FEDERAL STUDENT AID's online systems and can serve as your legal signature.
2. Documents Needed to File.
   • Social Security Number
   • Federal income tax returns, W-2 forms and other records of money earned
   • Records of untaxed income
   • Current bank statement
   • Current business and farm records, as well as other savings and investments
   • Alien Registration Number (if applicable)
3. Get a Preview. U.S. Department of Education’s FAFSA4caster will give you an estimate of your eligibility

Filing the FAFSA

1. Use the Free Application for Federal Student Aid (FAFSA®) form to apply for financial aid for college or graduate school. Set aside 30 to 60 minutes to complete the application.
2. FAFSA. You can file the FAFSA with the myStudentAid app, file online at fafsa.ed.gov, or request a printed form by calling 1-800-4-FEDAID.
3. Filing Tips

• Enter your legal name exactly as it appears on your Social Security card.
• Enter your address exactly as it appears on your family’s tax returns.
• If available, use the IRS Data Retrieval Tool to transfer data directly from the IRS website to your FAFSA.
• Enter up to 10 colleges or universities that you are considering. Your information will be shared with campus officials, who will evaluate your eligibility for federal, state and institutional financial aid.
• Sign the FAFSA using your FSA ID for fastest processing.
• Print the confirmation page, which displays the exact date and time the form was received.

Application Deadlines: Your completed FAFSA should be submitted as soon after October 1 as possible to receive financial aid in the next academic year.

• Iowa Deadlines

AFTER the FAFSA

Verification

• The process must be completed before financial aid can be awarded. Your college’s financial aid office will contact you and inform you of steps you need to take.

Student Aid Report (SAR)

• The SAR will be sent to you and to the colleges you listed on your FAFSA. If you provided an email address, you’ll receive an email with instructions to access an online copy of your SAR; otherwise it will be mailed.

Expected Family Contribution (EFC)

• EFC, is the number colleges will use to calculate your eligibility for aid. Variables that determine your EFC include income and net worth for you and your parents, family size, age of older parent, state and federal taxes and number of family members attending college. Your EFC might change from year to year.

Financial Need

• Each college or university that you list on your FAFSA and that accepts you will determine your Financial Need: the Cost of Attendance (COA) at that school minus your EFC.

Award Letter: Understanding Your Financial Aid Offer

• Each college or university that you list on your FAFSA and that accepts you will send you an award letter, outlining the federal, state and college-specific financial aid available to you.