Mo Money Mo Problems….. FAFSA Information for College

Paying for School Checklist 1.Evaluate and/or review any awards you’ve received. When you win an award, evaluate your letter to make sure everything is correct and they you understand any terms or conditions. For example, how many credit hours you need to take, if there is a certain GPA requirement to maintain, if this is a recurring scholarship, etc.

Paying for School Checklist 2.Apply for “free money” before taking out more loans. There are so many scholarship and grants for students that are essentially free money. They may seem like more effort – they do take some time and effort on your part – but you don’t have to repay scholarships – unlike loans!

Paying for School Checklist 3.Look at the big picture of your financial situation to determine how much you actually need to borrow. You NEVER want to borrow more money than necessary. By understanding the scope of your financial situation taking into account any scholarships/grants or other awards, you’ll be able to borrow the exact amount needed. Use the FastWeb Cost Projector Calculator tor tor

Paying for School Checklist 4.If you have to borrow, apply for federal student loans first. Federal student loans generally have lower, fixed interest rates versus sky-high rates that student loans can carry. It is your best interest to start with this option first.

Paying for School Checklist 5.IF you have to take out student loans, evaluate and compare ALL of the available options. Don’t choose the first loan option you find – compare rates so that you are able to find a loan that’s manageable for your budget and has competitive rates. There are plenty of student loan options out there. Do you research before signing anything!

Paying for School Checklist 6.When it comes to applying for financial aid, you mantra should be the earlier the better. Strike first and get your paperwork in there! You will need your parent’s tax information or an estimate. Don’t wait until the money has been promised to others….

“The Game of College Financial Aid” Make sure you utilize the Financial Aid Offices of the colleges/universities you are applying to as well!

What Do You Need To Complete the FAFSA? You will need: Your Social Security card & driver’s license Most recent federal income tax returns, W-2s, and other records of money earned. (Note: They do have a IRS Data Retrieval Tool that can transfer your tax information into the FAFSA) If you are a dependent (most of you are) on your parents’ income tax returns, their completed information or estimates Records/documentation of other untaxed income like welfare, social security income, veteran's benefits, military or clergy allowances. Any additional applicable financial information like work-study, assistantships, fellowships, grants, and scholarship aid reported to the IRS, combat pay or cooperative education program earnings. Records of any additional untaxed income. Current bank/brokerage account statements with stocks, bonds, mutual funds, and other investments Business or investment farm records Records relating to unusual family financial circumstances – loss of job/changes/medical Title IV Institution Codes for each school you are applying to – can be accessed through the websites

FAFSA Pin When you have completed your FAFSA application, you will need an electronic pin/signature. You can apply for your personal PIN on the FAFSA website at

In Johnson County – you can attend this FREE event at JCCC 2 nd Floor of the Student Center OR at MidAmerican Nazarene In Olathe, KS at the Maybee Library

Great Resources for Financial Aid aid/financial-aid-information/