castlefordschools ~ financial aid

Free Application for Federal Student Aid (FAFSA) – Required for most scholarships!

It is highly recommended to get your PIN now and submit a web application as you get your results much faster!  Fill out the FAFSA after, but as close to JAN. 1st as is possible!!!

To sign your FAFSA electronically, you (and your parent or primary guardian) need a US Department of Education PIN to verify your .) You can get your PIN by visiting www.pin.ed.gov  Your FAFSA will be processed faster if you sign using a PIN than if you mail in a signature page.

So:

1.  Get a PIN (for both you and your parent) from the US Dept. OF Ed at this address www.pin.ed.gov.

2.  Fill out the online FAFSA form (after, but as close to Jan 1st as possible) at www.fafsa.ed.gov 

*Note: Most scholarships require the FAFSA to be filled out in order to qualify.

The FAFSA (FREE APPLICATION FOR FEDERAL STUDENT AID)

The FAFSA - An Overview

Applying for financial aid is easier than you think. Your first stop: the Free Application for Federal Student Aid (FAFSA). For many schools, this is the only form you need.

What is it?

The FAFSA is the form the federal government uses to determine your eligibility for federal assistance (loans, grants, work-study appointments and some scholarships). Schools also base their financial aid packages on the FAFSA. And, as the name implies, the FAFSA is completely free.
Using the information you supply on the FAFSA, the federal processor determines your Expected Family Contribution (EFC) - the amount of money you and your parents will be expected to contribute to your college costs. Your school then applies an equation to decide how much financial aid you'll need. Your EFC is subtracted from the school's Cost of Attendance (COA) to calculate your Financial Need.

COA	Cost of Attendance	Tuition, fees, room and board, books and supplies, travel and incidental expenses
-EFC	Expected Family Contribution	Amount of money your family will be expected to contribute
=$$$$	Financial Need	Amount you will need to go to school

The school tries to meet your need through a financial aid package made up of funds from federal, state, school and private sources as well as loans and student employment.
You should submit a FAFSA every year you need aid - even if you think you don't qualify for financial aid. Your eligibility can change from year to year, especially if there are changes in your family's circumstances. Also, being rejected for federal aid is sometimes a prerequisite for receiving private awards.

When should I apply?

The new FAFSA form becomes available each year on or before January 1. Submit your application as soon after January 1 as possible. At many schools, funds are limited; if you submit your FAFSA too late, they won't have any aid left for you!
Your school may require additional forms besides the FAFSA or an earlier submission deadline. Contact your school's financial aid office to learn about requirements for your school.

How do I file the FAFSA?

You can file a FAFSA by:

• Visiting the FAFSA Web site and filing the form online.
• Calling the Federal Student Aid Information Center (number and hours below) to request up to three copies of the paper form or print the PDF from the web site and send via regular mail.

If you have any questions about the FAFSA or federal student assistance programs, call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243, TTY 1-800-730-8913) from 8:00 a.m. to 8:00 p.m. Eastern Time, Monday through Friday. You can also submit questions through the FAFSA Web site.

What happens next?

After you file your FAFSA you'll receive your Student Aid Report (SAR). It's a summary of the financial aid you can expect to receive and your official record that the federal processor received your FAFSA.
If you submitted a FAFSA online, or included your email address on your paper FAFSA, you should receive your SAR in one to two weeks. Submit a paper FAFSA and you'll receive your SAR in four to six weeks.
The federal processor will send a copy of your SAR to up to six schools that you list on the FAFSA. If you're applying to more than six schools you can send photocopies of your SAR or use one of these options listed on the FAFSA Web site.
Once you've received your SAR:

• Carefully review to make sure all the information is correct. If there are any errors, you can correct them online if you completed your FAFSA on the Web. Otherwise, call your school's financial aid administrator or the Student Financial Aid help desk at 1-800-433-3243 to ask how you should make corrections.

• Note your Data Release Number (DRN). It's the four-digit number located on the lower left corner of the first page of your SAR. You will need it to apply to additional schools.

• Check to see if your SAR has been selected for verification. If you have been selected, there will be a notification in the text of your SAR. About 30 percent of FAFSAs are randomly selected for verification.

