FAFSA Information

Free Application for Federal Student Aid (FAFSA)

FAFSA

FAFSA on the webIf you would like to be considered for any federal need-based aid (Pell Grant, FSEOG Grant, Stafford loans, Perkins loans, and Federal Work-Study) or Carroll College need-based aid, you must complete the FAFSA.  It is easy if you take a few steps to get prepared.  In December, pull up the online FAFSA pre-application at http://www.fafsa.gov/ to get an idea of the questions you'll need to answer.  After January 1, complete the FAFSA using 2013 income tax information.  The results of your FAFSA or the expected family contribution will be sent to each school you list on the FAFSA.  Processed FAFSA results must be received by Carroll College by March 1, 2014 for consideration for institutional
need-based aid.

Carroll College recommends filing the FAFSA electronically in order to expedite processing. The estimated processing time for electronic applications is 48-72 hours vs. 3-4 weeks for a paper application.

Gather the necessary materials ahead of time:

[ ] If you are a first-time electronic filer, please request a Department of Education Personal Identification Number (PIN), which will serve as your signature on the FAFSA. For dependent students, a parent must also request a PIN. A PIN is required for submitting the FAFSA, making corrections, and checking the status of your application.

[ ] Social Security Number

[ ] Your parents' financial records, including most recent federal income tax returns, with all schedules; W-2 forms and other records of most recent earnings; current bank statements, mortgage information, business, farm or investment records; 1099 forms; and records of untaxed income, Veteran, Social Security and Welfare benefits.

A process referred to as IRS Data Retrieval (available in mid-February 2014), will enable Title IV student aid applicants and parents of dependent applicants to transfer certain federal tax information from an Internal Revenue Service (IRS) website directly to their Free Application for Federal Student Aid (FAFSA) on the Web application.  The intent is to simplify and streamline the student aid application experience for students and parents. 

Allowing applicants to transfer information directly from the IRS' database into the electronic FAFSA application will reduce time, effort, and data entry for FAFSA applicants and their parents.  It will also improve data accuracy and consistency, reduce the need for corrections and minimize the possibility of verification selection.

[ ] It's easier to fill out the FAFSA if you have a completed 2013 federal tax return, but you can use estimates rather than missing a deadline.  Applicants can file the FAFSA earlier (using estimated information), and then return to the saved electronic FAFSA to retreive IRS data once federal taxes have been completed.  Applicants will be able to use the FASFA-IRS Data Retrieval process when making online corrections to their FAFSA - not just at time of initial FAFSA completion.  

[ ] Have your information sent to Carroll College, code 002526.

Read all instructions thoroughly.  Work through each step carefully and accurately.  Careless errors can cost you time which may mean missed deadlines and dollars!  Avoid the most common mistakes:

  • Spelling name incorrectly. Spell your name exactly as it appears on your Social Security card.  Using a nickname or other name will cause delays. 
  • Leaving a field blank
  • Not reporting ALL untaxed income
  • Not reporting step parent information
  • Reporting the wrong "taxes paid"
  • Incorrect number of family members attending post-secondary education
  • Not signing the form or filing on time

* Errors made in completing the FAFSA and/or supplemental forms may delay application processing and result in the loss of financial aid funds.

For additional FAFSA video instructions, visit the SmartAboutCollege website.

After your FAFSA is submitted

After your FAFSA is submitted you will receive a Student Aid Report (SAR).

The SAR reports your Expected Family Contribution (EFC), the number used in determining your eligibility for federal student aid. From the EFC, the college will determine your demonstrated financial need.

Here is an example:

2014-2015 Estimated Cost of Attendance (COA): $42,930
Expected Family Contribution (EFC): ($5,123)
Demonstrated Financial Need: $37,807

NOTE: Need varies based on cost of attendance

Your FAFSA results will be sent to you and to the schools that you listed on your application.

If you file electronically, the results are available on-line. If you file a paper application, you will receive the results in the mail.

Questions?

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