FINANCIAL AID: How to Apply
FAFSA
What is FAFSA?
The Free Application for Federal Student Aid (known as the FAFSA), is a form that can be filled out annually by current and anticipating university students (both undergraduate and graduate) and sometimes their parents in the United States to determine their eligibility for federal student financial aid (including Pell grants, Stafford loans, PLUS loans, and work-study programs).[1] In addition, most states and schools use information from the FAFSA to award non-federal aid.
The FAFSA consists of numerous questions regarding the student's finances, as well as those of his or her family; these are entered into a formula that determines the Expected Family Contribution (EFC). A number of factors are used in determining the EFC including the family size, income, number in college, and assets (not including retirement and 401K). This information is required because of the expectation that parents will contribute to their child's education, whether that is true or not.[2] Students who will not be receiving parental aid for college expenses may be able to appeal directly to their school of choice for a reevaluation of aid awards based on their personal circumstances.
The FAFSA does not have questions related to student or family race, ethnicity or religion.
A Student Aid Report (SAR), which is a summary of the FAFSA responses, is forwarded to the student. The student should review the SAR carefully for necessary corrections. An electronic version of the SAR (called an ISIR) is sent to colleges/universities the student selected on the FAFSA. The ISIR is also sent to state agencies that award state need-based aid. Schools may award aid on a first-come, first-served basis, and students are advised to fill out the FAFSA as early as possible for consideration for maximum financial assistance.
Please note that the process for determining federal student aid eligibility is separate from the process of applying for admission to college and for financial aid. Students must apply for financial aid to each school. Completing FAFSA does not mean that students have applied for financial aid to schools. It only means that schools know how much a student needs financially.
-From Wikipedia, the free encyclopedia
How do I apply for federal student aid?
You must complete The Free Application for Federal Student Aid to apply for federal student aid. It is the form used by virtually all two and four-year colleges, universities and career schools for the awarding of federal student aid and most state and college aid. Please note that the process for determining federal student aid eligibility is separate from the process of applying for admission to college.
Step 1
Know that applying for financial aid is FREE at www.fafsa.ed.gov. Anytime you need more information you can visit Federal Student Aid at www.FederalStudentAid.ed.gov or call 1-800-4-FED-AID (1-800-433-3243). You can also talk with your high school counselor or the financial aid office at the college you plan to attend. Just remember that financial aid is provided to help students pay for college, so you don't need to pay to apply. You should never have to pay for help.
Step 2
Get a Federal Student Aid PIN. The PIN lets you electronically sign your online Free Application for Federal Student Aid (FAFSA), make corrections to your application information, and more - all online. Go to www.pin.ed.gov to apply for a PIN.
Step 3
Gather your documents. You will need income information like tax returns and W-2 forms. Having these documents will make applying much simpler. For a full list of what you need go to www.fafsa.ed.gov. If you haven't filed your tax return when you're ready to complete the FAFSA, estimate your tax information and correct the information later.
Step 4
Check the deadlines. Although you can complete the FAFSA between January 1 and June 30 of the following year to get federal student aid, deadlines for college or state aid are usually much earlier. Apply online at www.fafsa.ed.gov as soon as possible on or after January 1 to meet the college and state aid deadlines.
Step 5
After you submit your FAFSA, Federal Student Aid will send you a Student Aid Report (SAR) . The SAR is a summary of your data and provides information on the status of your FAFSA, so it's important that you review your SAR, and, if necessary, submit changes or corrections.
Step 6
The colleges you list on your FAFSA receive your information once your application has been processed. Sometimes these colleges need to verify the information that you provided on your FAFSA, so they may ask you to submit tax returns or other documents. This process is called verification. Be sure to submit the documentation to your college by the deadlines or your federal student aid will be delayed.
Step 7
Follow up with your colleges. Make sure the financial aid office at your college has all the information needed to determine your eligibility.
Step 8
Once you have your award information that shows the aid you are being offered, contact your college's financial aid office if you have any questions about the aid being offered.
CSS Profile
The CSS/Financial Aid PROFILE (often written as CSS PROFILE), short for the College Scholarship Service Profile, is an application distributed by the College Board in the United States allowing college students to apply for financial aid. It is primarily designed to give private member institutions of the College Board a closer look into the finances of a student and family.
The CSS PROFILE is required by many private colleges and universities to determine your eligibility for non-government financial aid, such as the institution's own grants, loans and scholarships. The CSS PROFILE was formerly known as the FAF. It is much more detailed than the FAFSA.
The CSS Profile asks questions about the financial status of the student and the student's parents. The information the student gives in the CSS Profile is then sent to colleges or universities that the student specifies.
Generally, colleges with early acceptance programs (student receives admission decision before the new year) use the CSS PROFILE to make preliminary financial aid decisions because the FAFSA is not available until after January 1. Then after student completes the FAFSA (the official financial aid application) colleges may then make adjustments to their financial aid awards if necessary.
Along with the FAFSA, the CSS Profile is the most common financial aid application that students in the United States fill out.
The biggest differences between the CSS PROFILE and the FAFSA are:
Submission dates
The CSS PROFILE can be submitted in the fall; FAFSA cannot be submitted before January 1.
Specific questions
The CSS PROFILE contains questions specific to the school or program you're applying to; FAFSA contains the same questions for everyone.
Different methodology
The CSS PROFILE determines your financial need differently than the FAFSA, taking into account such factors as whether your family owns a home. In general, the CSS PROFILE asks for more detailed information than FAFSA.
Minimum student contribution
The CSS PROFILE requires this; the FAFSA doesn't.
Greater reliance on professional judgment
The CSS PROFILE gives financial aid counselors greater freedom to grant aid based on a student's particular circumstances.
Cost
CSS PROFILE costs $5 plus $18 for each school or scholarship program selected; the FAFSA, as the name implies, is free.
Bob Katz
