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FAFSA FAQs, FAFSA Help & Other FAFSA Related Queries

Posted by FreeFinancialAidCounseling in Birmingham-Hoover, AL on Sep 09, 2009

Here are some of the most common FAFSA FAQ’s:

What is the FAFSA?

The FAFSA is the Free Application for Federal Student Aid. Completing the FAFSA should be your first step in applying for financial aid from all sources, whether Federal, state or private. Visit FreeFinancialAidCounseling online for more information on getting started on the FAFSA!

FAFSA FAQ

Does it cost anything to apply for Federal financial aid?

Applying for Federal financial aid costs nothing. All it takes is completing the FAFSA, which you can now do entirely through FAFSA on the Web, for free! You should never have to pay anyone for assistance with the FAFSA. In fact, beware of those who say they can get you extra scholarship information if you pay them a fee; this is usually some kind of scholarship scam! All the information you need can be found by visiting FreeFinancialAidCounseling online and speaking with one of our representatives.

What is a PIN?

A PIN is a Personal Identification Number, which you can obtain from the Department of Education. It is a unique 4 digit sequence you can use to sign your FAFSA electronically and make corrections later. Please call our toll free number for assistance in obtaining a PIN.

What kinds of Federal financial aid are available?

Federal financial aid comes in three forms, grants, loans, and work study. Grants, such as the Pell Grant and the Supplemental Educational Opportunity Grant, are awarded based solely on financial need and do not have to be repaid. Loans, like the Stafford Loan and Perkins Loan, do have to be repaid to the lender, which may be your school, or the Federal Government. Some loans are awarded based on financial need, and some are not. Federal Work Study is a program where a student has a job on campus to offset the cost of education. Visit FreeFinancialAidCounseling online for further information.

What are the deadlines for applying for Federal Student Aid?

For the 2009 – 2010 school year, the Federal deadline to submit a FAFSA is June 30, 2010. If you wish to make any corrections to a FAFSA that’s already been submitted, the deadline is September 15, 2010. Keep in mind that schools may establish deadlines for processing a FAFSA much earlier than the Federal deadlines. In any case, your school must have your complete information on file by the last day of enrollment in the school year.

Additional FAFSA Questions:

What is the EFC?

The EFC is your Expected Family Contribution. The EFC is a number derived from the information you submit in your FAFSA. The Department of Education uses a formula to calculate the EFC from the financial data included in the application. The EFC is used to measure your eligibility for need-based financial aid, like the Federal Pell Grant. Your school’s financial aid department also uses your EFC to create your entire financial aid award package.

What is the SAR?

The SAR is the Student Aid Report. This is the document generated upon successful submission of the FAFSA, and it is available electronically. It contains your EFC, and your chosen schools also get a special copy of the SAR to process your financial aid award.

What is the COA?

The COA is the Cost of Attendance, which includes tuition, fees, textbooks, room and board, and miscellaneous expenses. Under Federal Law, the total financial aid a student may receive cannot exceed the COA at a school.

How much is the Federal Pell Grant?

The maximum Pell Grant award for the 2009 – 2010 school year is $5350. This amount is awarded only to the students with the most financial need, i.e. the lowest EFC. Students with a higher EFC will receive a smaller amount. Visit FreeFinancialAidCounseling online to speak with one of our representatives for help in estimating your Federal Pell Grant award.

Do I have to include my parents’ information on the FAFSA?

You will have to include your parents’ information on your FAFSA only if you are considered a “dependent” student. The FAFSA contains some preliminary questions you must answer to determine your status. If it is determined that you are an “independent” student, you will provide only your own financial information, not your parents’.

Additional FAFSA Frequently Asked Questions:

What documents do I need available to complete the FAFSA?

If you are applying for aid for the 2009 – 2010 school year, you will need the following financial records:

•   Social Security Number
•   Driver’s License
•   Your 2008 Federal Income Tax Return (and if you’re married, your spouse’s)
•   Your parents’ 2008 Federal Income Tax Return (only if you are a dependent student)
•   Any records of untaxed income in 2008 (child support, worker’s compensation, etc.)
•   Current bank statements and investment records
•   Your alien registration/permanent resident card, if you’re not a U.S. citizen

Can I save an incomplete FAFSA online and complete it later?

The FAFSA on the Web has a feature that allows you to save your FAFSA with all the information you have entered at any point of the process. You can retrieve your saved FAFSA and complete it within 45 days of saving it.

When will the schools I listed in my FAFSA get my information?

The schools you listed on your FAFSA get a copy of the SAR as soon as the FAFSA is processed. This is why it makes sense to file a FAFSA on the Web. Applying online means faster processing of the FAFSA, which means a quicker response from your school!

If you have additional questions or would like to begin completing the FAFSA, visit FreeFinancialAidCounseling online. We have representatives available to help you today!