FAFSA

Description: This web page will explain the details of how to complete your FAFSA, which stands for "Free Application for Federal Student Aid." This is a very important form because it the tool the federal government uses to calculate your financial need. Also, most colleges only use this form, while occasionally universities may have slightly different formulas for calculating your financial need.

Required Text: FAFSA, Free Application for Federal Student Aid

Objectives:

1. To understand all areas that needed to completed on the FAFSA.

2. To know how to avoid common FAFSA filing mistakes.

3. To know what to do when you receive your SAR.

To the Student:

Remember, in any circumstance, the FAFSA should be the first financial aid for that you file.

Your financial need calculation is:

Cost of Attendance less Expected Family Contribution equals Financial Need

Tips for Completing the FAFSA Form

• File the form as soon after January 1 as possible. This is very important!

• Make sure the forms contain all the necessary signatures.

• Answer "yes" to the questions about your interest in work study and other forms of financial aid. This does not commit you to anything and only gives you options to pursue later.

• Photocopies and other reproductions of the original form produced by the U.S. Department of Education are not accepted. Submit the original form only.

• Do not include any addendums or other attachments with your FAFSA.

Common FAFSA Filing Mistakes

1. Report income from the 1040, not the W-2.

2. Include all untaxed income.

3. Include step parents' income.

4. Fill in everything and leave no spaces empty.

5. Implications on your family's financial outlook. A good consultant will help you construct an essay topic to address this issue.

What to do When You Receive Your SAR

About 4 weeks after submitting your FAFSA, you will receive your SAR (student aid report), which is the acknowledgement that your FAFSA was processed. It will contain a summary of the amount of aid you can expect to receive. Call 1-800-4-FED-AID if you do find any mistakes with the report. You will also want to note your DRN (data release number). This will be needed to apply for financial aid at any additional colleges.