FAFSA 101

FAFSA What is it? Free Application for Federal Student Aid What does it mean You don’t have to pay A form to fill out From the government For you To help you pay for school

Where does $ come from? 70% of funding available for college comes from the US Government 20% of funding comes from colleges and universities in the form of scholarships 10% of funding comes from private/corporate scholarships

Types of Financial Aid Grants = scholarships; gifts w/ no strings attached Work Study = $ for work you complete at college Loans Subsidized – (BEST choice for loans) Don’t have to pay back until you’re done w/ school (graduate or leave) Available from government Unsubsidized Interest accrues immediately after money is borrowed Still better than bank loans b/c lower interest rates

PIN Personal Identification Number Can get NOW! (takes 3-5 working days) Serves as an electronic signature for you You and your parents need one! (if you mail in your application you don’t need a pin, but it will take longer to process)

Filling out FAFSA fafsa.ed.gov Use the FAFSA ON THE WEB Worksheet to practice Gather information needed to apply: Social Security Number (yours and parents) Driver’s License Number Federal tax information from previous year (you & parents)

How does FAFSA work? You submit your information indicating which colleges you want to receive your information. Schools receive your information and begin allocating $$ Remember: FAFSA is like a funnel – when it’s gone, it’s gone Schools are more generous at the beginning of the year Therefore, apply as early as possible after Jan. 1 st of your senior year!! (You can estimate your income for the year based on pay stubs and other bank records. You do not have to wait for the W-2 from employers, although it can simplify the process.) Going going gone

What happens next? You will receive an SAR : SAR – Student Aid Report Receive via (if provided address) a couple weeks after you submit your FAFSA Review and check for accuracy The SAR will contain your EFC and COA : EFC – Expected Family Contribution The amount of money you and your parents are expected to be able to contribute to your education COA – Cost of Attendance The amount of money needed to attend the schools indicated on your FAFSA EFC COA SAR

What could it look like? College A COA – EFC – Aid Awarded – $5000 $6000 $0 College B COA – EFC – Aid Awarded – $15000 $6000 $9000 **Remember, it can come in the form of grants, work study, and/or loans

Then… Negotiate if necessary – if your financial aid package is not enough, call the college and ask for more “help.” If they really want you to attend their school, they may offer you additional $$ Determine which school suits you best Accept or decline the school’s award package and the items within each package You do not have to accept their loan just because they have offered it. You can choose which items you want to keep. Respond by the deadline(s)

Dates (during your senior year) NOW – Apply for PIN Number January 1 st – Access FAFSA  Start filling out March 1 st – Have your FAFSA submitted (** check with specific school dates as well )

Common Questions: My parents make too much money, should I fill out the FAFSA? YES! Some schools don’t give out certain scholarship money until they know you DON’T qualify for the FAFSA. I’m looking at a Trade/Technical School. Should I fill out the FAFSA? YES! These schools can be VERY expensive. Federal financial aid works the same way as aid for colleges & universities.

Additionally… The ‘need’ based portion of the Hathaway requires the FAFSA In order to be considered for the UW Richardson Family Trust Fund, the FAFSA results must arrive at the University of Wyoming by March 1.