FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)
Click here for myths about the FAFSA.
STEPS TO COMPLETING YOUR FAFSA
Step 1: Request a FAFSA ID
The student will need a FAFSA ID and one parent/guardian will need a FAFSA ID. Click on the image to the left to go to Federal Student Aid website.
Step 2: Submit the Free Application for Federal Student Aid (FAFSA)
As soon after October 1st as possible, seniors are encouraged to complete their FAFSA on the web. Students will need to provide extensive information about family income and income taxes from the previous year, assets, family size, number of family members in college, among other items. Click on the image to the left to go to the FAFSA website.
There is a federal deadline when this needs to be submitted by; however, that deadline is not a set date. Whenever the money is gone; it is gone. So, it is highly recommended that this is completed as soon as possible. If a student does not submit their FAFSA or does not submit it by the deadline; they will receive no aid in paying for college for that year.
The state of Illinois may have a separate deadline for being eligible for state aid.
There is a federal deadline when this needs to be submitted by; however, that deadline is not a set date. Whenever the money is gone; it is gone. So, it is highly recommended that this is completed as soon as possible. If a student does not submit their FAFSA or does not submit it by the deadline; they will receive no aid in paying for college for that year.
The state of Illinois may have a separate deadline for being eligible for state aid.
Step 3: Review Your Student Aid Report (SAR) and Make Corrections as Necessary.
A few weeks after your submit your FAFSA, you will receive your Student Aid Report (SAR) in the mail. The SAR is a document that will summarize the information you provided when submitting your FAFSA. The SAR will also contain your Expected Family Contribution (EFC), which measures your family's financial strength, and is used to determine your eligibility for federal student aid during one academic year. Your school will use this number to decide how much financial aid you are eligible to receive based on the school's cost of attendance. If you need to make changes to the information listed, do so now by following the instructions in the letter.
Step 4: Review Financial Aid Award Letters from Your Colleges.
Assuming that you are eligible for financial aid, every school that you were accepted to and that you listed on your FAFSA will send you a Financial Aid Award letter. Each award letter will tell you the type of financial aid you are eligible to receive from federal, state, and institutional sources and how much you may receive. Evaluate each letter to see which school is offering a better financial aid package and is the most cost-effective for you. This may weigh heavily on which school you ultimately attend. Click on the image at the left for a quick reference guide to evaluating award letters presented by Fastweb.com.