All students who are going to college need to fill out the FAFSA form. This is a free application for financial aid. If completed online it’s absolutely free and receipt of results is typically received within 7-10 business days. If completed on paper, it will only cost postage. However, receipt of results can take 4-5 weeks or longer if completed with the paper version.

To apply on line a student and at least one of their parents whom the student has resided with more in the last 12 months, or has provided more financial support in the last 12 months need to obtain PIN numbers. The PIN number serves as an “electronic” signature on the online version of the FAFSA. To obtain pin numbers a student and parent should go to www.pin.ed.gov. Once PIN numbers are secured, then one can go to www.fafsa.ed.gov to fill out the actual form.

For those who don’t have internet access, they can call 1 (800) 4FEDAID. They will mail up to three copies of the FAFSA to the home.

All college bound students should apply for financial aid! Why? First, if you think you may qualify for any grants, subsidized loans or Federal Work Study, then they must fill out the FAFSA to be eligible. Second, it’s free and many scholarship offices request this information prior to awarding any type of institutional scholarships.

What does one need to have to complete the FAFSA? Financial aid is primarily awarded based on three categories:

a) parent and student income/asset information

b) household size/number in college

c) cost of attendance at the institution you plan to attend

There are other factors but these are the “big” three. So, a copy of your tax returns, are necessary in order to complete the application. Hint: some accountants will help you fill out the “paper” FAFSA, as they do your taxes, so check with your accountant. A copy of both the parents and the student income taxes (if they filed taxes) are necessary!

Priority deadline for the FAFSA in the state of Kentucky is March 15, 2008! What does this mean! This means that if your application is RECEIVED BY MARCH 15, and you qualify for financial assistance, then you are guaranteed to get the aid you demonstrate need for provided that you have been fully admitted and are registered at least half time (typically 6 hours or more) in college.

What happens if we wait until after March 15? You are taking a risk! If the funds that have been appropriated are all used up, then you are out of luck!!! There have been times that Congress and state legislators have “found” more money, but it’s not likely in this year!!!

What if we won’t file taxes until after March 15? Once the FAFSA is submitted, the “Central Processing Center” will send it back to insure that all of the data that you have provided is correct! So, you can guesstimate the income information based on your 2007 W2’ s and your 2006 tax returns. HOWEVER, when they send it back to you, then YOU MUST CORRECT THE DATA WITH ACTUAL DATA FOR 2007 PRIOR TO ANY MONEY BEING DISBURSED. So, my advice is to try your best to get taxes completed as soon as possible.

EVERYONE! Once you have submitted the FAFSA, they will send it back to you for corrections. Once you have verified that everything you self reported on the 2008-09 FAFSA is correct then the Central Processing Center will determine your expected family contribution (EFC).

Don’t get too bent out of shape if you feel that the EFC is too high. If the EFC is 0000 then basically the government or school is going to pay for most (if not all) of your education! If your EFC is $5000 then that typically means that you and your family will have to provide about $5000. However, this does not mean that you’ll have to write a check for $5000. That figure has food, transportation and those type of costs figured in to it. So, don’t sweat yet!

The next step is that the Central Processing Center will send the information to the colleges that you preselected on the original submission. The schools will then send a “award letter” to each student explaining the “aid” that they have secured for them.

From that point forward, all communications are with the college. IF you have questions, concerns about the amount of aid (or lack thereof) then you’ll need to call the financial aid office of the college to which you are going to attend!