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FAFSA PLUS Loan / FAFSA Stafford Loan Secrets About The FAFSA Loan Site |
FAFSA Loan Questions and Answers (continued)*** [2] Determining Financial NeedYour school's financial aid administrator calculate your financial need using information supplied by you. If you are classified as a dependent student, as are most undergraduate students, your parents will also be required to supply some information. Much of this information is contained on the Free Application for Federal Student Aid (FAFSA). The FAFSA must be submitted for you to be considered for virtually all need-based aid, including most federal and state sources of financial aid. Some schools may require the Financial Aid PROFILE (formerly known as the FAF or "Financial Aid Form"), or a supplemental application form for additional information. Most schools suggest you submit the FAFSA as soon as possible after January 1 of your senior year in high school (the year you'll be starting college) and no later than May 1. The FAFSA should normally be submitted by March 1 for you to be eligible for most state aid. (Do not submit the FAFSA before January 1, or it will be automatically rejected.) The FAFSA requires financial information for the previous tax year. For example, for the 2000-2001 academic year, you must provide 1999 financial information. Even though you may not be able to complete your federal income tax return until March or April, you should not wait to file your FAFSA until your tax returns are filed with the IRS. Instead, use estimated income information and submit the FAFSA as soon as possible after January 1. This practice is completely acceptable and recommended, especially if you anticipate your family circumstances changing during the subsequent year. The following documents from both student and parents, as appropriate, will assist you in filling out the FAFSA: + US Income Tax Returns (IRS Form 1040, 1040A, or 1040EZ) for the fiscal year that just ended and W-2 and 1099 forms. + Records of untaxed income, such as Social Security benefits, AFDC or ADC, child support, welfare, pensions, military subsistence allowances, and veterans benefits. + Current bank statements and mortgage information. + Medical and dental expenses for the past year which weren't covered by health insurance. + Business and/or farm records. + Records of investments such as stocks, bonds, and mutual funds, as well as bank Certificates of Deposit (CDs) and recent statements from any money market accounts. + Social Security numbers. Four to six weeks after you file the FAFSA, you will receive a Student Aid Report (SAR). The SAR summarizes the information you provided on the FAFSA and indicates the Expected Family Contribution (EFC). The determination of financial need depends on two numbers: + The Cost of Attendance (COA) for your school. This may also be known as the school's "budget". + The Expected Family Contribution (EFC). This is the amount of money your family is expected to contribute to your education. Your financial need is the difference between the COA and EFC: Financial Need = COA - EFC The amount of financial aid for which the student is eligible will be based on this number. Your school will try to meet this demonstrated need through a financial aid "package", which combines aid from federal and state sources with loans, institutional grants, and student employment. |
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