GBHS Guidance Office

PREPARING THE FAFSA
Federal Application for Federal Student Aid

FAFSA – Free Application for Student Aid

Schedule:

1) Students receive form. (January)

2) Parents and students complete income tax forms and transfer figures to FAFSA form. Bank account balances are also listed. Be sure to list balances after all bills are paid for the month (February). (Be sure to not include money in accounts that will be used to purchase a car at the end of the year and if there is a savings account for college do not include the entire balance, put only what will be used for that year. Example: $8,000 balance – 4 years of college = $2,000 that would be reported as funds available for that school year.)

3) Need statement is mailed to parents. FAFSA Need Statement – the form is a snapshot of a student's need based upon where the student will go to school (cost) and the family's economic need.

Example: Student's need: $8,000 to attend KSU

Need Statement: $8,000 – cost

Government offers:

$1,000 Grant (Gift Aid)

$2,000 Work Study – (working on campus)

$3,000 Loan – subsidized

$2,000 Expected family contribution

A student can accept any, all, or part of what is offered. Students are highly encouraged to accept as little loan money as possible. The expected family contribution can be paid with savings, forms of scholarships-locally, at the school, etc. Financial aid officials at any college you may be considering are available to help with your questions. Please contact a financial aid official at your chosen college if your family situation has changed since last year. After filling out a FAFSA Form and agreeing to use the funds at a school, do not drop out during the year or you will owe those funds to the government.

Common Errors Made on the FAFSA
Making a mistake on the FAFSA can delay the processing of your application by up to three weeks. Think it can't happen to you? Think again. Historically, one in seven FAFSA forms are returned due to errors of some sort. Avoid the common mistakes:

The number one mistake students make is leaving a field blank. If the answer is zero or the question does not apply, write in zero.
Use the 1040 Federal tax return for income reporting and reporting taxes paid. Many students and parents mistakenly use their W-2 forms.
Don't forget to report all the required sources of untaxed income. These include Social Security, child support and Aid to Dependent Children.
Make sure to include your step-parent's information.
Include yourself in the house hold size. Even if you didn't live there during the previous year, you should always include yourself as part of your parent's house - hold.
Don't forget to sign the application. If you're filing as a dependent, both you and your
parents must sign.
Remember to file on time. Priority for programs with limited funds is often given to students who file the FAFSA early.

FAFSA Online

FAFSA on the Web - available in English and Spanish - allows students to complete the application more easily and faster than any other application method. A useful tool in preparing to complete the online application is the Pre-Application Worksheet. The Worksheet, designed for applicants who prefer to fill something out in writing before applying online, lists the FAFSA questions and provides boxes for students' answers. The order of questions on the Worksheet follows that of FAFSA on the Web, which differs from the paper FAFSA in 2003-04. Therefore, to avoid confusion, it is recommended that students no longer use paper FAFSAs to prepare for FAFSA on the Web.