Understanding the FAFSA
- What is the FAFSA?
The FAFSA stands for Free Application for Federal Student Aid. You need to fill out the FAFSA to be eligible for grants, work-study jobs, and student loans. You can apply online at www.fafsa.gov. The online FAFSA application is easy to complete. The computer program will walk you through all the questions you need to answer. Best of all, it won't cost you anything to apply. To complete your application, you will need a pin number to electronically sign your FAFSA. This is to ensure your privacy and security. You can obtain your pin at www.pin.ed.gov. If you do not have internet access at home, you may be able to access a computer with internet access on campus or at a local library. Finally, you should know that the FAFSA is available every year beginning January 1st. You are encouraged to apply early. When you do complete the application, be sure to use the Federal School Code for all the schools you are considering. - What is the difference between a Dependent student and an Independent student?
What is the difference between a Dependent student and an Independent student? You are an independent student if you answer yes to any of the following questions: Were you born before January 1, 1989 (for consideration for the 2012/2013 school year) At the beginning of the school year, will you be working on a master's or doctorate program? As of today, are you married or separated? Do you have children who receive more than half of their support from you? Do you have dependents, other than your children or spouse, who live with you and who receive more than half of their support from you? Are both of your parents deceased, or were you a ward or dependent of the court until age 18? Are you a veteran of the U.S. Armed Forces? Are you currently serving on active duty in the Armed Forces other than training? Are you an emancipated minor as determined by a court in your state? Are you in a legal guardianship as determined by a court in your state? Did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless? Did a director of an emergency shelter program determine that you were an unaccompanied youth who was homeless? Did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or sere self-supporting and at risk of being homeless? If you answered Yes to any of these questions, then you will be considered "Independent" and will not be required to submit parent information on the FAFSA. Please note – you may be called upon to verify a "yes" answer if anything other than age will qualify you as Independent. - What if my financial situation has changed since I filed my FAFSA?
If your family income will change for the coming year, you may obtain a Special Circumstances form from the Campus Hub web site and submit it with the required documentation after you file your FAFSA. Based upon the information you provide, the financial aid staff may use estimated income to determine eligibility for programs In addition, your family's Adjusted Gross Income can also be reduced because of unusual medical expenses, K-12 school tuition costs, the support of an extended family member that does not reside with the family, or unusual debt related to a bankruptcy, adoption, divorce, etc. - I am moving out of my parents' house, and will support myself. Am I Independent for the FAFSA?
Moving out of your parent’s house does not automatically make you an independent student. You are an independent student if you answer yes to any of the following questions: Were you born before January 1, 1989 (for consideration for the 2012/2013 school year) At the beginning of the school year, will you be working on a master’s or doctorate program? As of today, are you married or separated? Do you have children who receive more than half of their support from you? Do you have dependents, other than your children or spouse, who live with you and who receive more than half of their support from you? Are both of your parents deceased, or were you a ward or dependent of the court until age 18? Are you a veteran of the U.S. Armed Forces? Are you currently serving on active duty in the Armed Forces other than training? Are you an emancipated minor as determined by a court in your state? Are you in a legal guardianship as determined by a court in your state? Did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless? Did a director of an emergency shelter program determine that you were an unaccompanied youth who was homeless? Did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or sere self-supporting and at risk of being homeless? If you answered yes to any of these questions, then you will be considered Independent for the FAFSA. Please note – you may be called upon to verify a "yes" answer if anything other than age will qualify you as Independent. - I lost my tax information. What should I do?
If you have filed a Federal tax return, you will be able to use the IRS Data Retrieval Process to get your tax information directly from the IRS. When you get to the financial part of the FAFSA, you will be asked if you would like to use this process. There are instructions which guide you through the process. If you would prefer to get a hard copy of your tax transcript, you can also do this by contacting the IRS directly at 1-800- 908-9946 to request a copy of your Federal tax transcript be faxed or mailed to you at no charge. You may also visit the IRS web-site at http://www.irs.gov/individuals/article/0,,id=232168,00.html?portlet=105 and submit a request on-line. Note, you can only order a transcript on-line to be mailed to you if you are still at the same address where you filed your return. If you have moved, you will need to contact the IRS by phone or by completing a form 4506-T and submitting it by mail. - I did not file a tax return last year because my income was too low. Can I still submit a FAFSA?
Yes. You can still apply for financial aid using the FAFSA even if you did not file a tax return because your income was too low. When filling out the FAFSA, you must indicate that you did not file taxes. You must also indicate how much you earned for the year. - I submitted my FAFSA over 4 weeks ago, but have not heard anything. What should I do?
If you have not received a Student Aid Report (SAR), you should call the Federal Student Aid Information Center at 1-800-4FED-AID. You will have to provide them with your date of birth and Social Security number so that your identity can be verified. You can also write to Federal Student Aid Programs PO Box 4038 Washington, DC 52243-4038 - What does the term EFC stand for?
The term EFC stands for: Expected Family Contribution. Your Expected Family Contribution (EFC) is the number that's used to determine your eligibility for federal student aid. The EFC is not the amount of money that your family must provide. Rather, you should think of the EFC as an index that colleges use to determine how much financial aid you would receive if you were to attend their school. Source: FAFSA4Caster website - What is an Award Letter?
An Award Notification Letter is a letter notifying financial aid applicants of the types and amounts of aid offered, as well as the responsibilities and conditions of each award. - How are students selected for Verification?
How are students selected for Verification? Students are selected at random or by system edits at the U.S. Department of Education, or by the college. If selected for verification, the school will request certain pieces of documentation from the student (and/or parent if applicable), which will be used to verify the information in question on the FAFSA. A quick response to any request for documentation will help expedite the process. - Can my tax data be retrieved directly from the IRS?
When you complete your FAFSA online, there will be a prompt that provides the option for the tax filer to voluntarily retrieve data using the IRS Data Retrieval Tool. If you select this option, you will be asked a series of questions to determine if you are eligible to use this tool. If so, your tax data will be retrieved directly from the IRS. This option is available 1 - 2 weeks after electronic tax filing - or - 6 to 8 weeks after paper tax filing. If you have not completed your taxes yet, you can still estimate your tax information in order to meet the appropriate financial aid filing dates. You can later file a correction to your FAFSA once you have filed your federal tax return.
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