FAFSA

Identify which of the following statements about the FAFSA is TRUE.

• You can submit the FAFSA starting in January.
• There is an $80 fee to apply for the FAFSA.
• The amount of aid you may receive does not depend on when you file, as long as it is within the filing timeframe.
• If you miss your school’s deadline to complete the FAFSA, you should still complete it and submit it.

True or False: You must submit the FAFSA annually as you/your family's financial situation may change and therefore impact your aid.

• True
• False

Which of the following is TRUE about your Student Aid Report (SAR)?

• You receive your SAR and Expected Family Contribution (EFC) separately.
• You should carefully review your SAR for any errors, because schools use the information on it to create your financial aid package.
• You should wait until you accept an offer of admission from a college before reporting any errors you find on your SAR.
• You usually receive your SAR about 6 weeks after submitting the FAFSA.

The FAFSA is used to determine your eligibility for all of the following types of financial aid EXCEPT

• Private Loans
• Scholarships and Grants
• Work-Study
• Federal Loans

Which of the following situations is MOST likely to be accurate? (Assume that a student is attending college with a cost of attendance of $35,000)

• Family has EFC of $36,000 and student receives Pell Grant of $5,920.
• Family has EFC of $0 and student does not qualify for Pell Grant.
• Family has EFC of $0 and student receives Pell Grant of $5,920.
• Family has EFC of of $35,000 and student receives Pell Grant of $3,000.  

You overhear your friends talking about the FAFSA. Which of the following statements is TRUE?

• Sarah says, "I come from a relatively high-income family. I am still going to file the FAFSA though because there is no income cut-off to qualify for federal student aid."
• Ben says, "I support myself so when I file the FAFSA, I definitely won't have to include my parents' information on the form."
• Sadhana says, "My brother isn't the best student, so I told him not to file the FAFSA because most federal student aid programs take grades into consideration in the same way that academic scholarships do."
• Niko says, "I really don't like that filing the FAFSA only determines my eligibility for funding from the federal government. I have to then file a separate application for funding from the state and possibly schools that I'm applying to!"

To file the FAFSA, you will need all of the following EXCEPT

• Your Social Security Number
• Federal Tax forms, including W-2s from two years prior
• Bank statements, including savings and checking account balances
• Your high school student ID number

Why is it important to know what your Expected Family Contribution (EFC) is?

• The EFC is the limit that schools you are applying to can award to you in scholarships.
• You have to know what your EFC is in order to submit the FAFSA.
• Schools use your EFC to calculate the maximum amount of need-based aid you are eligible for.
• Your EFC determines how much you can take out in private loans.

After completing the FAFSA, your SAR (Student Aid Report) indicates that your Expected Family Contribution is $5,700. If your college's cost of attendance (COA) is $45,000, what is your financial need?

• $0
• $5,700
• $39,300
• $45,000

Arrange these steps in the financial aid process in the proper order from first step to last step.
1. Review Student Aid ReportII)
2. Get tax information from two years priorIII)
3. File FAFSAIV)
4. Receive Financial Aid Award letter from colleges where you have been accepted

• 3, 1, 2, 4
• 2, 3, 1, 4
• 2, 1, 3, 4
• 1, 3, 2, 4