How to Apply for Financial Aid


How to Apply for Financial Aid


Now that you know the basics of financial aid and how online learning is appropriate, it's time to look at the application process. The Free Application for Federal Student Aid, commonly known as FAFSA, is a form that you submit to the Federal Student Aid office at the Department of Education. It collects information on student and family finances, which the FSA uses to determine your eligibility for nine of the nine federal financial aid programs, such as grants, employment studies, and federal student loans, as well as over 600 state aid programs. For many, this is the first step towards an affordable education.

FSA sends your FAFSA information to the colleges and universities you choose. The institution often asks students to complete other forms of college financial assistance and use the combined information to provide scholarships and other money. Together, your federal and institutional help sets up your financial aid package. Each school will give you a different package, or not, depending on your eligibility.

How FAFSA Works

Whether seeking financial assistance for college or financial assistance for an online school, experts agree that all undergraduate and postgraduate students should apply for FAFSA, even if they consider them or their parents to make too much money to qualify. You can leave dollar loan on the table, but you will not know unless you apply. It's free, so there's nothing to lose and maybe a lot we can get.

Within four to six weeks after filing FAFSA, you must accept a Student Aid Report (SAR). SAR indicates the contribution that you and/or your family expect on your educational expenses that year (Estimated Family Contribution or EFC). The government assumes you and/or your family will contribute to your tuition fees. EFC is not the amount you're willing to pay; These are just a number of schools that are used to calculate your eligibility for financial support from the institution. Each school reduces your EFC from its attendance costs to calculate your needs for a particular institution.

The college provides financial assistance for the first time, served first. The sooner you enter your FAFSA, the more help that will be available to you. The FSA began receiving the FAFSA form after January 1st. You may apply at any time after January 1 and before June 30, although you may need to estimate your tax information for the previous year. Each college you are applying to may require an additional form of financial assistance and may have different deadlines. Get to know this and keep track of it in the spreadsheet.

Filling FAFSA

Although not rocket science or brain surgery is known, knowing little about the FAFSA form before diving can help. The following list contains the items you need when finally putting pen to paper.

Parental information is required (if you are independent):

  • Social security number
  • W-2 formed for the previous year
  • Federal tax returns for the previous year. Also accepted are foreign tax returns or tax refunds for Puerto Rico, Guam, American Samoa, US Virgin Islands, Marshall Islands, Federated States of Micronesia, or Palau
  • Additional recording of income, untaxed (child support, welfare, veteran benefits, interest income)
  • Bank statements / account information (including balance)
  • Investment records for the previous year

Required student information:

  • Social security number
  • SIM number (if applicable)
  • Form W-2 for the previous year
  • Federal tax returns for the previous year (including spouses, if married). Also accepted are foreign tax returns, or tax refunds for Puerto Rico, Guam, American Samoa, US Virgin Islands, Marshall Islands, Federated States of Micronesia, or Palau
  • Additional recording of income, untaxed (child support, welfare, veteran benefits, interest income)
  • Bank statements / account information (including balance)
  • Investment records for the previous year
  • Student Registration Number (if not a US citizen)

Selecting Format

Students and parents who fill FAFSA have three options:

  • Online on the official FAFSA website.
  • Your FAFSA PDF contents must send PDF FAFSA by email.
  • Complete the FAFSA paper. To order, call 1-800-4-FED-AID (1-800-433-3243) or 319-337-5665. If you have a hearing loss, call TTY at 1-800-730-8913. Your college counselor may also have available forms.

Archiving online comes with several benefits:

  • Safe and easy to navigate website
  • Internal help guide
  • Skip logic that removes questions that do not fit your situation
  • IRS retrieval tool that automatically fills in answers to various questions
  • Option to save your work and continue later
  • Ability to send FAFSA to as many as 10 colleges receiving financial assistance, vs. print forms, which limit you to four schools
  • Reports get to school faster

Understanding FAFSA: Question Group

Questions about FAFSA are organized into specific categories. Here's a glimpse of certain groups:

  • Questions 1-31: Personal status information and citizenship status questions.
  • Questions 32-57: Questions of financial information, such as income, assets, exemptions, and household sizes.
  • Question 45-57: Question to determine if the student is dependent.

1) If the student is dependent, Question 58-92 will collect financial information about the parent.
2) If the student is independent, skip to Question 93-100, which covers the number of family members.

Common FAFSA Mistakes to Avoid

  • Complete FAFSA whether you are admitted to a college or not. Better to be in front of the game.
  • Do not use nicknames. Only the official name, as seen on the acceptable Social Security card.
  • If FAFSA refers to "You" and "You", this refers to the student, NOT the parent.
  • Double check your answer, especially the number. If your social security number is wrong, it will slow down the process.
  • If the answer is "0", do not leave it blank. Write it in the "0."
  • If you answered the "yes" question to study work and student loans, you will be eligible to get more help options but are not required to receive them.
  • Do not forget to count the student as one of the people in the college household.
  • When parents are divorced or separated, the parents with whom the students stay the longest in the past year are the parents who fill the FAFSA. Law care does not come into play here.

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