FAFSA_Step_by_Step_2016.pdf - Student Bulletin FAFSA:...

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Student BulletinFastweb Student Bulletin SeriesFAFSA Step-by-StepFAFSA: Step-by-StepWhat is it?FAFSA stands for Free Application forFederal Student Aid. The federal government uses thisform to determine your eligibility for federal financial aidfor college, which may include grants, scholarships,work-study and loans.Why fill it out?The FAFSA is used to apply for financialaid from the federal and state government(s) and frommost public and private colleges. Private colleges mayhave their own supplemental forms in addition to theFAFSA for awarding their own aid funds. For example,about 250 private colleges require an additional formcalled the CSS/Financial Aid PROFILE. The FAFSA is aprerequisite for the unsubsidized Stafford and ParentPLUS loans, which do not depend on financial need.EFCstands forExpected Family Contribution.According to the government’scalculation, you and yourfamily should be able to contribute this amount in thecoming academic year to your college costs. The EFC isa harsh assessment of you and your family’s ability topay for college.It does not consider the impact ofconsumer debt on a family’s financial strength.How does it work?The college you plan to attend willtry to meet your demonstrated financial need with apackage of different types of aid from multiple sources,including federal, state, school and private sources.You can do the following on:Add additional colleges and universitiesFAFSA next yearTo obtain a FSA ID, eligible students should visit.Fill out the form to create a FSA ID and follow allinstructions.Keep your FSA ID confidential. It allows you toelectronically sign federal student aid and loandocuments and access your confidential FAFSAinformation.Step 1: Assemble forms needed to complete FAFSAYou and your parents (if you are dependent) need thefollowing to fill out the form:Social Security NumberCurrent bank and brokerage account statementsDriver's license (if any)Current mortgage and investment records (if any)Alien registration card (if not a U.S. citizen)Current federal tax return (estimates are OK on taxquestions, if you or your parents haven’t filedyet)Current untaxed income records (if any)Current W2 and 1099 forms and other record ofmoney earnedParents' current income tax return (if dependent)Step 2: Complete the FAFSADownload, print and complete the FAFSA on the Webworksheet.Complete FAFSA on the Web at.The online version is used by over 99% of theapplicants since it includes skip logic to avoid askingyou unnecessary and redundant questions.Processing is quicker and more efficient with built-inedit-checks to reduce errors on the form.

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Term
Winter
Professor
Chaulhoub
Tags
Financial aid, Student financial aid

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