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Everything You Need to Know about the FAFSA

What is the FAFSA?

The FAFSA, or Free Application for Federal Student Aid, is a form that should be completed annually by any college student seeking student loans or grants for the next school year. To get any kind of federal financial aid, you must file the FAFSA. It will determine how much financial need you have for student loans, grants, and even work study. Federal student loans can be either subsidized or unsubsidized. Subsidized loans are loans that the federal government subsidizes for you while you are a student. That means that the interest on the loan is paid for you. Unsubsidized loans have interest that accumulates while you are in school. Grants do not need to be repaid. They are basically free money given based on need. Work study is given based on need as well. You work on campus part-time and get paid with that money.

Who is it for?

Subsidized loans are available for undergraduate college students with financial need. Unsubsidized loans are available for undergraduate and graduate college students with no requirement to show financial need. You must show financial need in order to qualify for grants and work study as an undergraduate and graduate student. You must also be at least a half-time student to receive federal financial aid.

When should it be done?

Submit your FAFSA application by March 1st for K-State because it is their priority deadline. That is when certain grants will be awarded to needy students. The sooner you submit your application, the better. Keep in mind that every school has a different priority deadline so make sure you know when it is. If you miss the priority deadline, it’s not too late! Go ahead and file your FAFSA as soon as possible.

Where to start?

Complete your FAFSA at https://fafsa.ed.gov/. If you have not completed the FAFSA previously, you and your parents may need to register for a Federal Student Aid PIN. You can do so at pin.ed.gov. Remember that pin and do not share it with anyone. It will serve as your electronic signature at the end of your application.

If you are a dependent of your parents’, then you will need their information in addition to yours. You will need social security numbers, 2013 federal income tax returns, bank and brokerage statements, and your PIN numbers.

You need your tax information for the FAFSA but if you have not done your taxes yet, then you should still submit it with estimates first. You can go back to it later and import your tax information directly to your FAFSA using the tax filing pin you created when doing your taxes.

Renewing your FAFSA

If you have completed the FAFSA before, it will be easier to fill it out now. Your information from prior years will be transferred, then you can just update your information with new tax return information, etc. You can use the import tool to retrieve your income tax information.

Melissa Daovannary
Peer Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc

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