Completing the FAFSA




What?

The Free Application for Federal Student Aid (FAFSA) is the form used to determine your eligibility for financial aid, which includes grants, scholarships, work-study and student loans.

The FAFSA has to be completed to find out if you’re eligible for federal and state financial aid.

Financial aid is awarded on a first-come, first-served basis. Translation: If you snooze, you lose. Try to complete your form as soon as possible after Jan. 1 each year you need aid to increase your chances of getting money for school.

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Why?

Why complete the FAFSA? To get money for your education!

Financial aid can be considered gift aid or self-help aid. Gift aid, like grants and scholarships, is money that doesn’t have to be repaid. Self-help aid, in the form of work-study and federal student loans, isn’t free, but it's a helpful, low-cost way to pay for your education.

By not completing the FAFSA, you could miss out on billions of financial aid dollars given away each year! So, you could be turning down free money by not completing your FAFSA.

Even if you think your parents make too much money, don’t count yourself out! You may be surprised by what you qualify for. Plus, some schools use the data on your FAFSA to award school-specific grants and scholarships.

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How?

The Department of Education estimates the application will take a little over an hour to complete. Not a bad investment of time considering that more than likely you’ll qualify for some form of aid.

Time to get started; here’s how.

  1. Gather your documents.
    Before getting started make sure you gather all the documents you need to complete the FAFSA. These include:
    • Your driver’s license
    • Social security card
    • W-2 forms
    • Tax return forms (both student and parents)
    • Current bank statements
    • Other investment records
    View a list of the materials you’ll need.

  2. Look up your school’s code for the FAFSA.
    When you submit your FAFSA, you’ll receive a Student Aid Report, also called a SAR. Your SAR will also go to the school(s) you list on your FAFSA because each school will review your data and present you with an award letter outlining the financial aid you qualify for if you attend their school.

    So, it’s important to list all of the schools you’re seriously considering attending so you can compare your financial aid package from each school before making a decision to attend.

    You can find school codes on the homepage of FAFSA.gov.

  3. Go to FAFSA.gov.
    The best way to submit your FAFSA is online at FAFSA.gov, the official FAFSA website. The online application is safe and secure, and a lot faster than the paper version.

    The FAFSA online uses ‘skip logic’ technology, allowing you to skip questions that you don’t need to answer based on your situation, which saves you time. It also features a built-in error catcher and won’t let you submit your form if you’ve provided conflicting information.

  4. Apply for a PIN.
    To electronically sign your FAFSA, you’ll need a Personal Identification Number (PIN). Applying for a PIN is quick and free. If you’re a dependent student, both you and your parents will need a PIN. Find out more and apply at pin.ed.gov.

  5. Practice.
    To get an idea of the questions you’ll be asked, you can complete the 2012-13 practice worksheet (PDF) .

  6. Complete your application.
    Now that you've gathered all your documents, gotten your PIN(s) and your school code(s) and you’ve been through a practice round, it’s time to start your FAFSA application on the Web.

    Don’t worry if you start your FAFSA and can’t finish it right then. Make sure you save your application and it’ll be stored for up to 45 days. Come back and finish whenever you have the time.

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Huh?

Frequently Asked Questions


When do I fill out the FAFSA?

Financial aid is awarded on a first-come, first-served basis, so you’ll want to complete your form as soon as possible after Jan.1 each year you need financial aid.



Where can I get a FAFSA?

Go to FAFSA.gov to locate the form and receive step-by-step instructions. You can download the 2012-13 FAFSA (PDF) to fill out or request a paper copy by contacting the Federal Student Aid Information Center at 800.4.FED.AID.



How much does it cost to complete the FAFSA?

You should never pay to fill out the FAFSA; it’s always free. Make sure you go to FAFSA.gov, which is the official FAFSA website. Other sites try to charge you to complete the form.



Is my personal information safe when I apply online?

Yes. FAFSA.gov is a secure site and your information is encrypted for privacy.



What if I have a question while I’m completing my FAFSA online?

View the ‘Help and Hints’ box on the right-hand side of each screen to get answers to your questions. Also, on the FAFSA home page, there's a link called "Browse Help" which contains useful tips and techniques for preparing, completing and submitting your form. You may also click the "Contact Us" button at the top of your screen for a list of ways to submit your questions to the processing center.



