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The Free Application for Federal Student Aid (FAFSA)

The Free Application for Federal Student Aid (FAFSA). Completing the FAFSA. GENERAL NOTES Allow yourself ample time - no distractions Review instructions carefully before starting

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The Free Application for Federal Student Aid (FAFSA)

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  1. The Free Application for Federal Student Aid(FAFSA)

  2. Completing the FAFSA • GENERAL NOTES • Allow yourself ample time - no distractions • Review instructions carefully before starting • Collect documents you’ll need (tax returns, bank statements, investment summaries, etc.) • Make it a joint effort (student and parent share responsibility) • Attention to deadlines • “FAFSA on the Web” is faster!

  3. Step 1: General Information • Print clearly (capital letters, “4” vs “9”, etc) • Legal name vs. nickname • “You” and “Your” always refer to the student(SSN, date of birth, marital status, etc) • #s 18-22: respond to each time period; best guess • #28: do not leave this blank (new) • #30: if 18 yrs, not registered, answer “Yes” • #31: not your “ultimate degree/certificate”

  4. Step Two: Student Info • If possible, complete tax returns first • If necessary, estimate tax information • Follow tax return line references ! • #s 40 - 53: Nothing to report? Don’t leave it blank - enter $0 • #46: Child support & SSBs rec’d for thestudent are reported as parental income • #49: Include trusts

  5. Step Three: Dependency • Will parental information be required? • Remember…all questions refer to the student applying for financial aid • If all answers “no,” parental info required • If any answer “yes,” parental info is usually not necessary

  6. Step Four: Parental Information • #60: “Parent(s)” defined, page 7 • Step-parent’s information may be required • #66: Parent in college IS NOT included (new) • If possible, complete taxes first • If necessary, estimate tax information • Follow tax return line references !

  7. Step Four (cont’d) • #s 71 - 85: Nothing to report? Don’t leave it blank - enter $0 • #80: Child support & SSBs rec’d for the student are reported as parental income • Support or benefits changing? • #s83-85: List of what to include, page 2 • #83: Do not include the home you live in, life insurance, retirement accts, etc.

  8. Step Five: Student’s Information • Answered only if at least one question in Step Three is “Yes” • Refers only to those the student / spouse support

  9. Step Six: School Access • School Codes : internet, library, HS office, Financial Aid office • or Full Name (not “U of I”) and address • You may add/change schools later

  10. Student Aid Report (“SAR”) • Review the SAR for accuracy and completeness • Part 2: “Information Review” vs. “Information Request” • Notify the college(s) of errors • Not all errors require correction • If corrections are necessary, the school may offer to make them electronically; also possible to do via the “web”

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