2008 Woodie Awards
Students, fill out FAFSA for future college funding
Holly Perry
Issue date: 2/13/07 Section: Campus News
With the deadline quickly approaching for the Free Application for Federal Student Aid, otherwise simply known as the FAFSA, students need to rush to computers to apply for their share of funds.
Students who undertake the daunting task of filling out the FAFSA ultimately reap government-sponsored financial benefits.
The application requests tax return information from the student and the student's parents to determine the amount of collegiate financial aid that the government will allot to the student.
This financial aid is awarded through Federal Pell Grants, Federal Stafford Loans and Work-Study programs. The FAFSA must also be filled out in order to receive the Tennessee Lottery Scholarship. These programs administered by the FAFSA comprise the nation's largest source of student aid: during the 2004-05 school year alone, they provided approximately $74 billion in new aid to nearly 10 million postsecondary students and their families, according to the FAFSA's Web site.
March 1 is the priority deadline to fill out the FAFSA, and midnight on September 1, 2007, is the deadline for the Tennessee Lottery Scholarship. The priority deadline exists to ensure availability of funds. Money usually begins running out by mid-May.
Filling out the FAFSA is a process that must be repeated each year or the student will not receive financial aid for the upcoming school year.
Because such large amounts of money are at stake, individual security is of prime importance. Prior to filling out the FAFSA, a student and the students' parents can each obtain a personal identification number (PIN). This PIN number acts as an electronic signature, speeding up the financial aid process immensely. It takes 1-3 days to receive a PIN by email, and 7-10 business days by postal mail. PIN numbers are used to access a student's personal information in several U.S. Department of Education systems.
Every student will need to furnish parental income unless the student is 24, married, is a graduate student, has dependents other than a spouse and provides more than 50 percent support for that dependent, is an orphan or ward of the court, or is a veteran of the U.S. Armed Forces. Before beginning the FAFSA, students should have their Social Security Number, driver's license, income tax return, bank statements and investment records on hand, according to the FAFSA's Web site.
The application takes 3-5 days to process, after which the student will receive a Student Aid Report (SAR). Students will be given an Estimated Family Contribution, or an EFC, the report from which the college will determine the amount of financial aid to be awarded to the student.
Be warned, however: there are plenty of false FAFSA Web sites out there. The only official FAFSA Website is http://www.fafsa.ed.gov.
Students who undertake the daunting task of filling out the FAFSA ultimately reap government-sponsored financial benefits.
The application requests tax return information from the student and the student's parents to determine the amount of collegiate financial aid that the government will allot to the student.
This financial aid is awarded through Federal Pell Grants, Federal Stafford Loans and Work-Study programs. The FAFSA must also be filled out in order to receive the Tennessee Lottery Scholarship. These programs administered by the FAFSA comprise the nation's largest source of student aid: during the 2004-05 school year alone, they provided approximately $74 billion in new aid to nearly 10 million postsecondary students and their families, according to the FAFSA's Web site.
March 1 is the priority deadline to fill out the FAFSA, and midnight on September 1, 2007, is the deadline for the Tennessee Lottery Scholarship. The priority deadline exists to ensure availability of funds. Money usually begins running out by mid-May.
Filling out the FAFSA is a process that must be repeated each year or the student will not receive financial aid for the upcoming school year.
Because such large amounts of money are at stake, individual security is of prime importance. Prior to filling out the FAFSA, a student and the students' parents can each obtain a personal identification number (PIN). This PIN number acts as an electronic signature, speeding up the financial aid process immensely. It takes 1-3 days to receive a PIN by email, and 7-10 business days by postal mail. PIN numbers are used to access a student's personal information in several U.S. Department of Education systems.
Every student will need to furnish parental income unless the student is 24, married, is a graduate student, has dependents other than a spouse and provides more than 50 percent support for that dependent, is an orphan or ward of the court, or is a veteran of the U.S. Armed Forces. Before beginning the FAFSA, students should have their Social Security Number, driver's license, income tax return, bank statements and investment records on hand, according to the FAFSA's Web site.
The application takes 3-5 days to process, after which the student will receive a Student Aid Report (SAR). Students will be given an Estimated Family Contribution, or an EFC, the report from which the college will determine the amount of financial aid to be awarded to the student.
Be warned, however: there are plenty of false FAFSA Web sites out there. The only official FAFSA Website is http://www.fafsa.ed.gov.
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