FAFSA Time

The Time for FAFSA is Now!
Did you know February is financial aid awareness month? Well, it is! And since February is right around the corner, now is a great time to get started on your Free Application for Federal Student Aid (FAFSA).

Even if you applied for aid last year, you have to do it again since you need to apply every year.

Think you won't qualify for assistance? Apply anyway! There are many factors that come into play with eligibility, so it's always smart to apply. Even if you didn't qualify last year, circumstances may have changed that make you eligible this year. Plus, it's free to apply!

Filling out the FAFSA is a requirement for all federal government aid programs, like the Pell Grant, Perkins Loan, Stafford Loan and work-study programs. Also, most universities require you fill out the FAFSA.

How Do You Fill Out the FAFSA?
When filling out your FAFSA, you have a few formats to choose from; there are online, PDF and paper versions. If you fill out the FAFSA on the Web, you will get your Student Aid Report (SAR) quicker, and they will typically be more accurate. Also, the online FAFSA allows you to list up to ten colleges, while the paper version only has space for four.

As part of the techie generation, you'll probably want to fill out the Web version. Log onto www.fafsa.ed.gov and follow the step-by-step instructions. You will need a PIN to sign on and fill out the forms, but you can obtain that online as well at www.pin.ed.gov. Have more questions? Call the toll-free number for assistance: 1-800-4-FED-AID.

But before you fill out your FAFSA, check out the deadline information at www.fafsa.ed.gov/before003a.htm. Here are the basics: You need to fill out the applications and submit them as soon as possible after January 1, but not before January 1.

Next up you will have to compile all the documents you will need to fill out the application. Log onto Findaid.com to fine more detailed information on the necessary forms (www.finaid.org/fafsa/documents.phtml) or check out the Federal Student Aid's site at www.fafsa.ed.gov/before003.htm.
Basically you will need your:

• Driver's license and social security card.
• Income tax returns, W-2 forms and 1099 forms for the previous year.
• Parents' or spouses' income tax returns, W-2 forms and 1099 forms for the previous year.
• Current bank statements and mortgage information.
• Records relating to investments.
• Documentation of non-taxable income, such as Social Security income, AFDC and Veterans Benefits.
• Business and farm records.
• Records relating to any unusual family financial circumstances, such as medical and dental expenses not covered by health insurance, tuition expenses at elementary or secondary schools, unusually high child care costs, death, divorce and loss of employment.

And keep in mind, you will need the Title IV Institution Code for each school you are applying. You can either contact the schools directly to find these codes, or use FinAid's list at www.finaid.org/fafsa/tiv.phtml.

Last Minute FAFSA Details
Before you complete your FAFSA, log onto Findaid.com's Common Errors on Financial Aid Applications at www.finaid.org/fafsa/errors.phtml. Look over the list and make sure you haven't made any of the listed mistakes. If you do have errors on your FAFSA, your application processing can be delayed. And don't forget to make a copy of the form for your own records!

If you need further assistance, you can also long onto the U.S. Department of Education's advice on completing the FAFSA at http://studentaid.ed.gov/students/publications/completing_fafsa/index.html, or the FAQs at http://studentaid.ed.gov/PORTALSWebApp/students/english/faqs.jsp. You can also check Findaid.com's help section at www.finaid.org/fafsa/help.phtml.

What Happens After You Submit Your FAFSA?
If you fill out your FAFSA on the Web, in about two to three weeks you will receive your Student Aid Report (SAR). (It will take four to six weeks if you filled out the paper form.) The SAR is a basic summery of the information you provided on your FAFSA. It will indicate the Expected Family Contribution (EFC), which is the amount of money your family will have to contribute to your education. The EFC is subtracted from the school's Cost of Attendance (COA), to arrive at your financial need. The lower your EFC, the more financial aid you will get.

Check out the EFC Calculator: www.collegetoolkit.com/College-Calculators/resCalcEFC.aspx. And Finaid.com explains the Student Aid Report and Expected Family Contribution in further detail at www.finaid.org/fafsa/efc.phtml.

Next you will receive financial aid award letter from colleges explaining the amount and types of aid you qualify for. These letters can be tricky to understand, so check out the Guide to Financial Aid Award Letters at www.finaid.org/fafsa/awardletters.phtml. They also provide a helpful section on how to maximize your eligibility for need-based financial aid through financial planning at www.finaid.org/fafsa/maximize.phtml.

This blog was written by Valerie Anderson

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