If selected, you will be asked by your college financial aid administrators to provide more information. Be sure to respond as soon as possible. Your aid offer may be delayed until the materials are received - which may leave you without aid if funds have already been allotted.

If you do not receive your SAR within four to six weeks, call the federal processor at 1-800-433-3243. Be ready to provide your Social Security Number and date of birth for verification. Do not submit another FAFSA form.

Filling out your FAFSA is the first step toward receiving financial aid. Start early, follow these steps and you may find that financing your college education is easier than you thought!

 

---------------------------------------

FAFSA CHECKLIST - Before you start

It's time to fill out the mother of all financial aid forms: the FAFSA. Don't worry, it's easier than you think. But before you sit down to complete the form, make sure you have all the necessary materials. You'll need:

• Your Social Security card and driver's license, and/or alien registration card if you are not a US citizen.
• Your income tax returns, W-2 forms and 1040 forms for the previous year. If you're married, you'll also need your spouse's documents.
• Your parents' income tax returns, W-2 forms and 1040 forms for the previous year (if you are dependent).
• Records and documentation of other untaxed income received such as welfare benefits, Social Security income, veteran's benefits, AFDC, or military or clergy allowances.
• Current bank statements, and records of stocks, bonds, mutual funds and other investments.
• Current mortgage information.
• Business or farm records (if applicable).
• Records relating to any unusual family financial circumstances, such as medical and dental expenses not covered by health insurance, tuition expenses at elementary or secondary schools, unusually high child care costs, death, divorce and loss of unemployment. (These aren't required, but they could influence the amount of aid received.)
• Title IV Institution Codes for each school you are applying to. You can get this code from the school, or you can use FinAid's Title IV School Code Database.

---------------------------------------

Filling out the FAFSA can be tricky. Keep these tips in mind and you shouldn't have any problems.

Identify Yourself

• Use your legal name as it appears on your Social Security card. Nicknames or aliases will cause a processing delay.
• Read the questions carefully. The words "you" and "your" on the FAFSA always refer to the student, not the parents.
• To be considered a veteran, you must have served on active duty and been discharged under other than dishonorable conditions. If your service was only for training purposes (e.g. National Guard or Reserves, or ROTC), you are not considered a veteran for your federal financial aid application.
• Remember to count yourself, the student, as one of the people in your household who will be college students during the award year.

Your Parents and the FAFSA

• If your parents are divorced or separated, the parent with whom you lived the most during the past 12 months is the parent responsible for filling out the FAFSA. This is not necessarily the parent who has legal custody.
• If the parent responsible for completing the FAFSA has remarried, the new spouse must report their income and assets on the FAFSA. Prenuptial agreements have no bearing on this requirement.

Given the Option

• In the question that asks about your interest in different types of aid (e.g. work-study and student loans), answer "yes" to each question. Answering "yes" does not obligate you to accept a loan or work-study position, nor does it guarantee you'll be offered either. Answering "no" to these questions will not get you more grant aid.
• Even if you qualify for the simplified needs test, you should still complete the asset information section of the FAFSA. Some states and schools use this information for computing their own financial aid awards.
• By submitting the FAFSA, you give permission to release your information to the state aid agency. You cannot apply for financial aid without releasing this information.

What Counts as Income?

• The Earned Income Credit is considered "untaxed income" on the FAFSA. Other types of untaxed income include retirement plan contributions made during the year and military food and housing allowances.
• Taxable earnings from work-study jobs as well as any grant or scholarship monies that were reported on your income tax return are counted.
• Prepaid tuition plans are not reported as assets on the FAFSA.

Before You Send Your FAFSA

• Whether filing online or off, sign the form (you'll use your PIN online) and get all the other required signatures. If you don't sign the form, you will receive an SAR, but you will not receive aid.
• Do not include anything with the form when you mail it; any enclosures will be destroyed. Likewise, do not write comments or notes in the margins of the form. If there are unusual family financial circumstances, you should contact the school's financial aid administrator to ask for a professional judgment review.
• Make a copy of the form before mailing it. You can print out your online FAFSA before you submit the application.
• Submit the form on time.

If you don't understand a question or are having trouble filling out the form, call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).