FAFSA
The FAFSA
stands for "Free Application for Federal Student Aid". It is the only
form the federal government uses to calculate your financial need. It is also
the only form you will need at most colleges, although the universities
sometimes have slightly different formulas for calculating your financial need.
In any
circumstance, it should be the first financial aid form that you file.
The
Basic Calculation
Your
slightly simplified financial need calculation is:
Cost of
Attendance less Expected Family Contribution equals Financial Need
Tips
for Completing the FAFSA Form
-
File
the form as soon after January 1 as possible
-
Make
sure the forms contain all the necessary signatures
-
Keep
a photocopy of the mailed form
-
Answer
"yes" to the questions about your interest in work study and other
forms of financial aid. This does not commit you to anything and only gives
you valuable options that you can pursue later.
-
Submit
the original form produced by the U.S. Department of Education. Photocopies
and other reproductions are not accepted.
-
Do
not include any addendums or other attachments with your FAFSA. If you have
any type of extenuating circumstances, you will have to take it up with the
financial aid administrator at the school to which you are applying.
Common
FAFSA Filing Mistakes
-
Report
income from the 1040, not the W-2
-
Include
untaxed income such as Aid to Dependent Children (ADC)
-
Include
step parents' income
-
Leave
nothing blank. (Fill in zeros if necessary, but don't let the processor
think you missed a line.)
-
implications on your family's
financial outlook. A good consultant will help you construct an essay topic and
proof and polish the draft.
What to
do When You Receive Your SAR
About 4
weeks after submitting your FAFSA, you will receive your SAR (student aid
report). This is your acknowledgement that your FAFSA was processed and it will
contain a summary of the amount of aid you can expect to receive. Examine this
report and call 1-800-4-FED-AID if you do find any mistakes. You will also want
to note your DRN (data release number). This will be needed for to apply for
financial aid at any additional colleges.
Additional
FAFSA and SAR Information
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