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Support
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How
the Student Aid Process Works |
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FAFSA
Filing
Scroll down for information related to
filing the FAFSA form:
jump down
Confused?
Follow the Aid Path
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The student financial aid process for college
attendance starts with three basic assumptions:
- The total cost of
college attendance
(minus)
- Your financial capacity
to pay for college
(equals)
- The amount of financial
assistance that you or your student may
qualify for.
The numbers that go into this formula
are derived from your filing the Department
of Education's Free Application for Federal
Student Aid (FAFSA) form:
see step 2
Colleges uses the FAFSA
form to determine what amount you
should be able to contribute to the cost
of education considering your income,
family situation, debt obligations, and
other financial circumstances.
The cost of college minus your contribution
is the available financial aid assistance
that colleges may award.
Your Goal: make
sure you file the FAFSA form correctly
so that you receive the maximum financial
assistance available.
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Support
Note |
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Step
1b: Submitting the FAFSA Form |
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The Free
Application for Federal Student Aid (FAFSA)
is the first form you will need to file
to begin the financial need process for
most federal and college student aid programs.
The FAFSA form will be required for all
Federal Student Loans and many scholarships.
It is used by colleges to determine your
financial aid eligibility.
- You must determine your dependent and
independent status before completing the
FAFSA form -- see
note
parents of dependent students must complete
part of the FAFSA form.
- You may submit the FAFSA form anytime
after January 1 in the year you intend
to begin school
for example, if you plan to attend school
in Fall 2005, you must submit your FAFSA
form anytime after January 1, 2005 to
qualify for financial aid for the academic
year coming up
you should submit your FAFSA form early
to meet college financial aid deadlines.
- Completing the FAFSA form requires the
following records:
tax returns for the fiscal year that
just ended
W-2 and 1099 forms
records of untaxed income, such as Social
Security benefits, AFDC or ADC, child
support, welfare, pensions, military
subsistence allowances, and veterans
benefits
current bank and mortgage statements
medical and dental expenses during the
past year that was not covered by medical
insurance
business and/or farm records
current investment records for stock,
bonds, mutual funds, CDs, and money
market accounts
make sure you keep these records secure
in the event that your college is required
to request records for verification
- Returning students seeking financial
aid must complete a FAFSA form each year
they attend school.
returning students will complete the Renewal
FAFSA form — the renewal form updates
your previous submitted FAFSA form.
see side links for FAFSA
information
- Some colleges may require submission
of the FINANCIAL AID PROFILE® form
in addition to the FAFSA form: link
to the collegeboard for information
the PROFILE form is a fee-based form used
by select schools to administer their
own financial programs.
the PROFILE form requires more complete
information not generally covered by the
FAFSA form — contact your college
institution to determine whether they
require the PROFILE form and any other
Financial Aid Application forms:
list of colleges that
use the Profile Form:
college
listing 2005-06
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 Financing
Notes
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