Linda asks…
Where does financial information used in the FAFSA application go?
I’m trying to apply for financial aid through the Free Application For Student Aid (FAFSA), and my dad doesn’t want to give out sensitive information such as what’s located on his income tax returns (I would be a dependent student). Where exactly does this information go, and who’s going to be looking at it?
Michelle answers:
It is sent to the Central Processing Center for the Department of Education. Real people don’t actually look at it… It’s gathered and processed by computers, I’m sure, which analyze it for accuracy and then the info is sent to the schools you say you are interested in attending.
To ease your Dads mind a bit, you might tell him that he gives out more personal information about himself (that is actually sold to outside sources) by filling out one of those free drawing cards at a state fair or by giving a sales man his info when looking at buying a car.
The DoE does not give out any personal information about you or him to anyone except the schools you list on your fafsa.
Hope it helps.
Charles asks…
Will Fafsa Give me money to pay for books, cost of living and other cost not included in tuition?
Will Fafsa help pay for stuff other then school? like rent, utilities? I have tuition remission thru the state but am still have trouble paying rent will fafsa help that? And how will that work?
Michelle answers:
The FAFSA is the application. You list on there the type of housing you will use off campus, on campus, home. The result of your FAFSA is EFC. This is the number that gets sent to all the colleges you list on FAFSA. Those that you have applied to and offer you acceptance will look at your EFC and make a financial aid budget or cost of attendance COA for you. This will be:
Tuition.
Fees.
Books.
Room and Board.
Personal expenses.
Travel expenses.
= your COA.
COA
– your EFC
= your financial aid need.
They will then offer you different types of financial aid to come up with that financial aid need based on the funds they have (so file early closest to Jan 1 each year when funds are high), the limits each type has.
Here is a sample award offer: http://www.triptocollege.org/paying_colleges/figure_out/sample_letters.cfm
Any grants and loans you accept will be put in your college account by semester. The college takes out its charges for tuition, fees and room and board ifyou are dorming (that is dorm and food). Any left over is refunded to you for books, off campus is you chose that, travel and personal expenses.
Http://studentaid.ed.gov/students/attachments/siteresources/12-13_Guide.pdf
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
Michael asks…
How long do I wait for the processing of my FAFSA?
I submitted it recently. How long does it normally take to process an electronic FAFSA?
Michelle answers:
If all the signature requirements were met (signed by student and parent – if needed) FAFSA’s will typically process in 24-72 hours. You should have received an email telling you that your Student Aid Report – SAR – is ready to be viewed.
If it’s missing a signature, it’s not going to process as quickly, and, even when it does, it’s not going to generate all of the information ie: EFC
Go to:
www.fafsa.ed.gov
In box number 3 click on the first bullet point: check status of a fafsa
If it is processed (not processing) you can pull your SAR.
Lizzie asks…
What exactly is the “EFC” when dealing with the FAFSA, plus please review my plans for the FAFSA?
Hi so I atteneded a financial aid presentation at my school where college representatives came to talk to us about financial aid and filling out the FAFSA.
I get that I have to fill one out. So let me get the straight. So basically I file the FAFSA right, and when the government reviews and proccesses it and stuff, they will give me my “EFC” or expected family contribution.
I’m thinking it’s the number that they expect that your family can provide to pay for you to go to college.
So they take the total cost of admissions to the college, subtract your personal EFC which you get from the FAFSA, then the leftovers is whatever they’re going to offer you in aid?
So let’s say for example the cost to go to this college is $15,000. Your EFC is $5,000, so $15,000-$5,000= the college is going to give you $10,000 in financial aid?
I’m not too sure if that’s the way it worked. I didn’t get a chance to ask them at the presentation.
Oh and it’s better to have a low EFC right? If it’s high, they won’t give you as much in aid?
I’m confused about that part.
___________
And also, please can you guys review my current FAFSA plan?
So my mother recieved her 2012 W2s and tax information stuff.
My father doesn’t work so he doesn’t have that kind of paperwork. Technically, I think we can just go to get our taxes filed and stuff, but my dad says he’s still waiting on like his (I want to say retirement or social security benefits — omg I don’t remember what he said lol. All I know is that he’s waiting for something in the mail before we can go ahead and file our taxes haha).
So once all that arrives, we go to get our taxes filed, (hopefully before March 1st because that’s my school’s priority deadline), we wait for the EFC, we see whatever the college has to offer me in financial aid, then I accept it and pay the rest I need to, and it’s all good?
Is that how it works?
I’m so mind bobbled when it comes to college stuff and the FAFSA lol.
Thank you so much! 🙂
Michelle answers:
More or less, yes that is what the EFC is. That is not however, how schools use it. The lower it is, the less your family is estimated to be able to pay towards school.
That number along with the rest of the information in the FAFSA application is used by the school to determine your financial aid package. If your EFC is $5,000, then the school assumes that is the amount your family can pay towards your education for this year. It does NOT mean that your award package will cover the rest of the tuition cost. The school will ultimately decide your financial aid, and whatever is not covered you are responsible for via paying out of pocket, private scholarships, or private loans.
Pretty much, you’re on track. You’ll get your EFC and your financial aid eligibility as soon as you finish the FAFSA application. However, you won’t know for a couple months at least what further paperwork your school will need and what your actual award will be.
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