Michelle answers:

FAFSA stands for free application for student aide. It just sets you up for different financial aid options. The main thing that people try to get is the Pell grant, and you don’t have to pay that back, but if you don’t get Pell then you may qualify for other grants, that you will not have to pay back. But if there are not enough grants to pay your tuition, fees, and other needs, then you can take out student loans, which are government funded, and you pay back at a government rate. Example if you fill out fafsa, you may not qualify for Pell, so they may give you a state or school grant, but its not enough for tuition, so then you may take out a stafford loan, and pay it back at, i think the rate is 5% or something like that now. Good luck with your education. You will love it!!!!!!

Michelle answers:

Did you get an email that your SAR was available to view. If not, then something is wrong. Did you submit your FAFSA? Save means to save your information where it is and submit means to send it to them.

How it works: Once you finish the FAFSA you have to wait for it to be processed. This means they are taking in your information, seeing if anything is missing. It can take up to 2 weeks if you did it online (usually less). You can log onto your FAFSA and it will say processed when it has been processed. You wont get an email about the processing status, just check daily yourself. Then you wait while they put that information into a formula they used which the result will be your EFC, estimated family contribution. This number is not how much you get or how much you pay. This is just a result of the formula they use and a measure of your financial strength. They will then put this EFC and a recap of your FAFSA in a report called SAR, student aid report. From the time your FAFSA says processed to the time your SAR is ready will be up to 2 weeks (usually less). You will get an email saying our SAR is ready. You just log into FAFSA to view it. They will also send this SAR directly to the colleges you listed on your FAFSA. Those colleges which you applied to who offer you admittance will then create a financial aid award offer for you based on your EFC. The lower the EFC the more financial aid you need based on your FAFSA results. They will then create a financial aid award offer for you. This can include grants, student loans, parent loans, federal work study and aid your college offers and state offers. Usually for fall the award offers will get to you by early mid april by email, snail mail or both. Then you look over the offers from the different colleges, choose a college to attend, and then you will accept and deny each type of aid they may offer you. The way you receive the aid differs per school but federal aid is most always deposited into your college account. My daughter gets hers per semester on the disbursement dates which is about 2 weeks before the semester. These dates she knows because they are posted on her account she logs into. The college will automatically take out their charges like tuition, fees, housing and meal plan and any left over is your refund. They could mail it or my daughters college uses a debit card visa

Contact them: http://www.fafsa.ed.gov/contact.htm

Michelle answers:

The FAFSA is confusing to fill out now matter what. Its not easy. Yes it will ask taxes yours and theirs (theirs only if you are dependent fafsa status) if worked and required to file one. Without taxes you financial aid will be held.

There are 2 FAFSA statuses. Dependent meaning your parent information is required on the FAFSA and Independent meaning you do not need your parent information on the FAFSA.

Being an independent person living on your own, paying your own bills has nothing to do with independent FAFSA status. Being listed as a dependent has nothing to do with FAFSA dependent status.

From FAFSA help. Will I need my parent info (are you dependent) http://www.fafsa.ed.gov/help/fftoc02k.htm

The special circumstances they talk about link is if you are adopted, parents in jail, you removed from them for documented abuse. If you feel you have osome other circumstance that you cannot put your parents on the FAFSA call them and ask them. However, them not wanting to help you is usually not a good enough reason. Contact here and also whenyou are filling it out if you have trouble withquestions on the form call this same number: http://www.fafsa.ed.gov/contact.htm

Browse FAFSA help to learn about it: http://www.fafsa.ed.gov/help.htm

Great sites to learn about financial aid:
This comes out each year so look for it the year you do FAFSA: http://studentaid.ed.gov/students/attachments/siteresources/12-13_Guide.pdf

http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp

http://www.finaid.org/

Michelle answers:

The FAFSA form for 2012-2013 school year financial aid funds is the same form, all this year.

The “priority” part just indicates that FAFSAs completed and submitted by the “priority” date will be processed and evaluated before the forms that are submitted after the priority date. So, unless you get your FAFSA completed and submitted by March 15, it may take longer for you to be notified of your SAR (Student Aid Report) and it may take longer for the FAFSA information sent to the schools you list to review the information and determine if you are eligible for Pell Grant funds and to offer you a Federal student loan.

Bottom line – next year, complete and submit your FAFSA much earlier than this time of year – like mid-February.

Many schools have earlier deadlines than the FAFSA priority deadline for them to receive student FAFSA information so that the school financial aid staff can consider the student for school funded financial aid (grants and/or scholarships that are funded by the particular school.) By waiting, you may have missed out of such consideration.

If you have more FAFSA questions, I recommend you talk (by phone or in-person) with a financial aid adviser from the school you will attend this Fall.

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