Financial Aid Information
To be considered for federal student aid programs, i.e. Pell Grant, Stafford Loan, etc., students and parents must compete a Free Application for Federal Student Aid (FAFSA) either electronically or on paper. Students do not have to pay for submitting a FAFSA. To complete the FAFSA, students need copies of their income tax returns and their parents' returns, W-2 forms, current bank statements, and records of any stocks, bonds, and other assets.
A demonstration site is available so students and parents can increase their understanding of FAFSA on the Web and/or show it to students and parents before they apply online. At the site, you can complete a sample FAFSA, make corrections, check the status of the application, and sign it electronically. However, when you choose "submit", the information is not actually submitted. The site is purely a learning tool. To access this site, go to http://fafsademo.test.ed.gov . The user name is eddemo, and the password is fafsatest. The site displays both the English and Spanish versions of FAFSA on the Web.
Internet address for online application: www.fafsa.ed.gov
Prior to completing the online FAFSA, students and parents must each obtain a PIN, which is used as the electronic signature. The PIN must be requested online at www.pin.ed.gov . The PIN remains valid indefinitely and can be used at Corrections on the Web and in the future when the student applies again or wants online information about his or her financial aid history.
Other Federal Programs
Two federal income tax credits are available for higher education expenses.
The Hope Credit, a tax credit worth up to $1,500 per student per year, can be claimed for qualified first-year and second-year students enrolled at least half time.
The Lifetime Learning Credit is a tax credit up to $2,000.
Talk with your accountant to obtain more information about these tax credits.
Last updated
December 16, 2011 8:46 AM
