FINANCING YOUR EDUCATION
FAFSA: Free_Application_For_Federal_Student_Aid
- Eligibility for aid is determined based on your FAFSA results.
- Complete the FAFSA on the Web at: www.fafsa.ed.gov
- If you do not want to complete the FAFSA on line you need to request a paper copy by Calling 1-800-4-FED-AID or www.edpubs.org
- Submit your FAFSA as soon as possible after January 1st.
- It is FREE!
- Must be completed every year by each student.
GETTING READY TO COMPLETE THE FAFSA
- Apply for a Department of Ed PIN # at www.pin.ed.gov
- Needed every year when applying for aid
- Parents and students need separate PIN’s
- Complete the pre-application worksheet for FAFSA available on line
- Collect financial information for both student and Parent
- Bank Statements
- Income Info. (W-2 or tax return)
- Investment Records
- Other
After completing the FAFSA
- You will receive a student aid report (SAR)
- A SAR will be sent to you after your FAFSA is processed
- It contains your expected family contribution (EFC)
- This information is automatically sent to the colleges you listed.
- Check the information and make corrections if needed.
AWARD LETTERS AND OFFERS
- Colleges will start sending award letters in March/April.
- FAFSA Verification – about 1 in 3 FAFSAs are chosen for verification.
- When this happens, you must supply additional information as requested.
- Any requested information should be submitted to your prospective college as soon as possible, to prevent delays in your aid.
LOANS
- FEDERAL STUDENT LOANS provide lower fixed interest rates, subsidized
- (government pays the interest while you are in school and the six month grace
- period after graduation), and offer a choice of repayment options.
- FEDERAL PARENT PLUS LOANS can help supplement a student loan. The
- Repayment obligation is on the parent and often start immediately.
- PRIVATE STUDENT AND PARENT LOANS have variable but competitive rates, are credit based, and have a higher loan limit than federal student loans.