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FAFSA Guide/Tips

FAFSA Guide/Tips: Class of 2023
Hi Senior Eagles and Parents!

 

You may or may not know of a thing called FAFSA (Free Application for Federal Student Aid). This is important to you if you are planning on attending college in any form next year (university, community college, career school). Even if you are unsure about attending, completing the FAFSA will leave that door open for you.

What the FAFSA does:

  • Determines your eligibility for federal financial aid for college.
  • It is based solely on the income of your parents/guardians and yourself if applicable.

What types of federal financial aid you may qualify for:

  • Grants (which you do not have to pay back)
  • Federal Work-Study Program (earning money by working part-time)

Federal Loans (there are several different kinds but a loan must be paid back)When does the FAFSA become available:  OCTOBER 1, 2022

  • It is recommended to fill out the application as soon as possible but it is available until June 30, 2023.
  • HOWEVER, colleges/universities may have their own deadlines AND be aware that the OSAC Application (Oregon Promise & Chemeketa Scholars) requires the FAFSA and the OSAC deadline is March 1. So, the sooner the better!

Filling out your FAFSA application (you can always save your application, log out, and return–it does
     not have to be done all at one time)

  • The quickest way is to do it online:  https://studentaid.gov/
  • If you do not already have an account, you will create one. This will give you an FSA ID number. This is an important number, so make sure you don’t lose it. The other important thing to note here is that both you AND one of your parents/guardians (whose information is reported on the FAFSA) need a separate FSA ID number.

              What you need for this: your birth date and your social security number

  • Once you have your FSA ID number, you are able to begin your FAFSA.

              Documents/information you need to complete the FAFSA:

  1. Your social security number
  2. Your parent’s social security number
  3. Your driver’s license number if you have one
  4. Your registration number if you are not a U.S. citizen
  5. Federal tax information, tax documents, or tax returns, including IRS W-2 
    information, for you and for your parents/guardians (IRS Form 1040)
    from 2021
  6. Records of your untaxed income, such as child support, interest income, and
    veterans noneducation benefits for you and your parents/guardians
  7. Information on cash, savings, checking accounts, investments, stocks/bonds, real estate, and business/farm assets for you and for your parents

 

  • Once you have completed the FAFSA, you and your parent/guardian will sign the document online using your FSA ID number.

IRS DRT

  • As you are filling out the FAFSA, you will be given the choice to transfer your parents’/guardians’ tax information by using the Internal Revenue Service Data Retrieval Tool. This can save time and effort if you are interested. The application will provide you with more information.

What happens after I submit my FAFSA:

  • In a few days, you will receive an email letting you know that your FAFSA was processed.
  • Your college or career school might request additional information from you.
  • You will receive an aid offer from each college or career school you applied to and listed on your FAFSA–this will state the amount of aid you could receive at the school.
  • Review and compare your offers.
  • Once you have made a decision, you will formally accept the school’s aid offer (deadlines vary). Each college handles your aid through their financial aid office–so in regards to how your aid will be paid out, what it covers, and so forth, your school’s financial aid office is going to be very important to you!

If you need help: