[September 12, 2017] |
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Are You Ready for Some FAFSA? The Free Application for Federal Student Aid Available Oct. 1 Determines Financial Aid Eligibility
Financial aid season officially kicks off on Oct. 1, 2017, and it's a
prime opportunity for families with students heading to college next
year to begin tackling the Free Application for Federal Student Aid
(FAFSA). Completing the FAFSA is the first step to receiving any type of
financial aid; schools use it to put together financial aid packages,
states use it to determine eligibility for state aid, and some
scholarships require it as part of their application.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20170912005258/en/
Sallie Mae's 2017 FAFSA Visual (Graphic: Business Wire)
Sallie Mae, the nation's saving, planning, and paying for college
company, has created an online
playbook of tips, tools, and resources along with a visual
guide to help families keep it between the FAFSA goalposts for
academic year 2018-19. By completing the FAFSA, students can gain access
to more than $120 billion in grants, work-study funds, and
federal student loans.
"It's that time of year to celebrate the return of fall and football,
and for college-bound families, the FAFSA," said Martha Holler, senior
vice president, Sallie Mae. "Regardless of whether you think you will
qualify for funding, don't fumble by simply not completing the
application."
Sallie Mae offers six key points to help families move the ball down the
field this FAFSA season:
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Get your season tickets in advance. Complete the FAFSA as a
high school senior - and every year in college, even graduate school.
Filing a new FAFSA each year is the only way to remain eligible for
federal student aid, and the amount of aid can vary year-over-year.
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Review the playbook before the game. Before beginning the
application, both parents and students should create a username and
password - a Federal Student Aid ID - and gather Social Security
numbers, driver's license numbers, bank statements, 2016 tax returns,
and W-2 forms. Having this information ready before Oct. 1 can
expedite the process.
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Don't miss the opening kick-off. Some financial aid is awarded
on a first-come, first-served basis, or from programs with limited
funds, so the earlier families fill out the FAFSA, the better the
chance to be in line for that aid. Additionally, families who complete
and submit the FAFSA soon after Oct. 1 may receive financial aid award
letters from schools earlier. Award letter timing varies by school, so
families should check with financial aid offices and school websites
for more information.
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Go for the two-point conversion. Take advantage of the IRS Data
Retrieval Tool to import and convert tax information directly into the
FAFSA. After some critical changes were made to address privacy and
security issues, the IRS Data Retrieval Tool is scheduled to be back
online by Oct. 1. More applicants and parents will be eligible to use
the tool this year as amended tax return filers can now utilize it to
transfer their IRS tax return information from their original tax
return into the FAFSA form.
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Watch out for trick plays. The only way to fill out a FAFSA is
at fafsa.gov.
Filing the FAFSA is always free so watch out for sites that charge
fees or make promises that sound too good to be true. Students can
reduce the risk of identity theft by keeping their Federal Student Aid
ID confidential and any suspected fraudulent account activity should
be reported
immediately.
-
Don't be a Monday morning quarterback. Completing the FAFSA
earlier means families can receive critical information like the Student
Aid Report (SAR) sooner. The SAR provides both basic information
about student eligibility for federal student aid and answers to the
FAFSA questions. The SAR also includes the Expected
Family Contribution (EFC), which provides a clearer picture about
eligibility for financial aid as families begin applying to colleges.
Families who complete the FAFSA online typically receive their SAR
within three to five days.
Go for the extra point!
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Make your final draft picks. Families should list at least one
school on the FAFSA. Some state aid is based on the order of how
schools are listed, so families should consider listing state schools
first to be in line for state aid. Additional information, including
state deadlines for completing the FAFSA, is available at studentaid.ed.gov/sa/fafsa.
To watch Sallie Mae's "Beginner's Guide to FAFSA" video, get additional
details about completing and submitting the FAFSA, and download the College
AheadSM Mobile App to keep track of important deadlines,
visit salliemae.com/fafsa.
Sallie Mae (Nasdaq: SLM) is the nation's saving, planning, and
paying for college company. Whether college is a long way off or just
around the corner, Sallie Mae offers products that promote responsible
personal finance, including private education loans, Upromise rewards,
scholarship search, college financial planning tools, and online retail
banking. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170912005258/en/
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