Terms
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FAFSA (Free Application for Federal Student Aid)
- Free financial aid form necessary to apply for aid that everyone should fill out.
- You can file beginning January 1st.
- Do not file later than February 1st. If you have not completed your tax return by then, you can estimate based on last year and make adjustments later on.
- You can only apply online at: www.fafsa.ed.gov
Common FAFSA Mistakes
- Do not leave any fields blank. If the answer is zero, write in zero.
- Use the 1040 Federal tax return for income reporting and reporting taxes paid.
- Do not forget to report all required sources of untaxed income including Socia Security and Aid to Dependent Children.
- Make sure you include your stepparent's information.
- Include yourself in the household size.
- Don't forget to sign the application. If you file electronically make sure ou return your certification page.
- Don't forget to sign the application. If you file electronically make sure you return your certification page.
- File on time. Priority for programs with limited funds is often given to students who file the FAFSA early.
SAR (Student Aid Report)
- The report provided to the student and the colleges selected after submitting the FAFSA. It provides the government's estimate of the families ability to pay for college.
- Report any errors on the SAR directly to your colleges.
EFC (Estimated Family Contribution)
- The amount of money the government has determined that the family can afford to contribute toward tuition.
- This number can be found in the top right corner of your SAR.
- If there is an asterisk next to your EFC, you have been selected for verification meaning that you must supply your prospective schools with additional verification of your financial information.
DRN (Data Release Number)
The four digit number in upper right corner of SAR that is used to release financial information to additional colleges and universities.
CSS/PROFILE
- Register using the form found in guidance or online at http://www.collegeboard.com/.
- Only some schools require it. It is your responsibility to find out which ones and what their deadline.
- Asks for more detailed information than FAFSA and uses a different methodology for coming up with your EFC.