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Completing the FAFSA


Completing the Free Application for Federal Student Aid (FAFSA) is the first step in the financial aid process. You must fill out the FAFSA to apply for federal student financial aid, such as the Pell Grant, student loans, and college work-study. New York State and most colleges use your FAFSA to make their financial aid awards as well.
The sooner you fill out your FAFSA, the better. Many types of financial aid are distributed on a first-come, first-serve basis, so it’s to your advantage to file as early as possible. Check with your college and file in time to meet the earliest deadline. It’s important to meet all deadlines!

To help make completing it a breeze, following is an overview of the FAFSA process.

First, Gather This Information
Much of the financial information required on the FAFSA comes from your federal tax forms – yours and your parents’ – but if your tax forms haven’t been completed yet, you can still file your FAFSA using estimated income, and update it later. The most accurate estimated income figures can be taken from end-of-year pay stubs or W-2 forms.

In addition to these tax forms, have the following information ready before you begin.

  • Your Social Security Number
  • Your driver’s license if you have one
  • Records of last year's untaxed income, such as child support and untaxed income from such agencies as: Social Services, Social Security, and the Veteran's Administration;
  • Federal and state income tax forms for the previous year for you, your parents, or your spouse, if married (see IRS Data Retrieval below);
  • Bank account balances; lists of stocks, bonds and other assets; and both the estimated value and mortgage balance of other real estate (not including your home).
  • Your alien registration or permanent resident card if you are not a U.S. citizen
  • A valid email address, if you have one.

IRS Data Retrieval for Federal Tax Returns
Beginning February 1, 2012, students and parents who have filed their 2011 federal tax returns will be able to select the IRS Data Retrieval option on the FAFSA to transfer tax information to the FAFSA.

The Federal Tax Return must be filed at least two weeks (if filing electronically) and 6-8 weeks (if filing paper return) before using the IRS Data Retrieval Process to allow the IRS time to process the return.

To use this option one must:
  • Have a federal tax return filed with the IRS
  • Have a valid Social Security Number
  • Have a Federal Aid Personal Identification Number (PIN)

This option is not available if:
  • The marital status changed after December 31, 2011
  • The filing status was married filing separately
  • An amended return was filed
  • A foreign tax return was filed
  • A tax return was filed using a Tax ID Number (TIN)
  • The home address on the FAFSA does not match the address on the tax return

How it works:
When either a parent or student selects the IRS Data Retrieval option, the FAFSA central processing system (CPS) will conduct a data match with the IRS. You will then be redirected to a secure IRS website where you permit the IRS to transfer income data to the CPS processor. Successfully matched data will be noted on the FAFSA as “Transferred from the IRS”. A successful match will eliminate reporting errors and processing delays. If the FAFSA is selected for verification and you have used the IRS data, you will not need to request a federal income tax transcript. If you do not use the IRS data, you may be selected for verification and will need to request a federal income tax return transcript.

Already completed your FAFSA?
If you have already filed a FAFSA, you can still use the IRS Data Retrieval option. Go to fafsa.ed.gov and sign into your FAFSA account with your PIN. You should update your information and select the IRS Data Retrieval option.

How to obtain a Tax Return Transcript:
If the FAFSA is selected for verification and the IRS Data Retrieval option was not used, students and parents must request a tax transcript from the IRS and submit to the Financial Aid Office. Personal copies of tax returns can no longer be used.

There are three ways to request a tax transcript: by phone, online, or by mail. Please make sure to request a Tax Transcript. Do not request a Tax Account Transcript or Record of Account because they cannot be used for financial aid verification purposes.
  • Call 1-800-829-1040
  • Online at: www.irs.gov
  • By mail at: Complete Form 4506-T (Request for Transcript of Tax Return). Form 4506-T is available online at http://www.irs.gov/pub/irs-pdf/f4506t.pdf. It should be mailed to the address indicated on the form.

The transcript will be mailed to you within 5 to 10 days from the IRS.

Now, Get Started
Click the “Complete the FAFSA” application button on the home page, and follow these steps:

  1. Get a federal student aid Personal Identification Number (PIN) for both you and a parent. Each of you needs your own separate PIN. You’ll get your secure PINs from the U.S. Department of Education by email right away (or mail, if you prefer, but this takes about a week). You use the PIN to “sign” your Free Application for Federal Student Aid (FAFSA) electronically.
  2. Complete and submit the FAFSA. The Complete the FAFSA tutorial can show you how. It also helps to complete the FAFSA Forecaster first found on fafsa.ed.gov.
  3. If you indicate on your FAFSA that you are interested in a college in New York, you will be automatically directed to the TAP application at the completion of your FAFSA. Complete your TAP-on-the-Web application.

What Happens Next

  • You’ll get a Student Aid Report (SAR) summarizing your FAFSA and indicating your Expected Family Contribution (EFC). Review it and make any corrections needed.
  • Watch for email notices. HESC will email news to you about your TAP application and award status or ask for more information.
  • After you are accepted at college, you’ll get an award letter from your college showing the financial aid you can expect if you attend that school. Consider the options outlined in the letter including grants, scholarships, loans and work-study programs.
  • Talk to a financial aid professional at the college if you have any questions about your financial aid award letter. You should accept or decline the aid package by the deadline and complete any other forms required by the school.

Following Up
FAFSA Follow-Up is available at www.fafsa.ed.gov. This site provides resources for managing your FAFSA, including allowing you to:

  • Check status of a submitted FAFSA or print signature page which is available one week after submission if you used a PIN to sign your application, and two to three weeks after submission if you printed, signed and mailed a signature page.
  • View and print your Student Aid Report (SAR)
  • Make corrections to a processed FAFSA
  • Add or delete a school code

Apply for Aid Each Year You’re in College
Remember, you need to complete the FAFSA not just once, but every year you plan to attend school. If you filled out a FAFSA the year before, you can probably use the shorter Renewal FAFSA and TAP application.

Beware!
Watch out for organizations that charge a fee to submit your application. You can fill it out for free.

Be wary of organizations that charge a fee to find you money for school. Some are legitimate and some are scams.

Generally, any help that you pay for can be received free from your college financial aid office and HESC.