FAFSA Information:

 

The first step in the financial aid process is to complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.gov.   FAFSA  completion starts the application process for Federal Pell Grants, Federal Student Loans, Federal Parent PLUS Loans, Federal Work Study,  Supplemental Grants and independent or school scholarships.  The earlier you complete the FAFSA the more likely you are to receive additional funding that may be available.   The application process begins Oct. 1st of each year and ends June 30th.   There are a few federal student aid programs that have limited funds, so be sure to apply as soon as you can once the FAFSA is available for the year you’ll be attending school.

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The student and parent must have the following information:

 

Social Security Number

Driver's License Number

Past Year's Federal Income Tax Returns

W2 Forms

Documentation that shows you are a permanent US resident or other eligible noncitizen

Records of other money earned during the year

Records of untaxed income such as: social security, temporary assistance to needy families, SNAP (food stamps), welfare,

        veterans' benefits 

Current banks statements (interest earned)

Current business and investment mortgage information

Business and Farm records

Stocks Bonds and other investments

     

 

Federal Pell Grants, TEACH Grant, Federal Student Loans, Federal Parent PLUS Loans, Federal Perkins Loans, Federal Work Study and Supplemental Grants. - Federal Pell Grants, Federal Subsidized Student Loans, Federal Perkins Loans, Supplemental Grants and Federal Work Study aid are need based aid.  Please note that not all students are eligible for need based aid.

 

Federal Unsubsidized Student Loans and Parent PLUS Loans and are not need based aid. 

 

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are usually awarded only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.) Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added. There is a 600% (6 full time years ; 12 full time semesters) Lifetime Eligibility.

 

The Teacher Education Assistance Grant Program for College and Higher Education (TEACH) provides up to $4000 per year to students who agree to teach for 4 years (within 8 years) at an elementary school, secondary school, or educational service agency that serves students from low-income areas and to meet other requirements. The grant becomes a loan with all the interest added back if the student does not complete the service requirements. http://studentaid.ed.gov/sites/default/files/teach-grant.pdf

 

A federal student loan allows students and their parents to borrow money to help pay for college through loan programs supported by the federal government. Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and home mortgages. You cannot have these loans canceled because you didn't like the education you received, didn't get a job in your field of study or because you're having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about the amount you'll have to repay over the years. They usually have low interest rates and offer attractive repayment terms, benefits and options. Generally, repayment of a federal loan does not begin until after the student leaves school. Federal student loans can be used to pay school expenses such as tuition and fees, room and board, books, supplies and transportation.

 

Federal Stafford Subsidized Loans provide low interest rates and are available to students who demonstrate financial need based on income and other information provided on the FAFSA. A credit check is not required to receive these loans. The federal government pays the interest on these loans until the student is no longer enrolled in school at least half time.* The student does not have to pay any principal until after he/she ceases to be half time status. - Federal Stafford Unsubsidized Loans provide low interest rates and are available to all students regardless of financial need (although the FAFSA still must be filed). A credit check is not required to receive these loans. The student is responsible for the interest, which may be paid while the student is in school or accrued and then added to the principal balance when the student enters repayment, which occurs six months after the student is no longer enrolled in school at least half time.

 

Federal Perkins Loans are made through participating schools to undergraduate, graduate and professional degree students. - Offered to students who demonstrate financial need. - Made to students enrolled full-time or part-time. - Repaid to your school.

 

Federal Parent PLUS Loans are low interest loans that parents can obtain to help pay the cost of education for their children. These loans are available for parents on behalf of the student once the FAFSA has been completed and the financial aid file completed. PLUS loans require a credit check and, in some instances, an eligible cosigner. Repayment of PLUS loans begins following the final disbursement for the year. Additional paperwork may be required.

 

The federal work study program is federally funded and is available to qualified students who demonstrate financial need. Students are employed on campus approximately 15 hours per week at minimum wage and are paid monthly. Funds for this program are limited and a limited number of FWSP community service opportunities are available through our office.

 

The FAFSA states that you must use your biological parent(s) who you lived with more during the past 12 months. If did not live with one more than the other, give answers about the parent(s) who provided more financial support during the previous year. - If your biological parent is remarried, you must use the step parent’s information too even if they do not provide you with any support. BUT….. It does NOT matter who claimed you on their taxes. The rule is to provide the information for the parent(s) who you lived with the most or who provided more financial support. Grandparents, foster parents, legal guardians, aunts and uncles are NOT considered your parents on the FAFSA unless they have legally adopted you through the court system.  If you are considered an orphan or ward of the court, determined by the courts to be in legal guardianship, emancipated minor or at risk of being homeless just mark the appropriate answer on the FAFSA and then check with the school that you plan to attend to see what additional information will be required to verify your status.

 

You and your parent must each have a PIN number that will be used every year that you file a FAFSA. - It will also be used to sign your Master Promissory Note and Entrance Counseling if you accept a loan. - The PIN site is www.pin.ed.gov.  Keep your pin with all your other FAFSA paperwork.

 

You must list your school’s code on the FAFSA. - If you do not know the code, there is a drop down box for you to search for and choose your school to be added to your FAFSA.  List four schools that you might consider in case you don't get accepted to your first choice or circumstances happen that cause you to change your decision.

 

After entering your information, an expected family contribution code will be given to you.  Print or record all the information received and keep all your paperwork in a folder that will be easy to locate later.  At times, more information is required to verify your financial aid.  If you are randomly selected, work with your schools financial aid office and provide any paperwork they request.