FAFSA 101

y What is the FAFSA?

FAFSA is an acronym for Free Application for Federal Student Aid. The FAFSA is a FREE application that students must complete annually to receive federal and state financial aid. The application will ask you to answer questions about your finances. In exchange, the government will give you money to go to college!

y There are four ways to complete the FAFSA:

1. 2. 3. 4. Apply online at www.fafsa.ed.gov Print off the PDF and mail it in Fill out the paper FAFSA and mail it in Contact FSAIC: 1-800-4-FED-AID

Note: You will need a PIN (Personal Identification Number) to complete the FAFSA. You can sign up for a PIN at www.pin.ed.gov.

y FAFSA Deadlines
You may fill out the FAFSA for the 2012-2013 school year beginning January 1, 2012. However, pay attention to state and institutional deadlines! The state of Missouri requires that the FAFSA be filed no later than April 1, 2012. Additionally, some four-year institutions require that the FAFSA be completed earlier than that. Check with the institutions financial aid office to ensure that you fill out your FAFSA on time! And remember, the earlier you file your FAFSA, the better off you will be!

y Are you eligible?

To be eligible, you must meet the following criteria: o Enrolled or accepted for enrollment as a regular student in an eligible program at an approved school o Meet one of the following: o Have a high school diploma or recognized equivalent o Passed the Ability-to-Benefit exam o Completed high school curriculum in a home school setting o Completed 6 hours towards and eligible program o U.S citizen, national or permanent resident, or have the intention of becoming a citizen or permanent resident o Have a Social Security Number o Register with the Selective Service, if required o Sign statement of educational purpose regarding use of funds o Not in default on a prior federal loan o Not exceeded annual or aggregate loan limits on federal loans o Maintain satisfactory academic progress as defined by the school o Not have a disqualifying drug conviction under federal or state law o Demonstrate financial need

y What information will you need to complete the FAFSA?

To file your FAFSA, you will need the following items: 1. Social Security Number 2. Drivers License Information 3. Alien registration or permanent resident card, if you are not a U.S. citizen 4. W-2 forms and other records of money earned 5. Federal income tax return 6. Parents federal income tax return (if you are a dependent student) 7. Untaxed income records 8. Current bank statements 9. Current business and investment mortgage information 10. Business and farm records 11. Investment records, such as stocks and bonds

y Are you dependent or independent?

You are considered to be independent if your parents are deceased, you have a child, or you are homeless. However, other special circumstances may allow you to file as an independent. Be sure to ask a counselor or financial aid officer if you have any questions. If you do not meet any of the requirements to file independently, you are considered to be dependent. As a dependent, you will need both your

information AND your parents information to complete the FAFSA. The FAFSA defines parents as your biological or legally adopted mother or father. Even if you live with and are cared for by any other family member or friend, you cannot use their information on the FAFSA. If you cannot get your parents information, please talk to a counselor or Miss Schneider. We will get it figured out!

y What happens once your FAFSA is completed and filed?

A few weeks after your FAFSA is filed, you will receive a Student Aid Report (SAR) that shows what kind of aid you are eligible for. Types of aid include: 1. Grants: Money that does not have to be repaid. 2. Subsidized loans: Money that must be repaid. However, subsidized loans do NOT accrue interest or need to be repaid until 6 months until you have left college. 3. Unsubsidized loans: Money that must be repaid. Unsubsidized loans DO start to accrue interest as soon as you taken them out, but the interest rates are generally low and you do not need to start repaying the loan until 6 months after you have left college. After you received your SAR, schools that you have been admitted to will send you a letter that details the school-specific financial aid package they are offering to you. This letter will include: 1. Your SAR 2. Grants and work study that the school may offer you 3. Institutional scholarships that you may qualify for.

y Have any questions?

Talk to Miss Schneider! Stop by her office, e-mail her, or call her. She is here to help you!