The Free Application for Federal Student Aid FAFSA

1
The Free Application for Federal Student
Aid(FAFSA)
2
Completing the FAFSA

• GENERAL NOTES
• Allow yourself ample time - no distractions
• Review instructions carefully before starting
• Collect documents youll need
  (tax returns, bank statements,
  investment summaries, etc.)
  
• Make it a joint effort
  (student and parent share
  responsibility)
• Attention to deadlines
• FAFSA on the Web is faster!

3
Step 1 General Information

• Print clearly (capital letters, 4 vs 9, etc)
• Legal name vs. nickname
• You and Your always refer to the student
  (SSN, date of birth, marital status, etc)
• s 18-22 respond to each time period best guess
• 28 do not leave this blank (new)
• 30 if 18 yrs, not registered, answer Yes
• 31 not your ultimate degree/certificate

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Step Two Student Info

• If possible, complete tax returns first
• If necessary, estimate tax information
• Follow tax return line references !
• s 40 - 53 Nothing to report? Dont
  leave it blank - enter 0
• 46 Child support SSBs recd for the student
  are reported as parental income
• 49 Include trusts

5
Step Three Dependency

• Will parental information be required?
• Rememberall questions refer to the student
  applying for financial aid
• If all answers no, parental info required
• If any answer yes, parental info is usually not
  necessary

6
Step Four Parental Information

• 60 Parent(s) defined, page 7
• Step-parents information may be required
• 66 Parent in college IS NOT included (new)
• If possible, complete taxes first
• If necessary, estimate tax information
• Follow tax return line references !

7
Step Four (contd)

• s 71 - 85 Nothing to report?
  Dont leave it blank - enter 0
• 80 Child support SSBs recd for the student
  are reported as parental income
• Support or benefits changing?
• s83-85 List of what to include, page 2
• 83 Do not include the home you live in, life
  insurance, retirement accts, etc.

8
Step Five Students Information

• Answered only if at least one question in Step
  Three is Yes
• Refers only to those the student / spouse support

9
Step Six School Access

• School Codes internet, library, HS office,
  Financial Aid office
• or Full Name (not U of I) and address
• You may add/change schools later

10
Student Aid Report (SAR)

• Review the SAR for accuracy and completeness
• Part 2 Information Review vs.
  Information Request
• Notify the college(s) of errors
• Not all errors require correction
• If corrections are necessary, the school
  may offer to make them electronically
  also possible to do via the web