Important FAFSA Words
What does FAFSA stand for?
Free Application for Federal Student Aid
Why do you fill out the FAFSA?
So that you can potentially receive grants or loans to help you pay for college or career/trade school.
What is the name of the type of financial aid that you do not have to pay back and is based on your family's financial situation?
Grants
What is your FSA ID?
It is your username and password and it is how your sign your FAFSA when completed.
Your FSA ID is your digital signature.
How often should you fill out the FAFSA?
Once a year (every year that you want to be considered for financial aid).
What is the name of the type of financial aid that you do not have to pay back and is based on a variety of requirements like GPA, essays written, student involvement, etc?
Scholarships
Where can you check the processing status of your FAFSA form?
By logging into your StudentAid.gov account.
True or False: Students and Parents/Guardians can share their FSA ID. They do not need their own FSA ID.
False. Students and parents/guardians should each have their own FSA ID because it is what they use to sign the FAFSA. (It's like their signature.)
What types of questions are on the FAFSA form?
1. Personal Information
2. Financial Information
3. Legal Parent's Information (if you are a dependent student)
What is the name of the type of financial aid that you receive through working in an on-campus job?
Work study
If you completed your FAFSA online, (and there are no issues), about how long does the application take to process?
1-3 days
What is a SAI?
The Student Aid Index. The SAI is a number calculated using your FAFSA information to determine eligiiblity for need-based aid.
What will you need to complete your FAFSA application?
-Social Security Number
-Alien Registration Number if you are an eligible noncitizen
-Possibly your federal income tax return, W02s and other records from 2 years previous (you may not need these if you are able to use the IRS Data Retrieval tool)
What is the name of the type of financial aid that you have to pay back when you either graduate or stop going to school?
Loans
True or False: The Federal Pell Grant and SAI that are listed in your confirmation email are estimations only.
TRUE.