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Free Application for Federal Student Aid (FAFSA)- FAQs/ Tips

Q1. What is the FAFSA?

Q2. Why should I fill out the FAFSA?

Q3. Am I eligible to receive financial aid?

Q4. When do I fill out and file the FAFSA?

Q5. How do I obtain the FAFSA?

Q6. What are the documents required for FAFSA?

Q7. Where do I send the FAFSA form once it has been completed?

Q8. What happens after I submit my FAFSA?

Q9. How long does it take for my school to receive the FAFSA?

Q10. Do I have to reapply for financial aid (FAFSA) every year?

Q11. What happens if taxes are not filed? Should I still complete the FAFSA?

Q12. How do I know if I am a “dependent” or “independent” student?

Q13. What if I made a mistake filling out the FAFSA? Can I make changes to my FAFSA?

Q14. I filled out my FAFSA and have decided to transfer/withdraw from college. What should I do?

Q15. How can I check the status of my FAFSA application?

Q16. How long does it take for my school to receive the FAFSA?

Q17. How will I know if my FAFSA application has been rejected?

    Q18. I filled out my FAFSA, but was not eligible for any financial aid, what do I do now?

Q19. How can I ensure my FAFSA forms are filled out accurately and completely?Tips for filling FAFSA

Q1. What is the FAFSA?

Completing the Free Application for Federal Student Aid (FAFSA) is the first step toward getting federal aid for college or graduate school. The FAFSA form is the primary application for federal, state and college based financial aid (including Pell Grant, Federal student loans and Federal Work-Study). This is a form that every student applying for aid should fill out.

(Read: our exclusive financial aid FAQs; Financial aid guide; for more detail information.)

Q2. Why should I fill out the FAFSA?

Many families mistakenly think they don't qualify for aid, and prevent themselves from receiving financial aid by failing to apply for it. It is in the best interest of the student to apply for aid and speak with a financial aid officer to get additional information. If you don’t fill out the FAFSA, you could be missing out on a lot of financial aid! We’ve heard a number of reasons students think they shouldn’t complete the FAFSA. Here are a few common reasons:

Note: By not filling and submitting the FAFSA form you are only losing out on possible aid which you can get.  Everyone should fill out the FAFSA!

Q3. Am I eligible to receive financial aid?

To be eligible to receive federal student aid, you must:

 Q4. When do I fill out and file the FAFSA?

To be considered for federal student aid for the 2013-2014 award year, you can complete a Free Application for Federal Student Aid (FAFSA) between January 1, 2013 and midnight Central Time, June 30, 2014. Any corrections or updates must be submitted by midnight Central Time, September 20, 2014.

Most student financial aid is limited (there isn't always enough for everyone who applies) and are usually awarded on a first-come, first-served basis. Therefore, submitting your application early/on time ensures that you'll be considered for the maximum amount of aid for which you may be eligible.

However, many states and colleges have earlier deadlines for applying for state and institutional financial aid. You can find your state’s deadline at https://www.fafsa.gov/deadlines. Check with your college about its deadlines.

Q5. How do I obtain the FAFSA?

There are several ways to obtain the FAFSA form-

For help with filling out the FAFSA, you can go to: http://studentaid.ed.gov/resources#free-application-for.

Q6. What are the documents required for FAFSA?

You will need records of income earned in the year prior to when you will start school. You may also need records of your parent's income information if you are a dependent student.

Q7. Where do I send the FAFSA form once it has been completed?

You will be sending your FAFSA off to the federal government Federal Central Processor (FCP). The Central Processor, a federal computing center, calculates an initial estimate of your Expected Family Contribution (EFC) for one academic year. They use the "Federal Methodology" to perform the need analysis and decide on your EFC. The EFC is the basis for determining federal / state awards and college-based financial aid. The Central Processor will send reports outlining your EFC information to the colleges you designated on your FAFSA form and to you.

Q8. What happens after I submit my FAFSA?

After you submit your FAFSA, you need to wait for the Student Aid Report (SAR) that will be sent to you by the Federal Central Processor (FCP). Usually, within 3-5 weeks you will receive the SAR, documenting their evaluation and your EFC.

