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What IS and IS NOT the FAFSA  The FREE Application for Federal Student Aid  It is NOT something you pay for  It’s a tool used by the Dept. of Education, not the system  It’s a form, like the IRS uses the 1040  Gives a snapshot of where you are financially at a given point in time  Will NOT give an exact measure of you will need to pay  The first form most reputable colleges will need to process financial aid  Other information may be necessary; schools not participating in federal student aid will probably not use this form

Free Application for Federal Student Aid 3 Ways to Access Paper FAFSA on the Web PDF FAFSA FED-AIDwww.FAFSA.gov

Serves as an electronic signature and provides access to personal records Go to OR have a conditional PIN set up when you fill out the FAFSA at Option 1: Create a four-digit PIN Option 2: Have the site create PIN PIN is conditional until relevant information is verified with the Social Security Administration (1-3 days) PIN will not expire at the end of the year Students and parents need a PIN to use the FAFSA on the Web. A PIN, along with other identifiers, gives Internet access to information on the Federal Student Aid systems. Students AND parents can get a PIN Personal Identification Number PIN Checklist o Social Security Number o Last Name o First Name o Middle Initial o Date of Birth o Street Address o address (optional)

What is needed to complete the FAFSA Social Security Card (of student, and parent*-if available) Tax Forms (W2, 1040) (of student and parent*) Bank Statements (of student and parent*) * The information for a parent is needed even if the student does not live with the parent. The definition of a parent, for the purposes of a FAFSA, is restricted to a biological, stepparent or legally adopted parent. Unless they have legally adopted the student, grandparents, foster parents, legal guardians, aunts and uncles, are not considered parents for the purposes of a FAFSA.

o Social Security Number. Be sure that it is correct, and that your name matches your social security card! (An error will occur if there is a discrepancy) o Records of income, such as income earned from work and business, child support paid or received and any other untaxed income. If available, refer to the W-2 Forms and the Federal Income Tax Return IRS 1040, 1040A or 1040EZ. o Information about assets, such as savings, certificates of deposit, stock options, bonds, 529 plans and other college savings programs; and investment real estate, business and farm. o Driver’s license number, if the student has one. o Alien Registration Number, if not a U.S. citizen. What information is needed? Completing the FAFSA NOTES: Parental information is required unless a student is at least 24 years of age or meets the criteria for filing as an independent student as described on the Free Application for Federal Student Aid. Refer to A student must report his or her income and assets and those of the parents (if a dependent student) or spouse (if married). Use income records for the year prior to the academic year for which a student is applying: for instance, if filling the FAFSA, refer to 2013 tax information.

Completing the FAFSA Step 1 Student Demographics Step 2 Recipient Colleges Step 3 Dependency Status

Completing the FAFSA Step 4 Parent Demographics, Income & Assets Step 5 Student Income & Assets Step 6 Sign and Submit Step 7 Confirmation

Completing the FAFSA Fill out estimated FAFSA info, starting January 1. Get your taxes done as soon as possible (usually February) Use the IRS retrieval tool to update your FAFSA (this may take care of your verification requirement)

How to know how much financial aid you will get COMPLETED FAFSA ACCEPTED College Application Financial Aid Award

The Financial Aid Process Step 1 Complete FAFSA & College Applications Step 2 Receive and review the Student Aid Report Step 3 Complete verification process Step 4 Receive and review Award Letter Step 5 Respond to college Step 6 Complete all pending processes Step 7 Renew FAFSA every year

Final Thoughts Financial aid helps make up the difference between what you can afford to pay and the cost of college. Don’t underestimate your options. Consider marking “work study” and “loans” on your FAFSA (you can always reject them later) Financial Aid Counselors have “professional judgment”, and can override initial FAFSA results, depending on circumstances (such as recent job layoffs, sudden health issue) DOCUMENTATION is the key to supporting any financial aid exceptions

Find answers to your questions… Illinois Student Assistance Commission (800) 899-ISAC ( ) U.S. Department of Education (800) 4 FED AID ( ) They are here to help.