The Free Application for Federal Student Aid, the FAFSA, provides the foundation for the college financial aid process. Colleges and many scholarship foundations use the report generated by the FAFSA to evaluate an applicant’s financial need.
Complete the FAFSA as soon as possible after January 1st each year. The FAFSA application is available online at www.fafsa.ed.gov. Follow directions carefully; errors in filing will slow down the process and may make you ineligible for aid. Both you and your parents will need PINs, Personal Identification Numbers that serve as your electronic signature. Get your PIN before completing your FAFSA. You can apply for a PIN at www.pin.ed.gov.
To complete the FAFSA, you’ll need copies of your parents’ and your tax returns for the preceding year, as well as social security numbers and other demographic information. Financial records, such as information about assets like stocks, bank accounts, real estate, and businesses, will also be needed. Young men over 18 must be registered with Selective Service to qualify for aid. Make a copy of the completed form before submitting.
In two to three weeks you’ll receive a Student Aid Report (SAR). The SAR reports an expected family contribution (EFC) – the amount you and your family will be expected to contribute to your first year of study. The difference between the EFC and the total cost of your first year of attendance equals your established need. The SAR will also tell you if you qualify for a Pell Grant – gift money provided for students with the highest established need. Check the SAR for accuracy and make any needed corrections. Colleges you’ve applied to receive a copy of your SAR at your request. The SAR is used by the college financial aid office to build a financial aid package for each accepted student. Some colleges will meet all of your established need while others will have funds to only partially meet need. The financial aid package you receive will most likely offer a combination of grants (gift money), loans, and work study. You are free to accept any part of the package you wish. A new FAFSA must be filed each year and students must re-qualify annually for college financial aid.
With the high cost of private colleges, many families will qualify for some type of financial assistance. It is not unusual for families earning over $150,000 annually to be eligible. For this reason, don’t just assume you won’t qualify for financial aid. Complete and submit a new FAFSA each year; family financial circumstances often change and eligibility for aid could increase dramatically whenever another sibling begins college.