Q9. How long does it take for my school to receive the FAFSA?

Depending on when you file and how busy your school's financial aid office is, it could take anywhere from a couple of weeks to several months. You'll need to inquire at your school's financial aid office for status updates about your FAFSA information after you've filed it.

Q10. Do I have to reapply for financial aid (FAFSA) every year?

Yes. Most financial aid offices require that you apply for financial aid every year. If your financial circumstances change, you may get more or less aid depending on the situation. After your first year, you will receive a "Renewal Application" which contains preprinted information from the previous year's FAFSA.

Note: that your eligibility for financial aid may change significantly, especially if you have different number of family members attending college. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.

Q11. What happens if taxes are not filed? Should I still complete the FAFSA?

Yes. You can estimate your income (using pay stubs, W-2s, 1099s, bank statements, etc.), and then make any necessary adjustments later, once you receive your Student Aid Report (SAR). There is no penalty for estimating your income on your FAFSA—although you will need to make any adjustments once your taxes are completed. Better to estimate and file on time, so you'll receive consideration for the maximum amount of aid available, than to file late and miss out on part or all of the aid for which you might have otherwise been eligible.

Q12. How do I know if I am a “dependent” or “independent” student?

The Department of Education uses a very rigid set of criteria for determining whether a student is ''índependent" for financial aid consideration (which means that the custodial parents' income and asset information is not considered in determining a student's financial aid, and therefore not required on the FAFSA).

Regardless of how much support you may actually receive from your parents or legal guardians, you are still likely to be considered a dependent student for financial aid purposes unless you meet certain criteria (see FAFSA Dependency).

However, if you have special circumstances which requires consideration, and for which you may be able to provide documentation, you may contact your school's financial aid office. Only your school's financial aid office may issue a “dependency override” on the FAFSA application

Q13. What if I made a mistake filling out the FAFSA? Can I make changes to my FAFSA?

If you used the Department of Education (ED) website to complete your FAFSA and then saved it, you may log in and make changes to your FAFSA on their website before it is submitted to the federal processor. However, once your FAFSA has been submitted to the federal processor—either by mail or electronically you will need to wait until after it has been processed and a Student Aid Report (SAR) has been generated in order to make any necessary changes.

Q14. I filled out my FAFSA and have decided to transfer/withdraw from college. What should I do?

If you transfer to a different college, your federal aid does not transfer with you. You will need to add the new college’s Federal School Code to your Free Application for Federal Student Aid (FAFSA).

Note: You will need to check with the financial aid office at your new college to find out how much financial aid you are eligible to receive when you transfer. If you receive federal student aid (except for Federal Work-Study) and you withdraw from college, a portion of the funds may need to be returned by you or your college. For more information about your college’s return-of-aid policy, contact the financial aid office at your college.

Q15. How can I check the status of my FAFSA application?

You can check the status of your application online through the Department of Education website. Or contact your school's financial aid officers for information.

Q16. How long does it take for my school to receive the FAFSA?

Depending on when you file and how busy your school's financial aid office is, it could take anywhere from a couple of weeks to several months. You'll need to inquire at your school's financial aid office for status updates about your FAFSA information after you've filed it.

Q17. How will I know if my FAFSA application has been rejected?

The Student Aid Report (SAR) is your record that the federal government has processed your FAFSA. To be sure that it was not rejected, you can look on the first page next to the letters EFC (which stand for Expected Family Contribution). If there are no numbers after the letters EFC, your application has been rejected and needs correction. It is also possible that there may be a “C” after the letters EFC. This also means that corrections are required.

Q18. I filled out my FAFSA, but was not eligible for any financial aid, what do I do now?

You may not qualify for need-based aid, but there are a few sources of aid such as the Unsubsidized Stafford and PLUS loans that are available regardless of need. Contact your school's financial aid office for more information.

Q19. How can I ensure my FAFSA forms are filled out accurately and completely?

By following a series of simple steps parents and students should be able to ensure that their FAFSA forms are ready for evaluation by the government processors.

Tips for FAFSA: