FastWeb's Tips for College Bound Students
What
It Is
FAFSA
stands for “Free Application for Federal Student Aid.” It is the form that the
federal government uses to determine your eligibility for federal aid, including grants,
work-study and loans.
How
It Works
Using
the information you supply on the FAFSA, the federal processor determines your expected
family contribution (EFC) – the amount of money your family can be expected to
contribute to your college costs. Your prospective college then applies a simple equation
to decide how much financial aid you will need. (To
get an early estimate of your EFC, check out the Financial Aid Estimation Calculator at www.finaid.com.)
Your prospective college will then try to meet your needs through a financial aid package made up of funds from federal, state, school and private sources as well as loans and student employment.
Completing the FAFSA
Tip 1: The
FAFSA becomes available January 1 of each year.
Pick one up at your high school, college or library; order from
1-800-4-FED-AID; or download the form from the Internet at www.fafsa.ed.gov.
Tip 2: Submit
the FAFSA whether or not you think you qualify for aid.
Sometimes being rejected for federal aid is a prerequisite for receiving
private awards.
Tip 3: Review all of your data on the
FAFSA every year. Your eligibility can change from year to year,
depending on your family’s circumstances.
Tip 4: Apply for aid as soon as
possible after January 1.
Early completion maximizes your chances of receiving financial aid.
Tip 5: Contact your prospective
college’s aid office for additional information. Your
school may require forms besides the FAFSA or may have an earlier submission deadline.
After you have completed the FAFSA
Tip 6: Read your Student Aid Report
(SAR) carefully. You and your prospective college will each
receive copies of your SAR four to six weeks after you submit your FAFSA. The SAR is your
official record that the federal processor received your FAFSA. If you find any errors on
your SAR, you should report them to your prospective college’s financial aid
administrator to ask how you should make corrections. Unresolved errors could affect your
total aid award.
Tip 7: Call the federal processor at
1-319-337-5665 if you do not receive your SAR in 4-6 weeks.
Be ready to provide your Social Security Number and date of birth for
verification.
Tip 8: Note your Data Release Number
(DRN). It’s
the four-digit number located on the upper
right-hand corner of your SAR. You
will need it to apply to additional colleges or universities.
Tip 9: Check to see if your SAR has
been selected for verification. Look under the date for the letters EFC
followed by a series of numbers. If there is an asterisk (*) after your EFC, your SAR has
been selected. In the verification process, your prospective college compares your SAR
with documents that verify your financial status, including tax returns. About one-third of all SARs are selected for
verification.
Tip 10: If asked for SAR verification, submit the information requested to your prospective college's financial aid office as soon as possible. Your aid may be delayed or decreased if the materials are not provided promptly.
Don't miss out! Fill out the FAFSA early to make the most of your chances for college funding!