Applying for Financial Aid

Does the process of completing the FAFSA confuse you? You’re not alone. Here’s a brief overview of how the process works:

FAFSA

Apply online beginning January 1 at www.fafsa.ed.gov. As a CPS student, you are expected to COMPLETE AND SUBMIT YOUR FAFSA on or before March 1. Colleges award money on a first-come, first-serve basis. If you file later, your chances of receiving your maximum award are reduced. The absolute latest date that you should COMPLETE AND SUBMIT YOUR FAFSA for the upcoming fall term is June 30.

FAFSA is a form that must be filled out each year by students expecting to go to college or by current college students.

There is more than $80 billion available in federal grant, work-study and loan programs every year. Also, most states and schools use information from the FAFSA to award non-federal aid.

The FAFSA comes in two versions—paper and electronic. Applying online at www.fafsa.ed.gov is the easiest way to apply for federal aid. It reduces the chances of errors and decreases the processing time.

If you want a paper version of FAFSA, ask your counselor or college advisor. You can also get a paper version by calling 800-433-3243.

FAFSA Tips:

• Check your deadlines. Each state has different FAFSA deadlines. An out-of state school has a different FAFSA deadline than an in-state school.
• Be sure to COMPLETE AND SUBMIT YOUR FAFSA at www.fafsa.ed.gov. Other FAFSA sites can charge fees.
• Completing the application can be difficult so we highly encourage you to work on your application with a counselor or college advisor.
• Check out our calendar for workshops and events that are offered to CPS students to help you complete your FAFSA application.
• Check out Fastweb’s Quick Tips for Filing Your FAFSA
• Watch the FAFSA-Made-Simple videos

FAFSA steps:

• Apply for your Personal Identification Number at http://www.pin.ed.gov/.
• Get your parents income tax information. Your parents don’t have to file their income tax return before submitting the FAFSA.
• Gather all the documents you’ll need (click here for a list).
• Make sure you know your parent(s) and/or guardian(s) birth date and year.
• Save a copy for your own records.

SAR: REVIEW IT CAREFULLY

The Student Aid Report (SAR) will be sent to you by email or mail within a few days to four weeks after you COMPLETE AND SUBMIT YOUR FAFSA. If you submitted your FAFSA online, you will need to access your SAR by logging back into your account and clicking on ‘check status of submitted FAFSA.’ The SAR contains the information you and your parents entered on the FAFSA. Review it carefully. Errors will be highlighted and need to be corrected. Make and submit corrections promptly to avoid delays. Keep a copy.

After all the errors are corrected and accepted, the SAR will show your expected family contribution in the upper right of the front page. The EFC is sent to federal and state governments, as well as colleges to determine the financial aid you will be offered.

FINANCIAL AID AWARD

Each college that accepts you will send you a financial aid award letter. It may include grants, scholarships, loans, and work-study. Compare the offers and make your choices. Talk to the financial aid office at the college about anything you don’t understand. Review offers and compare your unmet need.

As soon as you make your decision and accept one college, tell the other colleges that you don’t plan to attend so that they can release the money they have reserved for you to another student.

MORE INFORMATION