Tips for College Bound Students:
The FAFSA
The First Step for Finding Financial Aid
What is it?
How does it
work?
How do you
complete it?
www.fastweb.com
$
What is it?
What is it?
How does it
work?
How do you
complete it?
www.fastweb.com
FAFSA stands for “Free Application
for Federal Student Aid.”
It’s the form that the federal government
uses to determine your eligibility for federal
aid, including grants, scholarships,
work-study and loans.
How it Works
What is it?
How does it
work?
How do you
complete it?
Using the information you supply on the FAFSA, the
federal processor determines:
1) Expected family contribution (EFC) – the amount of
money you and your parents can be expected to contribute to
your college costs.
2) Your prospective college then applies an equation to decide
how much financial aid you will need. (To get an early estimate
of your EFC, check out the Financial Aid Estimation Calculator
at www.finaid.org.)
3) Your prospective college will then try to meet your need
through a financial aid package which can include funds from
federal, state, school and private sources.
www.fastweb.com
Tip 1
What is it?
How does it
work?
How do you
complete it?
The FAFSA becomes available January 1
of each year.
Download or complete the FAFSA on the
Web at www.fafsa.ed.gov, pick one up at
your high school, local college or library,
or call 1-800-4-FED-AID.
Completing a FAFSA on the Web can speed up
the FAFSA process and cut down on postal
service delays.
www.fastweb.com
Tip 2
What is it?
How does it
work?
How do you
complete it?
www.fastweb.com
Submit the FAFSA whether or not you
think you qualify for aid.
Sometimes being rejected for federal aid is
a prerequisite for receiving private awards.
Tip 3
What is it?
How does it
work?
How do you
complete it?
www.fastweb.com
Review all of your data on the
FAFSA every year.
Your eligibility can change from year to
year, depending on your family’s
circumstances.
Tip 4
What is it?
How does it
work?
How do you
complete it?
www.fastweb.com
The FAFSA becomes available
January 1. Complete your FAFSA as
soon as possible.
Early submission maximizes chances of
receiving financial aid.
Tip 5
What is it?
How does it
work?
How do you
complete it?
www.fastweb.com
Contact your prospective college’s
financial aid office for additional
information.
Your school may require forms besides
the FAFSA or may have an earlier
submission deadline.
Tip 6
What is it?
How does it
work?
How do you
complete it?
www.fastweb.com
Read your Student Aid Report (SAR)
carefully. The SAR is your official record that
the federal processor received your FAFSA.
If you find any errors on your SAR, you should
report them to your prospective college’s financial
aid administrator to ask how you should make
corrections. Unresolved errors could affect your
total aid award.
Tip 7
What is it?
How does it
work?
How do you
complete it?
www.fastweb.com
Call the federal processor at
1-800-4-FED-AID if you do not
receive your SAR in 4-6 weeks.
Be ready to provide your Social Security
Number and date of birth for verification.
Tip 8
What is it?
How does it
work?
How do you
complete it?
www.fastweb.com
Note your Data Release Number
(DRN). It’s the four-digit number
located on the upper right-hand
corner of your SAR.
You will need your DRN to apply for
financial aid at additional colleges or
universities.
Tip 9
What is it?
How does it
work?
How do you
complete it?
www.fastweb.com
Check to see if your SAR has been selected
for verification. Look under the date for the
letters “EFC” followed by a series of
numbers. If there is an asterisk (*) after your
EFC, your SAR has been selected.
In the verification process, your prospective college
compares your SAR with documents, including tax
returns that verify your financial status. About
one-third of all SARs are selected for verification.
Tip 10
What is it?
How does it
work?
How do you
complete it?
www.fastweb.com
If asked for SAR verification, submit
the information requested to your
prospective college’s financial aid
office as soon as possible.
Your aid may be delayed or decreased if
the materials are not provided promptly.
Helpful Web Resources
What is it?
How does it
work?
How do you
complete it?
FAFSA:
www.fafsa.ed.gov
Federal Pin Number: www.pin.ed.gov
Federal Student Aid on the Web:
studentaid.ed.gov
U.S. Dept. of Education: www.ed.gov
FastWeb
www.fastweb.com
Remember, financial aid information is always
available for free! Check with your guidance counselor
and prospective college’s financial aid office.
www.fastweb.com
The End
This presentation was created by FastWeb
What is it?
How does it
work?
How do you
complete it?
If you have any questions or comments about this
presentation or FastWeb in general, please
don’t hesitate to contact the Member Services
Department at 1-800-FASTWEB.
Students, to complete a free Scholarship Search
visit www.fastweb.com.
Educators, visit www.fastweb.com/educator to
find helpful resources, how-tos, and articles
for your students.
www.fastweb.com
$