Understanding the FAFSA: Your Key to Financial Aid
The Free Application for Federal Student Aid (FAFSA) is crucial for accessing grants, scholarships, loans, and work-study programs for college. Learn why it's necessary, free, and easy to complete, along with debunking common myths associated with filing. Find out what you need to gather before applying and how parental information is often required. Take the first step towards securing financial help for your education today.
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Presentation Transcript
FAFSA Info Free Application for Federal Student Aid
What is the FAFSA? The Free Application for Federal Student Aid (FAFSA) is the application that students must complete to be considered for financial aid. Financial aid is money for college that comes in the form of grants, scholarships, loans and/or work-study. Financial aid comes from many sources the federal and state government, the college, and/or outside organizations. The FAFSA is the key that unlocks all of these funding sources.
It is Required! Most institutions require that students complete the FAFSA to be considered for all types of financial aid. In Tennessee, you must complete the FAFSA to be considered for the HOPE Scholarship or TN Promise.
It is Free! You should never pay to file the FAFSA. If you need help completing the FAFSA, contact your high school counselor or the college where you plan to attend.
It is Easy! The FAFSA can easily be completed on FAFSA.gov, or you can download the myStudentAid app from the Apple App store (iOS) or Google Play (Android).
To complete the Free Application for Federal Student Aid (FAFSA), you will need: Your Social Security Number Your Alien Registration Number (if you are not a U.S. citizen) Your federal income tax returns, W-2s, and other records of money earned. (Note: You may be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.) Bank statements and records of investments (if applicable) Records of untaxed income (if applicable) A FSA ID to sign electronically.
FAFSA Myths My student is going to pay for their own college. My information is not needed for the FAFSA. FALSE! The FAFSA requires parental information. Unless the student has an extremely special circumstance, parental information will be required to complete the FAFSA. Without this information, the FAFSA will be incomplete, and the student will not be able to receive financial aid.
I dont file taxes so I cant complete the FAFSA. FALSE! If your parents did not file taxes for 2018 because they were not required to file (e.g. disabled, unemployed), they will select Not Going to File when asked by FAFSA and proceed answering the remaining questions.
Ill get audited by the IRS if I complete the FAFSA. FALSE! While the FAFSA does ask for IRS tax information, completing the FAFSA does not increase your chances of being audited.
My student is a US citizen but Im not, so I can't file the FAFSA. FALSE! If the student is a US citizen or eligible non-citizen, they can still complete the FAFSA. Parents who do NOT possess Social Security Numbers (SSN) will enter 000-00-0000 for their SSN when asked by FAFSA and proceed answering the remaining questions.
I make too much money to get financial aid. FALSE! There is no limit to the parents income for the HOPE Scholarship, Wilder Naifeh, or TN Promise; however, a student must complete the FAFSA to receive these awards.
FAFSA Deadlines For TN Promise, the deadline is Feb. 1st. For financial aid from colleges and universities, the sooner you file, the better your chances to receive money. Check individual schools websites for financial aid deadlines.
Financial Aid Resources Planning for college, paying for college, and repaying student loans: StudentAid.gov College Preparation Checklist a student s or parent s first stop for information on academic and financial preparation: StudentAid.gov/checklist Federal Student Aid at a Glance quick glimpse outlining the federal student aid programs, eligibility criteria, and application tips: StudentAid.gov/glance Avoiding Scams finding financial aid without being a victim of fraud or identity theft: StudentAid.gov/scams Fact sheets, videos, and infographics on various financial aid topics: StudentAid.gov/resources Online FAFSA and federal school codes: fafsa.gov
More Financial Aid Resources FSA ID information and registration: StudentAid.gov/fsaid FAFSA4caster early estimate of aid eligibility: fafsa.gov Federal Student Aid s Twitter feed: www.Twitter.com/FAFSA Federal Student Aid s YouTube site: www.YouTube.com/FederalStudentAid Federal Student Aid s Facebook page: www.Facebook.com/FederalStudentAid Contacts For Students and Parents Email: studentaid@ed.gov Toll-free number for questions about federal student aid: 1-800-4-FED-AID (1-800-433-3243) TTY (for the hearing impaired): 1-800-730-8913 Toll number: 334-523-2691
