The best way to launch your college financial aid application is through the government's FAFSA website. But beware of look-alikes and scams that charge the applicant a fee for applying. If the site does not say: “Free Application for Federal Student Aid,” back up and search again. You are looking for the government website (.gov), not a commercial entity (.com).
The FAFSA site is fairly user friendly though the process itself is time consuming. Its various sections must be completed before the application can be submitted. However, applicants can save their work and return later to complete the application. And, the online FAFSA offers Help for applicants as well as a Frequently Asked Questions (FAQ) page. The most efficient way to complete the FAFSA is to assemble all your documentation before beginning and to print out and use the Worksheet provided.
Navigating the FAFSA Home Page
The home page presents three areas to guide the applicant through the process from start to finish.
Part One is important, so do not skip it. “Before Beginning a FAFSA,” gives the student the application deadline dates, the link for applying for a PIN number, listings of school codes, information regarding dependency status and a selection of worksheets.
Part Two contains the actual FAFSA application. The 2009-2010 application is now available for students entering college between July 1, 2009 and June 30, 2010. The 2008-2009 application is also available for the enrollment period which began July 1, 2008. The 2008-2009 period comes to an end June 30, 2009. So applicants must choose the correct application based on their enrollment plans.
Part Two is a sizeable chunk of the FAFSA website. It is where applicants enter all required personal and financial data for themselves or their parents if they are dependents. The separate and handy Worksheet should be printed out and used as a template before entering the information electronically. It reproduces the entire FAFSA application. It also guides applicants with essential information such as the financial aid deadlines for all states and territories and a listing of all documents required to complete the FAFSA.
Completing the FAFSA Application
The actual application is divided into five sections. Sections One and Two collects personal and financial information for the student and determines dependency status. If the student is a dependent, then the amount of financial aid will be determined by the parents’ financial information (Section Three). If not a dependent, then the applicant will skip Section Three and move to Section Four where Student Finance data is entered.
To complete Sections Three and Four, applicants must have on hand completed federal income tax forms for the student or parent(s) as well as a record of all assets (cash, checking, savings, real estate, business income).
The applicant chooses which colleges are to receive the FAFSA results in Section Five. Housing preferences are also entered here since these costs are calculated into the amount of financial aid to be offered. Once the five sections have been completed, then the FAFSA application is signed electronically with the applicant’s unique PIN number and submitted for review. Dependent applicants must also include their parents’ electronic signature. A confirmation number will be provided to signify that the form has been successfully submitted.
The FAFSA application will now be reviewed, and two items will be determined. The Expected Family Contribution (EFC) gives a dollar figure for the amount of money the applicant is able to contribute to their education. The SAR or Student Aid Report is the culmination of all this effort and gives the dollar amount of financial aid for the applicant. This information is then reported to the financial aid office of the schools the applicant included in the FAFSA.
FAFSA Follow-Up and Resources
FAFSA Follow-Up allows applicants to check the status of their application. According to the FAQ, results of the application are available online 7-10 days after submitting the application. Corrections to an application can also be done through this portal, which is located on the FAFSA home page.
Keep in mind that the FAFSA is similar to other government forms. Always round up numbers to the nearest dollar. Do not enter decimals or commas. Have documents such as tax returns, available should you be asked to provide a copy.
The FAFSA website offers several handy links for college applicants. These include a list of the types of financial aid available, and information on other types of assistance such as scholarships. Also included is a helpful introduction to Student Aid on the Web, which provides all the basic information needed for financial aid applicants along with more comprehensive resources.
