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FAFSA - Free Application for Federal Student Aid

As a senior, you will have many decisions to make regarding your future career. Do you want to go to college or another educational institution, join the military, or immediately join the workforce? If you’re interested in furthering your education, you should explore your options for financial aid. FAFSA%20page.jpg

What is FAFSA?

The FAFSA is the document used by the federal government to determine a student's eligibility for financial aid. The government looks at your family's income and assets to determine your EFC (Expected Family Contribution). Your EFC is the amount of money your family is expected to contribute (on an annual basis) to your education. There are a few other factors taken into consideration when determining financial need, such as the number of children in your household attending college. Anything above your EFC constitutes what you can receive in financial aid.

Financial Aid Eligibility

Students meeting the following criteria may be eligible for federal, state and institutional financial aid:

· part-time and full-time students

· US Citizens or Eligible Non-Citizens (US permanent resident with an I-551 or I-551c, or an I-94 classification of: indefinite parole, non-citizens "refugee", asylum granted, humanitarian parole, or Cuban-Haitian entrance).

Students with an F1 or F2 visa are NOT eligible for federal and state financial aid, but may be eligible for aid through their college or institution. Additionally, there are hundreds of scholarships available to “non-eligible” students.

Financial Aid Timeline

Two-thirds of all full-time undergraduate students receive some form of financial aid; however, in order to receive it, you have to ask for it! You ask for financial aid by submitting the FAFSA. Seniors can use this timeline to begin their quest for financial aid.

October - December

· Complete college admission applications.

· Search and apply for scholarships.

· Begin submitting scholarship applications.

  • Go to the FAFSA PIN site and apply for your PIN #’s. Both the student and one parent are required to have a four digit PIN # to submit the FAFSA electronically.
  • Retrieve your PIN #’s. FAFSA will send you an email letting you know your PIN #’s can be retrieved.

· Gather financial information for FAFSA.

January - March

· Submit FAFSA as soon as possible after January 1, 2008.

  • Encourage parents to submit their 2007 Federal Income Tax Return as soon as possible.
  • Determine the Priority Filing Date (PFD) or deadline for financial aid forms for each of the colleges you are applying to (see link below).
  • If FAFSA has been submitted, review your Student Aid Report (SAR). The SAR is usually available for review within two weeks of submitting your FAFSA. If you file your FAFSA electronically, you should receive an email notifying you that your SAR is available for review.
  • Make any necessary corrections / changes to your FAFSA.

April - June

  • Submit your FAFSA, even if your Priority Filing Date has passed.
  • Make corrections to your income and tax information on your FAFSA using your 2007 tax return, if necessary.
  • Review your SAR, if corrections have been made to your FAFSA.
  • Review and compare Award Letters and submit any additional financial aid paperwork requested by colleges.
  • Accept the financial aid from the school of your choice.
  • Decline the financial aid from other schools so that it can be distributed to other students.

“If you are supposed to file a 2007 federal income tax return, we recommend that you complete it before filling out this form. If you have not yet filed your return, you can still submit your FAFSA, but you must provide income and tax information. Once you file your tax return, correct any income or tax information that is different from what you initially submitted on your FAFSA.”

2008-2009 FAFSA Form

Students can submit their FAFSA beginning January 1 of their senior year in high school. Financial aid is distributed on a first come, first served basis. Most colleges have a Priority Filing Date (PFD) for the FAFSA, which is the date students should submit their FAFSA to be processed and distributed aid first. The FAFSA can be submitted after the school’s PFD; however, much of the financial aid available to the school will have already been allotted to other students. For this reason, don’t miss your PFD because your family’s taxes are not yet completed. Rather, submit the FAFSA on time with estimated income and tax information, and then update your FAFSA once your taxes are completed.

Financial Aid Priority Filing Dates and School Codes for Virginia schools

http://www.schev.edu/Students/financialAidAppDeadlines.asp?from=students

Award Letters

Award Letters essentially define what the college can give you in financial aid, based on the information you submitted on your FAFSA. When comparing award letters between your colleges, make note of the amount of ‘free money’ you are being offered versus the amount of borrowed money being offered in the form of loans. Grants and scholarships do not have to be paid back, whereas PLUS, Perkins and Stafford loans do. If you are offered a ‘subsidized’ (sub) loan, the federal government will pay the interest on this loan until you graduate or stop attending school. Both the Stafford and Perkins loans are student loans, whereas the PLUS loan is a parent loan.

Work study may also be a part of your award letter. Work study qualifies as ‘earned money’. You can earn a specified amount of money each semester while working on-campus. One of the advantages of the work study program is that the money earned in this position will be subtracted from your Adjusted Gross Income (AGI) on the 2009-2010 FAFSA, when you report the earnings on Worksheet C of the FAFSA. Thus, the federal government does not consider these earnings when determining your Expected Family Contribution (EFC) for the 2009-2010 school year.

Most importantly, make note of deadlines listed on your award letter for accepting and / or declining financial aid awards and also for returning required additional information such as verification forms and copies of tax records. If a deadline is approaching for accepting a financial aid award, and you are still waiting for an award from another school, you can accept the current award, and later decline it if, after receiving the second award, you decide to attend the second school.

Domicile

Sometimes it is questionable whether a student is eligible to receive in-state tuition. There are several factors that might affect a student’s right to claim domicile in Virginia. The following link offers information on this issue. To gather school-specific guidelines on domicile, contact your college admissions office.

Virginia Domicile Information

http://www.schev.edu/Students/VAdomicileInfo.asp?from=students