FAFSA Tips

The US Census Bureau has validated that college graduates can earn as much as $1 million dollars more during their lifetime, than students who do not go beyond the high school level. For the majority of students headed off to college, financial aid is available to help cover the costs of a college education. Discovering just how much is as simple as filing the Free Application for Federal Student Aid (FAFSA).

To determine aid eligibility for federal, state and institutional grants, federal loans, and work-study programs, the FAFSA should be filed as early as possible after January 1 for the upcoming academic year. Many factors contribute to a students eligibility for federal aid, so don't make any assumptions and simply apply. It's free to do so, and this is the only way to know exactly what's available.

Getting Started

The FAFSA process may seem a little complicated, so we want to help you get started:

1. Before completing your FAFSA online, we recommend that you first download a PDF hard copy. As you complete this document, you'll become familiar with the additional information you'll need to provide. This way, you can simply transfer the information to the online version when you're ready.

2. Once your PIN is established, you'll be able to access the FAFSA electronically.

3. Applying for the FAFSA online has several important advantages:

a. The online application will automatically skip questions that do not apply to you
b. Your answers are edited automatically, helping to avoid mistakes
c. Step-by-step instructions help streamline the process
d. Your Student Aid Report (SAR) will arrive sooner than if you submit a paper application

Information You Will Need

Gathering these documents before completing the application will also help streamline the process:

1. Social Security Number
2. Driver's License
3. Alien Registration Card (if applicable)
4. Completed Federal Income Tax Returns, including W-2 and 1099S forms (or an accurate estimate if you aren't able to file early)
5. Records of untaxed income such as welfare, Aid for Dependent Children (AFDC), veteran's benefits, and Social Security Income
6. Records of your family's assets and investments
7. Current bank statements and mortgage information
8. Business and farm records (if applicable)

Dependent and Independent Status

When applying for financial aid, you'll first need to determine whether you're a dependent or independent student. Most students entering college right after high school are considered "dependent." Dependent students need to report both their own financial information and their parent's financial information on the FAFSA. You may be considered Independent if you meet any of these criteria:

1. You were born before January 1, 1985
2. You're in a master's or doctorate program
3. You're married
4. You have children
5. You have dependents
6. Both of your parents are deceased or you are (or were) a ward of the court
7. Currently serving on active duty in the US Armed Forces
8. You're a veteran of the US Armed Forces

You can also click here to determine your status.

Eligibility

The US Department of Education and the Financial Aid Administrator's at your college will use the results of the FAFSA to help determine if you qualify for various types of financial aid. To receive assistance from these programs, you must:

1. Have a high school diploma or GED certificate or pass a test approved by the US Department of Education.
2. Be working toward a degree or certificate program
3. Be enrolled in an eligible program
4. Be a US citizen or eligible non-citizen
5. Have a valid Social Security number
6. Demonstrate financial need (except for certain loans)
7. Register with the Selective Service (if required)
8. Maintain satisfactory academic program once you're enrolled

Deadlines

After all of your hard work, the worst thing that could happen is to miss the deadlines. Here are a few key dates to keep in mind.

1. Complete the FAFSA as soon after January 1 as possible. While the Federal deadline to submit the FAFSA is June 30, many states require submission no later than March 1 and some as early as February 15. You should always consult a Financial Aid Administrator for the specifics of your school.
2. Any application submitted before January 1 will not be processed.
3. File your tax returns as soon as possible after January 1 to ensure accuracy on the FAFSA. If you can't, don't delay completing the FAFSA as you can simply estimate your income to complete the relevant sections.
4. If you missed the FAFSA submission deadline for your state, you will need to wait until January 1 of the following year.

If Federal Financial Aid is not enough

For expenditures that are not covered by traditional financing, such as federal loans, grants, and scholarships, we offer a variety of Private Student Loan options with deferred payments until after graduation, and competitive interest rates. Along with school fees and tuition, these loans can be used to cover all of the other expenses, such as room and board, books and supplies, a new computer, and the other essentials. Apply online or give us a call for more details.