Step 3: Completing your FAFSA
At this point it is necessary to complete a FAFSA (Free Application for
Federal Student Aid). This is a standardized form that colleges and the
federal government use to determine how much money a student needs and
how much money the student and his/her family is expected to contribute.
Families must complete a new FAFSA every year they are seeking
financial aid. You can get FAFSA forms and more information by going to www.fafsa.ed.gov.
| GETTING PREPARED FOR THE FAFSA: DOCUMENT CHECKLIST |
STUDENT
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Driver’s License or Social Security Card |
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Last year’s tax return |
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Bank Statements |
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Investment Records |
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PARENT
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Last year’s tax returns |
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Bank Statements |
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Investment Records |
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Business or Farm Records |
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Documentation of special circumstances (for example, medical costs, death of a parent, tuition expense, divorce, etc.) |
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TIPS:
- Make at least two complete copies of your FAFSA and all of the
support materials above and keep them handy. You’ll probably need to
provide hard copies to your school for verification.
- Proofread your application closely for errors to avoid processing delays.
- Deadlines: You cannot submit the FAFSA before January 1st annually,
but if you submit your FAFSA soon after, you will know your expected
contribution earlier.
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What you’ll get back: The Student Aid Report The US
Department of Education will process the FAFSA form and mail back a
Student Aid Report (SAR). This is a summary of the information that was
provided. It’s important to check this report for errors. At the top of
this form the Expected Family Contribution (EFC) is shown. This is the
amount of money – considering all factors – which the government
determines a family can afford to put towards college. And in turn
colleges use this figure to qualify students for financial aid.
| Weigh Your Options CarefullyYou
may be considering a few different schools and making your decision
based on the financial aid package they have to offer. Don’t assume that
just because one school is more expensive than another that the cheaper
school will result in the lowest net out-of-pocket expense. Many
private schools offer more financial aid – especially if they want to
compete for high-achieving students. Compare your offers and do the math – you could be pleasantly surprised! And
while the bottom line expense to you is a very important factor in
choosing a college, don’t forget to consider some other key aspects of a
school that really make a difference in your education. Some examples
include school reputation, opportunities for research, accelerated and
study abroad programs, and college internships. |
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