Useful information you should know for 2019-20 FAFSA

Useful information you should know for 2019-20 FAFSA

Posted By: Bay Published: 10/16/2018 Times Read: 598 Comments: 0

Key financial aid terms

As for financial aid, you can begin applying as early as October 1.  If you want to make you eligible of receiving the maximum amount of financial aid, it is important to apply that early. Certain aid is awarded to students who apply the earliest, such as federal work-study dollars and many state and institutional grants and scholarships. There are important financial aid terms you should know to applying financial aid; 

• FAFSA: The Free Application for Federal Student Aid. Although some colleges use The College Board’s CSS Profile, or their own financial aid application, the FAFSA is the primary means of applying for federal and state aid, institutional aid, and even some college scholarships. Although you may decide to pay an advisor to help you complete the FAFSA, there is no fee to submit it and receive a determination about your eligibility for federal financial aid.

• SAR: This is the Student Aid Report. It is a summary of your FAFSA application and provides the initial insights into what your family can expect to pay to send you to college.

• COA: Cost of Attendance, or “sticker price,” is the amount a student might be expected to pay to attend a particular college, before financial aid.

• Net Cost: This is the amount most students pay after financial aid.

• EFC: The Expected Family Contribution is the estimated amount your family will be expected to pay for your college education once all financial aid amounts are taken into consideration. It is based on your family’s specific financial situation.

• Merit Aid: This is usually some type of grant or scholarship provided by the college based on a student’s abilities in academics, athletics, arts, or some other area.

• Need-Based Financial Aid: These are grants, scholarships, work-study opportunities and loans that are made available to students based on their family’s demonstrated financial need.

• Need-Blind Admission: Some colleges make admissions decisions without looking at financial circumstances. While this might be better from an admissions approach, they might not offer enough financial aid to meet your full financial need.

• Verification: Colleges will often request additional documentation to verify information provided on the FAFSA. If your FAFSA is selected for verification, pay very close attention to required deadlines.

• Student Loans: This is money which is borrowed for the purpose of attending college. It must be repaid after graduation. In addition to federal student and parent loans, there are also private student loan lenders such as College Ave. Plan ahead as to what your anticipated earning levels and repayment responsibilities will be before taking on any student loans.

Completing college financial aid applications can be a challenge, but having an understanding of the terminology will help you receive more financial aid about which college to attend.


Information you’ll need to fill out the FAFSA

Your FSA ID, which you can create on fsaid.ed.gov. Note that students and parents will need to create their own FSA ID and keep it private.

Your social security number and driver’s license, and/or alien registration number if you are not a U.S. citizen.

Your federal income tax returnsW-2s, and other records of money earned.

Your parents income tax returnsW-2 forms and 1040 forms if you’re a dependent.

Bank statements and records of investments (if applicable).

Records of untaxed income (if applicable).

Title IV Institution Codes for each school you’re applying to, which you can find from the FAFSA federal school code search.

 

2019-20 FAFSA Timeline  


·  Open date for the 2019-20 FAFSA - October 1, 2018   


·  Your school’s FAFSA deadline -    Different states and colleges have different FAFSA deadlines.


·  CAL Grant deadline for the 2019-20 FAFSA - March 2, 2019   


·  Federal deadline for the 2019-20 FAFSA - June 30, 2020        


· USE 2017 TAX INFORMATION TO COMPLETE THE 2019-20 FAFSA.


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