CCPII 4.1.1 notes
If you would like to be considered for federal student aid, you will need to complete the Free Application for Federal Student Aid (FAFSA) each year you are in college to continue receiving funds. There is no charge for filing the FAFSA. You may encounter websites and companies offering to help you with it — at a cost. But there's no need to pay for help. Many free resources are available, such as:
Your high school guidance counselor The financial aid office at the college you are applying to The U.S. Department of Education, accessible through 1-800-4-FED-AID or by clicking the link below: Student Aid on the Web
Expected Family Contribution (EFC)
An amount the student and student's family are expected to contribute toward his/her education. It is used in determining eligibility for federal student aid.
The third section asks for more information about you and your tax status:
If you have filed taxes recently Income earned in the last year
Student Aid Report (SAR)
The results of the Free Application for Federal Student Aid (FAFSA) that are sent to the student for review and corrections.
It's possible that either the U.S. Department of Education or one of the colleges you've listed on your SAR might contact you to confirm the accuracy of your FAFSA information. Students may be selected for the following reasons:
Because of a random check Because they submitted an incomplete FAFSA Because they submitted a FAFSA with estimated information Because the information shown on the FAFSA shows inconsistencies or other discrepancies
Here's a list of the documents you will need to complete the FAFSA4caster:
you'll need your parents' records in addition to your own. Gather the documents you will need to fill out the FAFSA4caster. Here's a list of the documents you will need to complete the FAFSA4caster: Your federal tax information or tax returns and W-2s Your parents' federal tax information or tax returns and W-2s Your assets (savings, investments, and business or farm assets) Your parents' assets (savings, investments, and business or farm assets)
gift aid
Financial aid that does not have to be paid back.
Tips for Filing a Successful PROFILE
- apply on time; late filers may get less paid - start at least one week before the application is due - if a question involves numbers, only enter numbers - if a financial question does not apply to you, enter zero (0) - do not leave anything blank unless specifically instructed otherwise - keep your username and password in a safe place - to use the help code buttons, just click on the question (?) mark - make sure to turn off your pop-up blocker or you may have difficulty entering some of the information
financial aid package
A combination of awards such as grants, scholarships, work-study, and/or loans.
If you are selected for verification, you will have to provide specific documentation. Information requests vary but can include the following:
A marriage certificate A Social Security card An alien registration card Federal tax forms
The first section asks basic information about you, such as:
Citizenship Date of birth If you support children or other dependents If you are a veteran If you are an emancipated minor or dependent or ward of the court State of legal residence
The College Cost Worksheet provides you with an estimate of how much federal student aid you might receive. The estimate is based on the cost of one year of school. The worksheet will provide an estimate for each of the following:
Pell Grant: - A federal grant for students with high financial need. The amount awarded depends on a student's expected family contribution (EFC) and the cost of attendance (COA). federal work-study (FWS): - An on-campus or off-campus job sponsored by the government that pays the student at least minimum wage for work performed. (The estimate provided is the national average of what students receive. If you know how much you have been awarded, you'll want to fill in the actual amount.) Direct Subsidized Loan: - A student loan that is guaranteed by the U.S. government and has a fixed interest rate lower than that of private loans. The interest is paid (subsidized) by the U.S. government while the student is in school and during the six-month grace period after leaving school. And, Direct Unsubsidized Loan: - A student loan that is guaranteed by the U.S. government and has a fixed interest rate lower than that of private loans. Interest accrues on the loan while the student is still in school and during the six-month grace period after leaving school.
The second section asks basic information about your parents such as:
Their marital status Number of people in their household If they have filed taxes recently
To continue receiving financial aid, you must complete and submit the PROFILE every year. Each school has its own filing date. The earliest the PROFILE can be filed is October 1, and you should file no later than two weeks before the earliest priority filing date for your college. For example, if your college's priority filing date is November 1, you'd want to submit the form by October 18. Expect to pay about $25 in fees for the PROFILE application. That $25 includes one report. Additional reports cost about $16. Fee waivers are available, but they are limited. Waivers are granted automatically to applicants based on the information that they enter into the PROFILE. Here is some more information about waivers:
To be eligible for a waiver, you must be applying to college for the first time and come from a family with low income and minimal assets. Waivers cover the application fee plus report fees for up to eight colleges or scholarship programs.