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Financial Aid 101

Financial Aid 101. SENIORS The time is NOW!!. January 1 st is the first day to apply for financial aid for college or trade school Where to Find the FAFSA The FAFSA is available online www.fafsa.ed.gov DO NOT USE WWW.FAFSA.COM IT IS A SCAM!!.

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Financial Aid 101

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  1. Financial Aid101

  2. SENIORSThe time is NOW!! January 1st is the first day to apply for financial aid for college or trade school Where to Find the FAFSA • The FAFSA is available online www.fafsa.ed.gov DO NOT USE WWW.FAFSA.COM IT IS A SCAM!!

  3. FAFSA on the WebYou can complete, submit and track your application online. This is the easiest way to apply for federal aid. The online program even checks your data before it is transmitted to the processing center, so there's less chance of making an error.Before You ApplyGather income tax return informationYou don’t have to file your income tax return before you fill out the FAFSA, but it’s a good idea to do so. A lot of the requested information is the same, and you may be able to use the time-saving IRS Data Retrieval Tool.

  4. Collect documentsParents' income information if you are a dependent student. Financial information from 2012Your Social Security cardYour driver's license (if any)Your 2012 W-2 forms and other records of money earned Your current bank statements Your alien registration or permanent resident card (if you are not a U.S. citizen)

  5. Get a PINGet a U.S. Department of Education personal identification number (PIN) by filling out the short application at www.pin.ed.gov. You can get your PIN immediately by email or later by postal mail. REMEMBER YOUR PIN…WRITE IT DOWN!!

  6. Completing the ApplicationFor help, go to the free government website http://studentaid.ed.gov/ . It has a detailed question-by-question guide to filling out the FAFSA.

  7. The New IRS Data Retrieval ToolThe IRS Data Retrieval Tool will transfer your income tax data directly from the IRS to your online FAFSA. You and your parents may be eligible to use this tool if:1. Your family income tax returns were filed electronically at least two weeks before you complete the FAFSA.2. Your family income tax returns were mailed to the IRS at least eight weeks before you complete the FAFSA.

  8. The New IRS Data Retrieval ToolIf you are eligible to use the IRS Data Retrieval Tool and choose to do so, you’ll be transferred from the online FAFSA to the IRS website, which will guide you through the transfer of your tax information. When you’re done, you’ll be sent back to your FAFSA.You don’t have to use this tool, but it’s recommended that you do. If you have to complete the FAFSA using estimated income tax information, you can always return to FAFSA on the Web to use the IRS Data Retrieval Tool once you have filed your tax forms.

  9. What Happens After You ApplyOnce you submit the FAFSA, your family’s financial information is analyzed using the federal need formulaThe Student Aid Report (SAR)After the information you provided is analyzed, you will receive a SAR that contains the data you entered on the FAFSA. The U.S. Department of Education will send this form to you either by email or by postal mail.

  10. Expected Family Contribution (EFC)On the front page of the SAR, you'll find a figure called the expected family contribution (EFC). Your EFC is an indicator of your family’s financial strength. It is sent to your state scholarship agency as well as to the colleges you listed on the FAFSA. They use this number to determine your financial aid award.

  11. Other Financial Aid Forms After you complete the FAFSA, make sure you submit any additional financial aid forms that your colleges require.

  12. Help with the FAFSA If you have questions about the application, FAFSA on the Web or federal financial aid for students in general, call: Federal Student Aid Information Center (FSAIC)800-4-FED-AID (433-3243) / TTY 800-730-8913Monday through Friday, 8 a.m. to midnight Eastern TimeSaturday, 9 a.m. to 6 p.m. Eastern Time "Pay for College - Financial Aid 101 - How to Complete the FAFSA." Pay for College - Financial Aid 101 - How to Complete the FAFSA. College Board, 15 Jan. 2013. Web. 15 Jan. 2013.

  13. Northeast State NightDate:February 21stTime: 6:00pm – 8:00pmLocation:Dobyns-Bennett LibraryPurpose: To help seniors apply to Northeast State, complete the General Scholarship application, the Educate and Grow scholarship application, and for general Questions regarding FAFSA.

  14. No Plan??Schedule an appointment with your Career Counselor Tammy Wolfe to make a plan for your future after high school TODAY!! Don’t wait…Schedule in the Counseling Office!!Dobyns-Bennett is dedicated to helping our students develop a plan to be successful!!

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