Unlocking the
Secrets
of the FAFSA
Filling out the Free Application for Federal
Student Aid (FAFSA) is a critical step in the financial aid process. This
single form is used to award all federal and state aid, and most institutional
aid as well. It is not surprising that students and families are less than
enthusiastic when it comes time to complete and submit the FAFSA. In fact,
many treat the FAFSA like yet another tax form, dreading the annual process
and procrastinating until the last minute. A few simple tips can take the
agony out of the application process.
1. The FAFSA is NOT a tax form! The IRS is not part of the
FAFSA process. The biggest difference between the FAFSA and any tax form
is simple. Have you ever seen a tax for that welcomes estimates or guesses?
The FAFSA allows, even encourages families and students to use estimates
in providing financial information. No one is ever penalized for using estimates.
It is much more important to submit the FAFSA at the earliest allowable
date than it is important to provide exact financial answers. Many opportunities
will be available to provide exact financial data later in the process.
Most colleges request a copy of the completed tax return to verify estimates.
2. In the FAFSA process both time and financial aid can be in short
supply. The best financial aid is awarded to applicants at the front of
the line. In order to be sure you are at the front of the line, it is best
to have the FAFSA ready to submit as soon as possible after January 1, the
earliest date by which the FAFSA can be sent. The FAFSA can be mailed or
sent electronically, via the Internet at http://www.fafsaed.gov.
3. One of the most common and costly mistakes made on the FAFSA is
when a question that should be completed is left blank. The result will
be that the applicant's form will be delayed in processing as the financial
aid office has to contact the student and confirm the correct answer. A
simple tip can help students and parents avoid this mistake. Any time you
are unsure as to whether a question should be answered, just put in a zero.
A zero on the FAFSA for says "My answer to this question is nothing,
none or not applicable." Remember the same FAFSA is used whether the
student is 18 or 80. Some questions just won't apply. When in doubt, just
put 'O'.
4. Once the FAFSA is completed, make two copies. One copy should
remain with the parents, the other should go with the student when they
go to college. These copies are critical as you review the student aid report
of errors, prepare special circumstances letters or review packages with
the financial aid office. The copy will also help the following year as
a new FAFSA is completed. If you are sending the FAFSA electronically, print
a cope first for review and reference.
5. About 4 weeks after submitting the FAFSA, applicants receive the
Student Aid Report (SAR). This report repeats and the FAFSA data you provided,
as entered into the federal FAFSA database. It is very important to check
the SAR for any errors and make necessary corrections. At the same time
applicants can make changes to any answers provided on the form. If exact
financial data is now available it can be substituted for earlier estimates.
While the SAR can be returned to the federal processor, most college financial
aid offices recommend that corrections and changes be sent directly to the
financial aid office. Simply make copies of the SAR for each college, if
you are applying to more than one. Sign and date each copy, making each
copy as good as the original, and send it to the college financial aid office.
This will save considerable time in the application process.
| COLLEGE FINANCIAL AID - FLOW CHART |
| By fall of student's senior year:
Fill in a draft copy of the FAFSA, school and community workshops can help.
Fill out a 'family contribution worksheet.' |
| By November 15th: Organize copies
of last federal tax return and pay stubs for FAFSA income data. |
| November 15 - December 31st: Get
copy of NEW FAFSA, call 1-800-4FEDAID to request a copy. Fill out and prepare
to mail as soon as possible after January 1st. Complete any other financial
aid forms required by college. Beginning January 1st (but not before): Send
form to processor! Write Special Circumstances Letter in next 3-4 weeks. |
| Late January (or 3-4 weeks after FAFSA is mailed):
Receive Student Aid Report (SAR). Review for errors or changes,
make copies to send to college/s. Send a signed copy to each college being
considered. Send a copy of the Special Circumstances Letter with the SAR
copy to the college financial aid office. |
| Before May 1st (for 4-year colleges): Receive initial offer of financial aid. |
| After Receiving Initial Aid Offer:
Review offer to see if it will meet your needs. If adequate, sign and return
offer to college. If inadequate, sign and return offer to college with additional
letter explaining how this offer will leave you short to meet costs. CONTINUE
TO NEGOTIATE IF NECESSARY! |
| Before College Starts: RECEIVE
FINANCIAL AID OFFER THAT MEETS YOUR R E A L NEED! |