High School Info: College & Career Sites

College Planning Bulletin

January 2008

By Kathy Brzon

January 03, 2008

EducationQuest Foundation

College Planning Bulletin

A monthly college planning guide for Nebraska high school students

January 2008

Preparation key to applying for financial aid

Preparation is the key to successfully completing and filing the Free Application for Federal Student Aid (FAFSA). The FAFSA is the application for state, federal and college-specific financial aid. Even if you don’t think you’ll qualify for need-based financial aid, you should complete the FAFSA to qualify for low-interest student and parent loans.

Follow these steps to complete the FAFSA and the financial aid process:

Ask your college(s) for their FAFSA priority filing date. Because some types of financial aid are awarded first-come, first-served, it’s important that you submit the FAFSA before that date.

Request a Personal Identification Number (PIN) for you and a parent at www.pin.ed.gov. The PIN is your signature for the online FAFSA.

Complete tax returns early as the FAFSA requirescurrent tax information.

Gather these student and parent items:

2007 federal tax returns and, if applicable, Schedule K-1 (Form 1065)
2007 W-2forms
Student’s driver’s license number
Social Security numbers
Birth dates
Date parents were married, separated, divorced or widowed
Current cash, savings and checking account balances
Current investment values (stocks, bond, mutual funds, CDs, etc.) excluding retirement accounts
Value of business (if more than 100 employees)
Value of investment farm (Do not include the value of a family farm that you or your parents live on and operate.)
2007 child support (paid and/or received)
2007 ADC/TANF welfare benefits
2007 Social Security payments received from SSI or SSDI
2007 Workers compensation
Other untaxed income in 2007 such as veteran’s benefits, housing/food/ living allowances for military and clergy
Alien Registration Number for eligible non-citizens

Be prepared to answer these FAFSA questions which relate to grant eligibility:

1. Did your student or anyone in the household receive any of the following federal benefits?

§ Supplemental Security Income

§ Food Stamps

§ TANF

§ Free or Reduced Price Lunch

§ WIC

2. Did your student complete at least two Advanced Placement courses with a passing test score of 3 or higher?

3. Did your student complete and pass the following high school courses?

§ 4 years of English

§ 3 years of math (Algebra I and above)

§ 3 years of science (2 of 3: Biology, Chemistry, Physics)

§ 3 years of social studies

§ 1 year of a language other than English

Complete and file the FAFSA electronically at www.fafsa.ed.gov before your college’s priority date.

Expect a Student Aid Reportacknowledging that your form was processed.

Expect Financial Aid Award Letters in the spring from the colleges you listed on your FAFSA detailing the assistance they’re offering (could be combination of scholarships, grants, work-study and student loans).

Apply for student and parent loans (if necessary) in the summerthrough your college.

Check out these free FAFSA tools and resources

Visit the “Completing the FAFSA” section at www.educationquest.org where you’ll find:

§ FAFSA Checklist – provides a complete list of items you need to gather before you complete the FAFSA

§ College Funding Estimator– estimates your FAFSA results

§ FAFSA Tutorial– provides user-friendly clarification of each FAFSA question

§ Financial Aid Video– explains the types of financial aid and how to apply

For free personal help with FAFSA completion, call the EducationQuest location nearest you to make an appointment. Contact the Kearney office at 308-234-6310 or 800-666-3721; Lincoln at 402-475-5222 or 800-303-3745; or Omaha at 402-391-4033 or 888-357-6300.

January “To Do” List

Complete these tasks during January to stay on the right college planning track.

Seniors:

__ Ask your college(s) for their FAFSA priority date.

__ Attend the Financial Aid Program at your school or in your area.

__ Apply for FAFSA Personal Identification Numbers at www.pin.ed.gov.

__ Make a FAFSA appointment at EducationQuest if you need help.

__ Complete taxes early.

__ Continue to apply for scholarships.

Juniors:

__ Attend the Financial Aid Program at your school or in your area.

__ Register by January 4 for the February 9 ACT