Senior Financial Aid Information
by Mrs. Willems
August 27, 2009
How to apply for financial aid to attend a post secondary institution which includes two and four year colleges/universities and vocational technical school/colleges. This information is taken from The Handbook on Federal Student Aid from the US Department of Education.
The Federal law requires the US department of Education to ensure that students can apply for federal aid without paying a fee. To be considered for most of the federal student aid programs a student must complete and submit the Free Application for Student Aid called the FAFSA. This application collects financial and other information used to calculate the Expected Family Contribution (EFC) which post-secondary schools use to determine the student’s eligibility for aid. The FAFSA is also used by states and many schools in awarding funds from their own financial aid programs.
I. Attend the scheduled Senior Financial meeting in December to learn how to complete the FAFSA and about the Federal grants and loan programs available. This meeting is for both Seniors and their parents and is on the school calendar. This is the most important meeting you will attend for your students future. The meeting is conducted by a Financial Aid Administrator who has the expertise in this area.
II. Before completing the FAFSA, it is recommended that the student and the parent apply on-line for a pin number. This pin number serves as the on-line electronic signature which saves processing time drastically. When a student has a dependent status (and most students are dependent if they are not 24 years old), then the parents who will complete the FAFSA needs a pin number as well as the student. A student is in the best position when one applies for these early in December of the Senior year. Information needed for the pin numbers includes full name, date of birth, social security number, address, and an e-mail address if one wants the pin numbers sent to them electronically. To apply for a pin number on-line go to: www.pin.ed.gov. Within three to five days of applying students or parents who have supplied an e-mail address will receive an e-mail containing a link to a web page that displays the PIN; this link will be active for 14 days. If no e-mail address is provided or if the link is not accessed in 14 days, a paper PIN mailer will be sent to the student or parent and should then arrive in about 7 to 10 days. The pin number can also be changed by accessing the Pin site and selecting “Change My Pin”. The student or parent must use the current PIN to verify his or her identity. If one forgets their PIN they can request a duplicate PIN at www.pin.ed.gov and receive it by e-mail in about four hours or through the mail in 7to 10 days. A PIN can be susceptible to identity theft so keep it private.
III. A demonstration site is available to practice and gain more understanding at http://fafsadem.test.ed.gov. The user name is “eddemo” and the password is “fafsatest”. Keep in mind that the application is not submitted.
IV. Also available is the FAFSA on the Web Worksheet to help one prepare to fill out the on-line FAFSA. This is provided as a handout for parents at the Senior Financial Aid meeting in December. This can also found in at www.student.ed.gov/worksheet. Be aware that the order of the questions on the worksheet follows that of the FAFSA on the Web which differs from the paper FAFSA. Please be mindful too that this worksheet is not an application and cannot be submitted to the FAFSA processor. A student without access to the internet should use an official paper FAFSA.
V. When to apply using the FAFSA: The process cycle for the FAFSA lasts 18 months, however, states and colleges/universities have their own priority deadlines that should be met to put your student in the best position for funding. Please understand that some schools have limited funds that are awarded on a first come, first served basis to eligible students. Students and parents should fill out their federal income tax forms and then the FAFSA as early as possible. Most colleges/universities have their own priority deadline for the FAFSA; call their Financial Aid Offices or Recruiting office to know these priority deadlines. A student can not submit a FAFSA before January 1.
VI. What information is needed to complete the FAFSA? Social security cards, drivers licenses (optional), federal income tax returns, forms w-2, current bank statements, records of untaxed income such as welfare benefits, social security, temporary assistance for needy families, and records of any stocks, bonds, and other investments and assets.
VII. How to apply for the FAFSA:
The internet application allows students to submit their FAFSA information directly to the processing system. The web address for FAFSA is www.fafsa.ed.gov. Remember this is a free process so there is no need to pay for this application to be submitted from others.
Student eligibility is determined by the FAFSA; on the web you may be eligible to skip some questions. The FAFSA calculates a family contribution number designated as the EFC which the colleges/universities use to determine the student’s financial aid package. The FAFSA on the web does not have to be completed in one setting. Using a password the application information can be saved and will be available for 45 days. If the password is forgotten or lost there is no way to retrieve the student’s data.
The PIN will be requested at the beginning of the process; remember that this speeds the process as the PIN serves as the electronic signature. For a dependent student both the parent and the student need to have a signature.
After the application is submitted a confirmation page appears, indicating that the application was submitted and showing an estimated EFC. The official EFC is either e-mailed or mailed to the student on the Student Aid Report called the SAR. It is recommended to print and save this confirmation page.
Technical assistance may be accessed on-line at “Live Help” icon or call 1-800-433-3243.
Students may complete a paper FAFSA and submit it for processing by mailing it in the provided envelope. Photocopies, faxes, or the Web Worksheet will not be accepted. For your own records, it is suggested that you keep a photo copy. Do not include in your mailing any tax forms or other personal documentation forms.
VIII. What to expect after applying:
The student will receive the SAR (Student Aid Report) within a few days to three weeks of submitting the FAFSA depending on the type of FAFSA submitted. During the processing certain data is checked; when a discrepancy arises; resolving the discrepancy usually requires submitting additional documentation to the school where he or she is applying. Students can check the processing status information of their FAFSA or any corrections they’ve made at www.fafsa.ed.gov. For those without access to the internet can check the FAFSA status by calling 1-800-433-3243. Within 72 hours after the processing center receives the student’s FAFSA, schools listed then have access to the student’s information.
IX. What does one do with the SAR:
Check to make sure the information is correct; on the SAR document is space to make corrections. Data that is questioned are highlighted in bold type. If a student receives a rejected SAR the form will highlight the needed information to that eligibility can be determined. A rejected SAR does not include an EFC. A rejected SAR is sent when an application has inconsistent or insufficient data to calculate an EFC or lacks signatures or has an invalid SSN. If the student makes any changes to the data on the SAR he or she may either return the form for reprocessing or make changes through correction on the web. Also, some post-secondary schools can make these changes electronically.
