FAFSA

studentaid.gov

	What is the FAFSA? FAFSA stands for Free Application for Federal Student Aid. This form is the single most important financial aid gateway. It asks you questions about the student's (and, if you are under the age of 24, the student's parents') income and savings to estimate how much aid the student needs. Before each year of college, technical or trade school, you can apply for federal grants, work-study, and loans with the Free Application for Federal Student Aid (FAFSA^®) form. Your college uses your FAFSA data to determine your federal aid eligibility. Many states and colleges use FAFSA data to award their own aid. After submission, you’ll receive your Student Aid Report. FAFSA link https://studentaid.gov/ NEW! Check out the new myStudentAid app for iOS and Android.
	Filling out the FAFSA® form can be a straightforward and easy process. Select the “Fill Out the FAFSA” button on the home page, and just follow the directions on the screen. Below are some tips to help you along the way. Creating your FSA ID before you begin the FAFSA® form only takes a few minutes and could prevent processing delays. (Plus, you can’t use the myStudentAid mobile app at all without an FSA ID, so you’ll need to create it before filling out the FAFSA form on the app.) Tip: Use your FSA ID to start your FAFSA form. When you create your FSA ID, be careful to enter your name and Social Security number exactly as they appear on your Social Security card. Then, if you go to fafsa.gov to start your application and indicate that you are the student, you will be given the option to enter your FSA ID or to enter your “identifiers” (your name, date of birth, and SSN). If you log in with your FSA ID, certain information (including your name, Social Security number, and date of birth) will be automatically loaded into your application. This will prevent you from running into a common error that occurs when your verified FSA ID information doesn’t match the information on your FAFSA form. Additionally, you won’t have to provide your FSA ID again to sign your FAFSA form electronically or to use the Internal Revenue Service Data Retrieval Tool (IRS DRT) if you’re eligible. The student is the one applying for financial aid, so be sure it’s the student entering his or her FSA ID in the “I am the student” tab. Do not start the FAFSA form by supplying the parent’s FSA ID in the student role.
	The FAFSA opens on October 1st. Every state has its own deadline for the FAFSA. The CA deadline is March 2nd. Some states and colleges distribute aid on a first-come, first-served basis, so it is strongly recommended to file your FAFSA as soon as you can after October 1. You should also check with your college financial aid administrator to find out your college's FAFSA deadline. You want to know the college FAFSA deadlines, for each school that you apply to and make sure you've filed on time to be considered for need-based aid.
	Gathering the Documents Needed to Apply The FAFSA questions ask for information about you (your name, date of birth, address, etc.) and about your financial situation. Depending on your circumstances (for instance, whether you’re a U.S. citizen or what tax form you used), you might need the following information or documents as you fill out the application: Your Social Security number (it’s important that you enter it correctly on the FAFSA form!) Your parents’ Social Security numbers if you are a dependent student Your driver’s license number if you have one Your Alien Registration number if you are not a U.S. citizen Federal tax information or tax returns including IRS W-2 information, for you (and your spouse, if you are married), and for your parents, if you are a dependent student: IRS 1040 Foreign tax return, IRS 1040NR, or IRS 1040NR-EZ Tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau Records of your untaxed income, such as child support received, interest income, and veterans noneducation benefits, for you, and for your parents if you are a dependent student Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate (but not including the home in which you live); and business and farm assets for you, and for your parents if you are a dependent student
	What tax information do I use when filling out my FAFSA? You will be providing your family's tax information on your "prior, prior year." If there has been a significant change in your family's income in the current year, you will still need to provide the prior, prior-year tax information and then prepare an appeal for each college.
	After you submit your FAFSA form online or on the myStudentAid mobile app, you can check its status immediately. (Note: Only the student can check the status, because the FSA ID username and password are required to log in.) Here’s how: Go to fafsa.gov or the myStudentAid mobile app and log in with your FSA ID username and password. The status of your application will be one of the following. Processing: Your application is still processing. It typically takes three to five days, plus one additional business day to be made available to the schools you listed on the form. Processed Successfully: Your application was processed successfully. No further action is needed. Missing Signatures: Your application is missing the required signature(s). Action Required: Your application requires further action. Contact your school to resolve the issue. If you submitted a paper FAFSA form, you can check its status after it has been processed (roughly 7–10 days from the date mailed). You can also contact the Federal Student Aid Information Center to find out if your FAFSA application was processed. Understand the Full Impact of Your FAFSA® Application Not only is your FAFSA form an application for federal student aid, it also is used in determining your eligibility for certain state and school financial aid. Your FAFSA information is shared with the colleges and/or career schools you list on the application. The financial aid office at a school uses your information to figure out how much aid you may receive at that school. Note: The school might also have other forms for you to fill out to get school aid, so check with the financial aid office to be sure. Your information also goes to your state higher education agency, as well as to agencies of the states where your chosen schools are located. Many states have financial aid funds that they give out based on FAFSA information. Review Your Student Aid Report (SAR) The SAR is a summary of the FAFSA data you submitted. You (the student) will get your SAR within three days to three weeks after you submit your FAFSA form. Look over your SAR carefully, make sure you didn’t make a mistake on your FAFSA form, and make corrections to your FAFSA data if necessary. Find out more about the SAR, its purpose, how the method you use to file your FAFSA form determines when you’ll get the SAR, and what you should do with the SAR. What Not to Expect from the SAR The SAR won’t tell you how much financial aid you’ll get. Also, if you used the Internal Revenue Service Data Retrieval Tool (IRS DRT) when filling out your FAFSA form, the SAR won’t show the details of your income and tax information. So how do you find out how much aid you’ll get? If you’ve been accepted at a college or career school that you listed on your FAFSA form, the school will calculate your aid and send you an electronic or paper aid offer, sometimes called an award letter, telling you how much aid you’re eligible for at the school. The timing of the aid offer varies from school to school and could be as early as winter (awarding for the fall) or as late as immediately before you start school. It depends on when you apply and how the school prefers to schedule awarding of aid. Provide Required Verification You might see a note on your SAR saying you’ve been selected for verification, or your school might contact you to inform you that you’ve been selected. Verification is the process your school uses to confirm that the data reported on your FAFSA form is accurate. If you’re selected for verification, your school will request additional documentation that supports the information you reported. Don’t assume you’re being accused of doing anything wrong. Some people are selected for verification at random, and some schools verify all students' FAFSA forms. All you need to do is provide the documentation your school asks for—and be sure to do so by the school’s deadline, or you won’t be able to get financial aid.
	So, you’ve filed your FAFSA® form, and you’ve checked your Student Aid Report to be sure all your information is correct, and now you’re wondering how that data is used to come up with the list of financial aid for which you’re eligible. If I meet the basic eligibility criteria for federal student aid, who decides how much money I’ll get? Your eligibility depends on your Expected Family Contribution, your year in school, your enrollment status, and the cost of attendance at the school you will be attending. The financial aid office at your college or career school will determine how much financial aid you are eligible to receive. The financial aid staff starts by deciding upon your cost of attendance (COA) at that school. They then consider your Expected Family Contribution (EFC). They subtract your EFC from your COA to determine the amount of your financial need and therefore how much need-based aid you can get. To determine how much non-need-based aid you can get, the school takes your cost of attendance and subtracts any financial aid you’ve already been awarded.