😱Financial Aid FAFSA

What is FAFSA?

• FAFSA stands for Free Application for Federal Student Aid
• Centralized application used by the U.S. Department of Education to determine a student's eligibility for financial aid
• Collects financial and demographic information from students and their families
• Used by colleges and universities to award federal, state, and institutional financial aid
• Must be completed annually by current and prospective college students
• Available online at fafsa.gov or through the myStudentAid mobile app
• Completely free to fill out and submit
  • Beware of scams or services that charge a fee to complete the FAFSA

Eligibility Requirements

• U.S. citizen or eligible non-citizen (permanent resident, refugee, asylum seeker, etc.)
• High school diploma, GED, or equivalent
• Enrolled or accepted for enrollment in an eligible degree or certificate program
• Registered with the Selective Service (males aged 18-25)
• Maintain satisfactory academic progress while in college
• Not in default on any federal student loans
• No convictions for drug offenses while receiving federal aid
• Demonstrate financial need based on the information provided in the FAFSA

Application Process

• Create an FSA ID (username and password) at fsaid.ed.gov
  • Required to sign the FAFSA electronically and access other federal student aid websites
• Gather necessary documents (tax returns, W-2 forms, bank statements, etc.)
• Fill out the FAFSA online at fafsa.gov or through the myStudentAid mobile app
• List up to 10 colleges or universities you want to receive your FAFSA information
• Sign and submit the FAFSA using your FSA ID
• Receive a Student Aid Report (SAR) summarizing the information you provided
• Make corrections or updates to the FAFSA if needed
• Colleges and universities listed on your FAFSA will receive your information and use it to determine your financial aid package

Types of Aid Available

• Federal Pell Grants
  • Need-based grants that do not need to be repaid
  • Award amounts vary based on financial need and enrollment status
• Federal Supplemental Educational Opportunity Grants (FSEOG)
  • Need-based grants awarded by colleges to students with exceptional financial need
• Federal Work-Study
  • Provides part-time jobs for undergraduate and graduate students with financial need
• Federal Direct Loans (Subsidized and Unsubsidized)
  • Low-interest loans that must be repaid after leaving school or dropping below half-time enrollment
• State grants and scholarships
  • Vary by state and may have additional eligibility requirements
• Institutional scholarships and grants
  • Awarded by colleges and universities based on merit, need, or other criteria

Filling Out the Form

• Use the IRS Data Retrieval Tool (DRT) to automatically transfer tax information into the FAFSA
• Carefully read and follow instructions for each question
• Provide accurate information to the best of your knowledge
• Use whole numbers only (no cents) when entering financial information
• Enter your name exactly as it appears on your Social Security card
• Double-check your Social Security Number and date of birth for accuracy
• List your colleges in order of preference
• Sign and submit the FAFSA using your FSA ID
  • If you're a dependent student, one parent will also need to sign using their own FSA ID

Important Deadlines

• FAFSA opens on October 1st for the following academic year
  • For example, the FAFSA for the 2023-2024 academic year opens on October 1, 2022
• Federal deadline is June 30th of the academic year for which you're applying
  • For example, the federal deadline for the 2023-2024 academic year is June 30, 2024
• State and institutional deadlines vary
  • Check with your state's higher education agency and the colleges you're interested in for specific deadlines
• Submit the FAFSA as early as possible to maximize your chances of receiving aid
  • Some funds (like FSEOG and work-study) are awarded on a first-come, first-served basis

After Submission: What to Expect

• Receive a Student Aid Report (SAR) within a few days of submitting your FAFSA
  • Review the SAR for accuracy and make corrections if needed
• Colleges will receive your FAFSA information and use it to determine your financial aid package
• Receive financial aid award letters from colleges, typically in the spring
  • Compare award letters to determine which college offers the best financial aid package
• Accept or decline the financial aid offered by each college
• Complete any additional requirements (verification, loan entrance counseling, etc.)
• Funds will be disbursed to your college at the beginning of each semester or term
  • Any remaining funds after tuition and fees are paid will be refunded to you for other educational expenses

Common Mistakes and How to Avoid Them

• Not creating an FSA ID before starting the FAFSA
  • Create your FSA ID at fsaid.ed.gov a few days before you plan to start the FAFSA
• Waiting until the last minute to submit the FAFSA
  • Submit the FAFSA as early as possible to meet deadlines and maximize your chances of receiving aid
• Not using the IRS Data Retrieval Tool (DRT)
  • Use the DRT to automatically transfer your tax information into the FAFSA and avoid errors
• Providing incorrect Social Security Number or date of birth
  • Double-check these important pieces of information for accuracy
• Listing only one college on the FAFSA
  • List all the colleges you're considering, even if you haven't applied or been accepted yet
• Not signing the FAFSA with your FSA ID
  • Make sure both you and your parent (if applicable) sign the FAFSA using your FSA IDs
• Forgetting to update the FAFSA each year
  • You must submit a new FAFSA every year you're in college to remain eligible for financial aid