FAFSA 101

LET’S TALK ABOUT THE FAFSA

FAFSA stands for:

FREE APPLICATION for FEDERAL STUDENT AID

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What does that mean?

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What does that mean?

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TERMINOLOGY

Subsidized Loan

Government pays the interest while you are in school. Interest will start accruing once loans come out of deferment. (6 mo after graduation).

FSA ID

Username and password that you use to access your FAFSA

*Important that you have a record of this information!

Award Letter

A document that the school will send through your portal or email and show the amount of financial aid you will receive if you attend that school.

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Unsubsidized Loan

Students are responsible for interest on Direct Unsubsidized Loans, even while you’re in school or while your loans are in deferment after graduation.

Student Aid Report (SAR)

A summary of information you reported on your FAFSA, available to view a few days after submission, can make corrections.

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OPENS OCTOBER 1ST!

The earlier you submit and complete your application, the better your chances at receiving financial aid.

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STEPS TO COMPLETE THE FAFSA

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Gather info

Create FSA ID

Submit FAFSA

Review Student Aid Report (SAR)

Prepare this information beforehand

1. FSA ID for you
2. FSA ID for your parents
3. Federal Income Taxes and W-2 Forms (2 yrs prior)
4. DOB, SSN
5. Earnings, checking and savings amounts, investments, etc.
6. “IRS Data Retrieval Tool” can transfer information

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What do you mean i have to give you my personal information???

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“I don’t want to give out my personal tax information…”

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• Information is highly protected
• Secure government website
• Does not increase the chances of getting audited
• Almost the exact same information provided when you file taxes

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“We make too much money - my student won’t qualify for aid…”

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• There is no income cut-off for federal student aid.
• A student’s eligibility is not strictly based on family income.
• Other factors such as number of people in the household and number of family members currently attending college, are taken into account.

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“My student will not be taking out loans, so there’s no reason to file the FAFSA…”

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• You are NOT required to take any of the aid that is offered.
• FAFSA can give access to federal grants.
• Colleges use the FAFSA to determine who will receive grants and need-based scholarships.

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“My student will only be using scholarships to pay for school, so they don’t need to file the FAFSA…”

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• Many scholarships provided by institutions require a filed FAFSA in order to be considered.

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TIMELINE OF EVENTS

October - November

• Identify financially-sound schools
• Create FSA ID

November - February

• Submit the FAFSA
• Review your Student Aid Report (SAR)
• Complete any additional documents, verifications, other forms, etc.

March - May

• Compare financial award letters
• Review award letters
• Tuition deposit by May 1st

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FEELING OVERWHELMED?

The Promise Zone team

can help.

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What to do now?

• Already filed the FAFSA? Review your Student Aid Report (SAR)and make sure you do not need any corrections.
• Have an FSA ID? Go to FAFSA.gov and start your FAFSA.
• Don’t have an FSA ID? Create an account and set one up.

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Submitting your FAFSA

Visit fafsa.gov

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Use link to access the FAFSA! You can always save and come back to the FAFSA.

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STEP 1:

Enter YOUR PROFESSIONAL email (*that is NOT your school email*) & create a username & password

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STEP 2:

Enter name, dob, ssn

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It is very important that YOUR NAME and SSN appears exactly the same!

STEP 3:

Enter your mailing address and opt-in for mobile account recovery!

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STEP 4:

Select (2) security questions & create (2) security questions

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STEP 5:

REVIEW, CONFIRM INFORMATION AND ACCEPT TERMS & CONDITIONS

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STEP 6:

Verify email address & phone number (if applicable)

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When can i use my fsa id?

If you verified your email address, you’ll receive an email once your information is matched (one to three days from the date you apply).

Once the process is complete, you will be able to use your FSA ID to fully access your financial aid information.

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