Financial Aid Overview Presentation
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FAFSA: Free Application for Federal Student Aid
FAFSA Website: www.fafsa.gov
*Parents without a Social Security Number cannot create a FSA ID. You must sign the FAFSA by printing the signature page and mailing it in.
**Students without a Social Security Number should NOT complete the FAFSA. If a student has a valid Social Security Number but a parent does not, put 000-00-0000 for the parent’s SSN.
- The FAFSA is the financial aid form used by colleges & universities to determine your financial aid awards. We recommend every student completes it regardless of your income level.
- You cannot begin the FAFSA until October 1st. Class of 2022, you will be completing the FAFSA for the 2022-2023 school year.
- Both students and a parent must create a FSA ID. You can create this before October by going to fsaid.ed.gov
- The FSA ID acts as an electronic signature. Both the student and a parent need to sign the FAFSA using the FSA ID.*
- You will complete one FAFSA (for the student). Parents do not create a separate FAFSA.
- You can submit the FAFSA using your 2020 income information. The easiest way to complete the FAFSA is to use the built-in IRS Data Retrieval tool, so that the IRS can populate your financial information into the FAFSA. Doing this requires a FSA ID.
- You do NOT need to log back into your FAFSA and update it after completing 2021 taxes.
- The FAFSA determines your Expected Family Contribution (EFC): the amount the government thinks your family can contribute toward the student’s education.
- The FAFSA determines eligibility for various forms of financial aid: Grants and scholarships (money you don’t have to pay back); Work-study jobs (paid, part-time work on campus); Loans (money you need to pay back, usually after you graduate).
- Have the following documents/information on hand when you start the FAFSA:
- Student and parent Social Security Numbers (be sure they are correct!)**
- Driver’s license number if you have one
- Your Alien Registration number if you are not a U.S. citizen
- Dates of birth for student and parents
- Month and year of marriage, separation, divorce, or change in marital status
- Records of income, such as income earned from work and business, child support paid and received, and any untaxed income. Refer to: W-2 forms or Federal Tax Return Forms 1040, 1040A or 1040EZ
- Information on savings and checking account balances; investments, including stocks and bonds and real estate but not including the home in which you live; and business and farm assets for you, and for your parents if you are a dependent student.
- You will NOT be mailing these records to FAFSA.
*Parents without a Social Security Number cannot create a FSA ID. You must sign the FAFSA by printing the signature page and mailing it in.
**Students without a Social Security Number should NOT complete the FAFSA. If a student has a valid Social Security Number but a parent does not, put 000-00-0000 for the parent’s SSN.
Financial Aid for Undocumented Students
- Students who are undocumented or DREAMers should not complete the FAFSA. Even if you have a temporary social security number through DACA, do not use it to fill out the FAFSA.
- Students who are undocumented are encouraged to complete the Alternative Application for Illinois Financial Aid in order to receive the Illinois MAP Grant
- Work with your counselor to contact schools of interest and inquire about their financial aid procedures or forms for undocumented students.
- While undocumented students cannot receive federal grants or federal student loans, they can receive the Illinois MAP Grant, institutional aid directly from a college, and private scholarships. They also qualify for in-state tuition rates at public Illinois colleges.
Financial Aid & Scholarship Resources
Financial Aid Terms and Vocabulary:
https://studentaid.ed.gov/sa/glossary
Scholarship Search Tools:
CPS Academic Works
CPS Academic Works LIVE Scholarship Database (updated frequently)
College Board's Big Future
Cappex
Fast Web
Peterson's
RaiseMe
Scholarships.com
https://studentaid.ed.gov/sa/glossary
Scholarship Search Tools:
CPS Academic Works
CPS Academic Works LIVE Scholarship Database (updated frequently)
College Board's Big Future
Cappex
Fast Web
Peterson's
RaiseMe
Scholarships.com