In my last blog, I mentioned how many students had not yet filed the FAFSA for 2008-09. So, I thought I'd go back to the beginning.
The Free Application for Federal Student Aid--FAFSA-- is the application to file for consideration of federal, and possibly state, financial aid. What's covered under the FAFSA is federal Pell Grant, federal Supplemental Opportunity Grant (SEOG), Federal Work Study, federal Perkins Loan, and student loan--either Direct Loan or Stafford Loan. Some states, such as mine, also have a state grant that is directly tied to the FAFSA. If you are interested in student loans, be sure to indicate so on the FAFSA.
Many students/parents at our outreach session were worried that it is too late to file the FAFSA since many schools publish a priority deadline. I heard everything from March 1, 2008, to last August, 2007! Rest assured, the earliest you could file the FAFSA for 2008-09 was January 1, 2008, so any date prior to that was just rumor. The priority deadlines established by schools are usually not absolute deadlines. The reason for these deadlines is because funding for federal Perkins Loan, federal SEOG, and Federal Work Study are VERY limited by our government, so funds go quickly and early. The Pell Grant and student loan deadlines are tied to your school's academic year end date, so even if the other funding is gone, you should still be considered for Pell Grant and student loans if you have not yet filed the FAFSA. It's not too late!
The FAFSA will ask you a series of questions to determine if you are considered an independent or dependent student for filing. How you or your parents claim you on a tax return does not impact your responses and whether you are independent or dependent. As a result, my response to this question, when asked, is to consult your tax advisor and file using exemptions that benefit your family the most. At the end of this series, you will be instructed on whether to file using parent information.
When completing the FAFSA, I highly recommend you print the Pre-Application Worksheet under Step 1 and complete it before filing online. This way, if you have questions you can consult your financial aid office before getting stuck online.
Once you file the electonic FAFSA, you will receive a confirmation with the Expected Family Contribution. The FAFSA information will be sent to the Federal Processor who will in turn send the information electronically to the school(s) you have selected. The school will then review your FAFSA information and complete your financial aid package based on the Expected Family Contribution. An award notification is then sent to you. Keep in mind that the school does not arbitrarily decide who gets money. It's based on the FAFSA information and schools must use federal and state guidelines to determine your package.
The website to file the FAFSA is www.fafsa.ed.gov.