How do I find the school codes to enter on my FAFSA?

All codes can be found on the official FAFSA website, FAFSA.gov. You can search by school name or by the city and state where the school is located.



I've heard about a new process that downloads my tax information directly into the online FAFSA. How does that work?

The IRS Data Retrieval tool is a process that helps streamline the FAFSA by allowing online FAFSA filers to pull specific tax return data directly from the IRS. The retrieval tool will save you time and increase the accuracy of your FAFSA information.



What if I completed my entire FAFSA online, but forgot to apply for a PIN. How quickly can I get one?

On the last page, click to apply for a PIN. Complete the information and you’ll receive your PIN almost immediately. You can also request a PIN at pin.ed.gov.



I was completing my FAFSA online and lost all of my information. How did that happen?

You must hit the ‘Save’ button often. Always use the ‘Next’ and ‘Previous’ buttons on the site. Never use the ‘Back’ button on your browser or you may lose your information.



Do I need to complete my taxes before filling out the FAFSA?

It’s best to get your taxes done early and use the information to fill out your FAFSA. But, if you don’t have your taxes done, you can still submit your FAFSA using estimated income and tax information. However, once you file your tax return, you’ll have to correct your FAFSA if any of the information is different than what you estimated.



I completed the paper FAFSA. Do I need to mail my tax return with it?

No. You should never send tax returns with your FAFSA. If the financial aid office needs your tax information, they’ll request it.



I live with my grandparents. Do I use their information on the FAFSA?

No. Always include information about your parents, if possible. If you have a special situation, you should contact your school’s financial aid office.



Whose income do I report if my parents are divorced?

The parent you lived with the most during the last 12 months.



My parents are divorced and I lived with each of them equally during the last 12 months. Whose income should I enter on the FAFSA?

If you lived with each parent for the same amount of time during the past year, you should include income information for the parent who provided you the most support during that timeframe.



One of my parents recently lost their job and can no longer afford to pay for college. What can I do?

Contact your school’s financial aid office; they may be able to offer alternatives.



I’m getting married next month. Can I complete my FAFSA now as an independent student?

No. The rules state you must be married at the time you submit the FAFSA to be recognized as an independent student.



My parents have money in a 401(k). Do I need to include that information in my application?

No. Your parents’ retirement funds are not used when calculating the Expected Family Contribution (EFC).



I’m pregnant. Can I include my unborn baby in the household size on my FAFSA?

Yes, you can include an unborn child in your household size if he/she will be born within your school’s academic year.

By claiming a child, you may qualify as an independent student only if you will provide more than half of the child’s support during the academic year for which you’ve requested financial aid.



I’ll more than likely get a full scholarship; do I still need to complete the FAFSA?

Statistics show only about 1 in 10,000 students get a full ride to college. Don’t take the chance and miss out on financial aid. Complete the FAFSA.



My parents saved a lot of money for my college education, but all the funds are under my name. Is that a good idea?

No. The FAFSA uses a larger percentage of student income and assets when determining the Expected Family Contribution (EFC), so it’s best to keep all savings accounts under the parent’s name.



How do I know if I’m considered a dependent or an independent student?

Use this dependency questionnaire to determine your status. If you’re deemed an independent student, you will not need to provide your parent’s information when completing your FAFSA.



What happens once I submit my application?

You’ll get a SAR—a Student Aid Report. If you have an e-mail address on file, the Department of Education will send an e-mail within three to five business days with instructions for viewing your SAR online. The schools you listed on your FAFSA will also receive a copy of your SAR.

Carefully review the information provided or additional information requested, and send any additional information back as soon as possible. Once your application is finished, the financial aid office will send you an award letter letting you know what types of aid you’re eligible for. You don’t have to accept all of the aid awarded. Borrow only what you need for school expenses, like tuition, books and housing.



Who can I talk to if I have more questions?

Contact the financial aid office of the school you plan to attend. They can answer your questions and direct you to helpful resources.

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Where can I get more information?

If you can’t find the answers you need on this site, give us a call at 866.443.7420 (toll-free) or e-mail your question to UCanGo2@ocap.org.