Paying for College: The First Three Steps

Introduction

• Importance of financing your education.
• Decisions made now are crucial and impactful for life after school.
• Financing education doesn't have to be overwhelming; simplified process.

Step 1: Completing the FAFSA

Importance of FAFSA

• Keystone to financing an education.
• Free Application for Federal Student Aid (FAFSA) is crucial for all students regardless of age, family income, or academic background.
• Essential for accessing scholarships, grants, work-study, and state aid.

How to Complete FAFSA

• Start by visiting studentaid.gov.
• Online completion is fastest and safest, but paper forms are available.
• Determine dependency status (dependent vs. independent student):
  • Dependents report both their and their parents' income/assets.
  • Check studentaid.gov/dependency for guidance.

Key Changes and Requirements

• Since October 2016, FAFSA allows for earlier completion.
• Submit as early as October for the next academic year.
• Required documents:
  • Social Security Number or equivalent ID.
  • W-2 forms, bank statements, and other income documents.
  • FSA ID is necessary for submission.

Submission and Follow-Up

• Estimated time: 55 minutes for first-time completion.
• After submission, receive a Student Aid Report (SAR):
  • Review for accuracy and correct if needed.
  • Keep a copy for records.

Understanding EFC

• Expected Family Contribution (EFC) calculated based on submitted information.
• EFC remains constant across different schools for that year.
• Complete FAFSA annually; EFC may change with income or sibling status changes.

Step 2: Understanding Your Award Letter

• Schools send award letters detailing your financial aid package.
• Next topic to be discussed in detail.

Conclusion

• Completing FAFSA is a crucial initial step in securing financial aid for college education.
• Ongoing annual requirement for continuous funding.