In case you have been living under a rock somewhere and didn’t know it, welcome to 2012! Along with the fresh calendar comes new goals, resolutions and, oh yes, the FAFSA form for applying for federal student college aid!
As you may know, if you want federal student aid of any kind, whether it be for federal grants, loans or work-study aid, you must submit the Free Application for Federal Student Aid (FAFSA). This form is also used to apply for most state and college aid, in addition to some private financial aid.
Can you fill out the FAFSA form on paper?
Sure you can. But ABC College Planning recommends that you do it electronically if at all possible . The paper forms are processed in 7-10 working days and the electronic version sails through in 3-5 working days. Also, doing the electronic version will reduce unintentional misstatements and other errors on the application.
If everything is done properly, you should receive your Student Aid Report in a week. The SAR will also be sent to all the colleges you have listed on the FAFSA. The SAR will summarize the data you reported on the FAFSA. Be sure to check the SAR! Make sure it is accurate and keep a copy for your records.
Why is this important?
You will need the DRN if you need to call the Federal Student Aid Information Center and change any information on your application. Let’s say you need to add or delete a school code, you will need your DRN.
It is much like filling out a tax form. What you don’t know about the rules set out by the government can cost you thousands. This is one of the reasons why ABC College Planning exists. Just as you would enlist the aid of a CPA to help you with your taxes, you would contact a college planning specialist to help you through this process.
Remember, the correct and only site for FAFSA is http://www.fafsa.ed.gov. NOT .com, .net or dot anything else. And for help filling out the FAFSA, you can go to www.studentaid.ed.gov/students/publications/completing_fafsa/index.html - Student's Social Security card and driver's license, and/or alien registration card if you are not a US citizen.
- Student's income tax returns, W-2 forms and 1040 forms for 2010.
- Parents' income tax returns, W-2 forms and 1040 forms for 2010 (if you are dependent).
- Records and documentation of other untaxed income received such as welfare benefits, Social Security income, veteran's benefits, AFDC, or military or clergy allowances.
- Current bank statements, and records of stocks, bonds, mutual funds and other investments (student and parents).
- Current mortgage information.
- Business or farm records (if applicable).
- Records relating to any unusual family financial circumstances, such as unusually high child care costs, death, divorce and loss of employment. (These aren't required, but they could influence the amount of aid received.)
Need more help with your FAFSA paperwork? Ask us. That's what we do!
Can you fill out the FAFSA form on paper?
Sure you can. But ABC College Planning recommends that you do it electronically if at all possible . The paper forms are processed in 7-10 working days and the electronic version sails through in 3-5 working days. Also, doing the electronic version will reduce unintentional misstatements and other errors on the application.
Sure you can. But ABC College Planning recommends that you do it electronically if at all possible . The paper forms are processed in 7-10 working days and the electronic version sails through in 3-5 working days. Also, doing the electronic version will reduce unintentional misstatements and other errors on the application.
If everything is done properly, you should receive your Student Aid Report in a week. The SAR will also be sent to all the colleges you have listed on the FAFSA. The SAR will summarize the data you reported on the FAFSA. Be sure to check the SAR! Make sure it is accurate and keep a copy for your records.
Look on the SAR for your Data Release Number. You will need this. It appears on the first page in the upper right hand corner of the paper form. On the electronic SAR, this number is in the box with the Application Receipt date, just below the Expected Family Contribution. The DRN is also located on your confirmation page.
Why is this important?
You will need the DRN if you need to call the Federal Student Aid Information Center and change any information on your application. Let’s say you need to add or delete a school code, you will need your DRN.
You will need the DRN if you need to call the Federal Student Aid Information Center and change any information on your application. Let’s say you need to add or delete a school code, you will need your DRN.
One of the most important numbers in the whole process is the EFC – your estimated family contribution. That amount determines how much money will you will need to come up with to pay for education at the college or university of your choice. This number is based on the information you report on your FAFSA. Your school will use the EFC to award your financial aid.
It is much like filling out a tax form. What you don’t know about the rules set out by the government can cost you thousands. This is one of the reasons why ABC College Planning exists. Just as you would enlist the aid of a CPA to help you with your taxes, you would contact a college planning specialist to help you through this process.
Note: Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by your college to calculate the amount of federal student aid you are eligible to receive. If you just read this sentence, please go back and read it again. If you don’t understand exactly what it means, please contact a professional before proceeding.
Remember, the correct and only site for FAFSA is http://www.fafsa.ed.gov. NOT .com, .net or dot anything else. And for help filling out the FAFSA, you can go to www.studentaid.ed.gov/students/publications/completing_fafsa/index.html
In order to properly and accurately complete the form(s), and to expedite the process, you should have the following on hand:
- Student's Social Security card and driver's license, and/or alien registration card if you are not a US citizen.
- Student's income tax returns, W-2 forms and 1040 forms for 2010.
- Parents' income tax returns, W-2 forms and 1040 forms for 2010 (if you are dependent).
- Records and documentation of other untaxed income received such as welfare benefits, Social Security income, veteran's benefits, AFDC, or military or clergy allowances.
- Current bank statements, and records of stocks, bonds, mutual funds and other investments (student and parents).
- Current mortgage information.
- Business or farm records (if applicable).
- Records relating to any unusual family financial circumstances, such as unusually high child care costs, death, divorce and loss of employment. (These aren't required, but they could influence the amount of aid received.)
Need more help with your FAFSA paperwork? Ask us. That's what we do!
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