Once you submit the FAFSA , you can breathe a sigh associated with relief as you check this off the to-do list. Your FAFSA will be processed within three to five days. After that time, you will receive a message with a link to your Student Help Report (SAR), which will include a overview of your application and let you know in case there were any issues that still need to be resolved. If your application will be complete, then the SAR will display your Expected Family Contribution (EFC), which is then used to calculate your financial aid eligibility at each institution
Although it may seem that you’ve completed everything at this point, there may still be more to the application process. After you send your FAFSA, you may be selected with regard to Financial Aid Verification . Always keep an eye out for emails, letters, portal messages etc . from the financial aid offices, as colleges will often send missing information notifications if they are looking for verification documents from you. Don’t ignore these requests, as it may put your financial aid in jeopardy or at least delay getting your finalized financial aid award. Check your spam folders regularly as they emails can sometimes look like spam.
FAFSA Restoration is Easier… Really!
In order to reapply for financial aid, you will need to complete the FAFSA for each academic year. Nevertheless , the renewal form is much easier than the initial form, as all the demographic information is populated from your prior FAFSA. You’ll simply need to tackle the financial section, add the college your child is participating in, review the pre-populated data, digitally sign with your FSA IDs and submit!
Have you heard that the FAFSA is transforming ? The 2016-2017 academic yr is the last time the FAFSA will be based on the prior income yr. Starting with the 2017-2018 educational year, the FAFSA will be based at the prior-prior year income (in this particular case, 2015 again) and it will be accessible earlier three months earlier than it has been previously: on October 1 saint , 2016.
Since the base year is changing, you’ll have much easier access to the information necessary to finish the form and you will not need to worry about price your income. You can even use the IRS Data Retrieval Tool and many monetary items will populate for you from the IRS! These items the Adjusted Gross Income, tax filing status, type of tax return filed, income earned from work, income tax, INTERNAL REVENUE SERVICE exemptions, education credits, IRA deductions and payments, tax-exempt interest revenue, untaxed IRA distributions, and untaxed pension. This will make the economic section a breeze and you’ll only have to worry about filling in any untaxed income and asset information.
- How to File the FAFSA: First Steps
- How to File the FAFSA: Completing Each Section
- Financial Aid Verification – How to Handle the Process
Michelle Clifton is a college finance expert at College Trainer. Before joining College Coach, she was a Senior Financial Aid Officer with Babson College and a Student Loan Official at Rhode Island School associated with Design.