STEP 2: Define FAFSA and list the steps Unit 3: Apply STUDENT HANDOUT for getting federal financial aid. the free application for federal student aid The FAFSA is the form used by the federal government to calculate your Estimated Family Contribution and determine your need. Filling out the FAFSA is the first step to getting many different types of financial aid. FINANCIAL AWARENESS Your Student Aid Report (SAR) is a document created by the US Department of Education which tells your Expected Family Contribution. It is sent to you and to all of the schools that you list on your FAFSA. The SAR is covered in detail in Lesson 18. Note that beginning in October 2016, students and parents can file the FAFSA using prior-prior year tax data. If you file in October - December, use your (and your parents') most recent tax return. If you file in January-March, use the tax return from the previous year. Confused about which tax return to use? Reference the FAFSA help page: https://studentaid.ed.gov/sa/fafsa/filling-out#financial-info. FAFSA Action Plan: Part I When: As soon as possible. What: Apply! Action Steps Step 1: Register online for an FSA ID for yourself and your parents at www.fsaid.ed.gov.. Step 2: Fill out the FAFSA form online or on paper. How long will it take? About 15 minutes What information will you need? A Social Security Number (SSN) and your personal information (name, mailing address, etc.) 1-4 hours Step 3: Submit your FAFSA, sign it electronically, and wait! About 10 minutes * Your FSA ID * Your SSN or Permanent Resident # * Any W2s or 1099s you received * Your parent's or guardian's financial information from their prior year's taxes Your FSA ID FAFSA Action Plan: Part II When: Four weeks after you submit your FAFSA What: Review and accept or appeal, your Student Aid Report (SAR) Action Steps Step 4: Review your SAR and EFC. How long will it take? 10-15 minutes Step 5: Accept your SAR or appeal your SAR. About 20 minutes What information will you need? Estimated costs of attendance for your top school and program choices None Remember, Your Financial Aid Award = Cost of Attendance - Your EFC LESSON 15: YOUR FAFSA AND STATE AID APPLICATIONS 15: Your FAFSA and State Aid Applications Property of PeerForward/© 2020 PeerForward; Alllesson Rights Reserved. 243https://studentaid.ed.gov/sa/fafsa/filling-out#financial-info http://www.fsaid.ed.gov