​Hi Senior Parents: 

This is the 3rd in our email series to help you better understand and navigate the financial aid process! If you missed the earlier ones, you can find the first one and the second one on our website.

REMINDER: October 1 is the first day you can access, complete, and submit the FAFSA and CSS Profile financial aid forms. 

FAFSA: RECAP OF REASONS WHY YOU MIGHT WANT TO FILE

• You have financial need 
• You want your student to take out federal loans
• Your student is applying to one of the very few colleges that require a FAFSA filing for merit aid scholarships

FAFSA: HOW & WHEN TO FILE

• How Long Will it Take? 
  • Budget about an hour to complete the FAFSA

• When's the Deadline?
  • Deadlines vary by college
  • The deadline for filing the FAFSA (and CSS Profile) may correspond with the college's early-action or early-decision date (often November 1 or November 15) 
  • But some colleges give families until January or February to file these forms
  • Know your deadlines!

• Where do we Start? 
  • On October 1, go here to start the FAFSA filing

FAFSA SECTIONS

The FAFSA consists of 7 sections:

1. Student demographics
2. School selection
3. Dependency Status
4. Parent Demographics
5. Student and Parent Financial Information
6. Signatures and Submission
7. Confirmation

The demographic sections for the Student (Section 1) and Parents (Section 4) are straightforward. 

School Selections (Section 2)

• The names of the colleges the student is applying to
• If applying to more than 10 colleges:
  • It does not matter to the federal government which order you list the colleges the student is applying to. Colleges cannot see the entire list. 
  • File the FAFSA with the first 10 colleges
  • Wait until you have the SAR back from the government, then log-in to the student's FAFSA account and click on "Make FAFSA Corrections."
  • Remove as many colleges as necessary in order to add the additional ones.
  • This action will NOT withdraw your FAFSA filing from the first 10 colleges.
• To be considered for state needs-based aid, some states do require that public state colleges be listed first. You can check what your state of residence requires here.

Dependency Status (Section 3)

•  Dependency Status 
  • Very difficult to establish independent status for students under age 24
  • Most students will be dependents

Financial Information for Student and Parents (Section 5)

• Parents should be able to use the IRS Data Retrieval Tool (which auto-fills data from your tax return)
• Selecting the DRT will blackout the answers from your view. Do not be alarmed, this is normal. The colleges will be able to see those figures. 

WHAT HAPPENS AFTER WE FILE?

• The student will receive a Student Aid Report (SAR) a few days after you file the FAFSA. The SAR will indicate the Expected Family Contribution (EFC) -- this is the amount of money the government estimates or expects the family can contribute toward college expenses for the student. This is now, however, the maximum amount of money colleges will expect you to pay.
• If the SAR has an asterisk next to the EFC or if the student receives a separate email from the government or a college, you may be requested to submit documents or verify some or all of your submitted information. 
  • Sometimes this is random. 
  • Most of the time it relates to simple errors or inconsistencies within your FAFSA filing. Using the IRS Data Retrieval Tool minimizes the chances of being flagged for verification.
• The student (and parents) should monitor the status to be sure no further action is required and that the filing status has no pending requests. 
• Requests for verification can also come directly from the college, even after a student has accepted admission and an aid package. Monitor personal email and university portal and email accounts throughout the spring and summer before commencing studies in the fall. 

COMMON QUESTIONS

1. Can I make corrections?  Yes. To make corrections or edits, log-in to the student's FAFSA account, click on "Make FAFSA Corrections," enter the student's FSA ID, make any updates or corrections, then hit submit. 
2. What date should I use when the FAFSA asks for current balances? All value-based questions should be current as of the date of filing (if you file on October 5th, you should use whatever amount is in your checking and savings accounts as of that date). 
3. What if we have more specific questions about some of these sections? You can access very detailed instructions from the government here, this worksheet, and this very handy online guide may be useful. 

In the next email, I'll provide more information about filing the CSS Profile and address some of the common questions or issues with that filing. 

Continue to watch your email for more fun financial aid facts and tips!