Overview - FAFSA/Federal Financial Aid

How do I apply for Financial Aid? What is the first step?

You must use the FAFSA application to apply for federal student financial aid, such as the Pell Grant and student loans. It will take approximately 24-72 hours for processing before you or your chosen school(s) will receive a copy.

Are there deadlines to complete the applications for federal and state aid?

Students should apply for financial aid as soon as they know they will be attending school. FAFSA on the Web applications must be submitted by midnight Central Daylight time, June 30, 2010. Applications for the 2010-2011 must be submitted by midnight Central time by June 30, 2011.

• State deadlines may be earlier than the federal deadline. Click http://www.freefinancialaidcounseling.com/forms-and-applications for more information on deadlines.

Pay close attention to deadlines! Ask your school about their definition of an application deadline - whether it is the receipt date and time or the process date and time of the application.

What information is needed for the FAFSA application?

You will need records of income earned in the year prior to when you will start school. You may also need records of your parents´ income information if you are a dependent student. For the 2010-2011 school award year you will need financial information from 2009. For a list of documentation you will need for the FAFSA click here http://www.freefinancialaidcounseling.com/fafsa-documents

Does the FAFSA have to be signed and by whom?

The FAFSA can be signed electronically with your PIN. A PIN is a 4-digit number that is used in combination with your Social Security Number, name, and date of birth to identify you as someone who has the right to access your own personal information on Federal Student Aid Web sites, such as FAFSA on the Web.

The security of your PIN is important because it can be used to:

• Electronically sign Federal Student Aid documents
• Access your personal records, and
• Make binding legal obligations.

You and your parents (if you are a dependent student) will need to sign your FAFSA. Using a PIN to sign your FAFSA electronically is by far the fastest and most reliable way. However, you can print, sign and mail in a signature page, or provide signature(s) on your paper Student Aid Report (SAR). This option will lengthen your processing time as the Dept. of Education cannot process your FAFSA until they receive your signature(s).

Tip: You may use your PIN for the duration of your school experience and beyond. The PIN stays the same.

What is the process that determines my eligibility for federal and state aid?

Responses to the questions on the FAFSA are used to calculate a student’s Expected Family Contribution (EFC) known as Federal Methodology. Financial aid administrators (FAAs) determine an applicant’s need for federal student aid from the U.S. Department of Education and other sources of assistance by subtracting the EFC from the student’s cost of attendance (COA).

How do I know my FAFSA has been processed?

At any point during the processing period, you can use your PIN to check the status of your FAFSA or to check on a correction you made to your FAFSA:

• Click HERE: www.fafsa.gov and select #3 –“ FAFSA Follow–Up”
• Select “Check status of a submitted FAFSA or print Signature Page.”
• Read the Check Status page and then click on “Next” at the bottom of the page
• Then enter the information required and click on “Submit” at the bottom of the page

Checking the status of your application at any time during the processing period is beneficial, but we recommend you at least check the status at the following times:

• 3 to 5 days after submission - if you used a PIN to sign your application
• 2-3 weeks after submission - if you printed, signed, and mailed a signature page.

If you've already checked the status of your processed application and would like to view your application data, click here www.fafsa.gov

Note: You must have a U.S. Department of Education PIN.

How will I know what I am eligible to receive in financial aid?

Your eligibility for aid depends on your Expected Family Contribution (EFC), your year in school, your enrollment status, and the cost of attendance at the school you will be attending. Your school’s financial aid office will tell you how much you can receive.

NOTE: For more information on eligibility, visit the financial aid office at your school or look at “Funding Education Beyond High School: The Guide to Federal Student Aid” at studentaid.ed.gov/students/publications/student_guide/index.html

Where do I go for Additional Information?

The financial aid office at your school is the best resource for student financial aid information.

You can also check out these resources:

• Your high school counselor´s office
• Your local library

Information about other non-federal assistance may be available from foundations and financial institutions. Check with your parents’ employers or unions to see if they award scholarships or have tuition payment plans.