Applying For Financial Aid
Applying for Financial Aid: The process for applying for Federal Student Aid is relatively simple, and it's free. There is only one application to fill out - The Free Application for Federal Student Aid (FAFSA). If you applied for financial aid the previous year, then you'll only have to fill out a renewal FAFSA, which has fewer questions and only requires you to update your original information. Applications can be completed any time between January 1st and June 30th, but check with your school or State because they may have earlier deadlines.
If you haven't applied for Federal student aid before, then you'll need to fill out an entire FAFSA. There are two ways to complete the FAFSA: a paper copy sent in through the mail or an online copy filled out through FAFSA on the Web. FAFSA on the Web is a much better way to go for many reasons. As you fill out the online form, potential errors are identified and ways to fix them are immediately suggested. This saves you the time of having to go back and forth through the mail to correct errors in your paper application. FAFSA on the Web also provides online instructions and the ability to chat live with customer service representatives who will help you with your application. And the application is processed faster - usually in 3 to 5 days.
If you don't have Internet access or prefer to fill out a paper application for other reasons, you can find paper FAFSAs at your high school, public library, postsecondary school, or from the Federal Student Aid Information Center. Mail the FAFSA in its pre-addressed envelope and be sure to send in the postcard that will be sent back to you to confirm your application was received. Paper FAFSAs take longer to process -- usually 2 to 4 weeks.
The following is a list of information you will need to fill out your FAFSA completely:
- Social Security number
- W-2 forms and any other record of money earned
- Previous year's Federal income tax return (if married, include spouse's return)
- Parents' previous year's Federal income tax return (if dependent)
- Foreign tax return or Puerto Rico tax return (if applicable)
- Untaxed income records (Social Security, Temporary Assistance, Welfare, Veteran's benefits, etc.)
- Current bank statements
- Current business and investment mortgage information
- Alien registration card (if not U.S. citizen)
It is important to know that most mistakes on the FAFSA occur because students fail to read the instructions accurately. When you're filling the application out, be sure to read carefully. Take your time, and pay extra attention to the questions involving income. If you're applying on the Web, be sure to print out a copy for your records, and if you're applying by paper, make a photocopy of your application. Also, save all the materials you used to fill out your FAFSA - it is possible you may need to prove the information on the application is correct.
After you've applied, you will receive your Student Aid Report (SAR). Your SAR will either come in paper form if you applied through the mail or in an email if you used FAFSA on the Web. The SAR usually includes your Expected Family Contribution (EFC). Review your SAR, checking for accuracy and correctness. If everything looks good, contact the school you'll be attending. The school will use the information to determine your eligibility for aid. You can make corrections to your SAR online, or through your school.
