The Free Application for Federal Student Aid (FAFSA) is required by both public and private universities and colleges before scholarships or financial aid is awarded. For more information about the FAFSA and instructions, the website is
https://studentaid.gov/h/apply-for-aid/fafsa. Within a few days after filing online, you will receive a Student Aid Report (SAR) from the federal processor. It will list the student’s expected family contribution, or EFC. A standard formula is used to calculate the EFC, based on the information the student provides on the FAFSA. The SAR will also be sent to the colleges you indicated on the FAFSA. The colleges will use the EFC to determine if you will be offered grants, loans, and/or work-study program. The earlier you file a FAFSA, the more likely you are to hear from the Commission early. Since most colleges have a May 1 deadline for intention to register, it is to your advantage to know as soon as possible about financial aid so that you can make an informed decision regarding which college you will attend. You will fill the FAFSA out your senior year in high school.
Ultimately, all financial aid decisions are made by the individual college; therefore, it is necessary for you to work with the financial aid officer at each school to which you are applying. Also, be sure to apply on time.
To fill out the FAFSA you will need to know the following information:
- Your Social Security Number
- Your parents’ Social Security numbers
- Your driver’s license number if you have one
- Your Alien Registration number if you are not a U.S. citizen
- Your parents Federal tax information or tax returns including IRS W-2 information:
- IRS 1040, 1040A, 1040EZ
- Foreign tax return
- Tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau
- Records of your untaxed income, such as child support received, interest income, and veterans noneducation benefits, for you, and for your parents if you are a dependent student
- Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate (but not including the home in which you live); and business and farm assets for you, and for your parents if you are a dependent student.