Financial Aid: FAFSA - Step by Step              Courtesy of FastWeb

Basic FAFSA Facts

What is it?
FAFSA stands for Free Application for Federal Student Aid.  The federal government uses this form to determine your eligibility for financial aid, which includes:  grants, work-study, scholarships and loans.

Why fill it out?
The FAFSA is used to determine how much aid you will receive. 

What type of aid can I expect to receive?
Your prospective college will try to meet your financial need through federal, state, school and private sources, as well as loans, grants and student employment.

FAFSA Tips
•  Fill out the FAFSA as soon as possible after January 1.
•  Early submission maximizes your chances of receiving aid
•  Do not leave any fields blank. If a question doesn’t apply, enter “0.”
•  List your information accurately.  DO not enter false information as a way to qualify for more aid.  Doing so is a federal crime and can be punishable with fines or prison.
•  Take your time and follow the instructions. 
•  Sign the application.  If you are filing as a dependent, make sure your parents sign, too.
•  Report ALL required sources of untaxed income (e.g., Social Security or child support).
•  Fill out the FAFSA every year, even if you don’t think you will qualify for aid. It may be a prerequisite for scholarships

Step 1:  Get the FAFSA
You can get a copy of the FAFSA one of three ways:
1.  Get a paper version from the Wolverine Center
2.  Complete FAFSA on the Web:  http://www.fafsa.ed.gov
3.  Call 1-800-4-FED-AID to ask for a copy

Step 2:  Fill out the FAFSA
Keep a completed copy for your records.  For the 2005-2006 school year, use information from 2004.  You’ll need the following to fill out the form:
•  Social Security number
•  2004 W2 and/or tax return (1040, 1040A, 1040EZ, etc.)
•  Driver’s license (if applicable)
•  2004 federal income tax return
•  Parents’ 2004 income tax return
•  2004 untaxed income records (if any)
•  Current bank statements
•  Current mortgage and investment records (if any)
•  Alien registration card (if not a U.S. citizen)

Step 3:  Review your Student Aid Report (SAR)
The SAR is proof that your FAFSA was received.  Review it carefully.  If you filed electronically, you should receive your SAR in 2-3 weeks (4-5 weeks if you filed a paper FAFSA).

What if I find errors on my SAR?
Report them immediately to the FAFSA Help Desk and ask how you should make corrections.  Unresolved errors could delay your aid.

What if I don’t receive my SAR?
Call 1-800-4-FED-AID) if you don’t receive your SAR in 4-5 weeks.  Provide your name, Social Security number and date of birth for verification.