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10 FAQs for the 2014 - 2015 FAFSA


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Filing the FAFSA can be a confusing process. Get rid of some of that confusion with our top 10 FAFSA FAQs for the 2014 - 2015 version!

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10 FAQs for the 2014 - 2015 FAFSA

  1. 1. cuStudentLoans Presents 10 FAQs for the 2014 - 2015 FAFSA
  2. 2. Q1. What documents do I need to file the FAFSA? 1. Social security number 2. Driver’s License (if applicable) - Last year’s W-2 forms and other records of money earned - IRS 1040, 1040A, 1040 EZ, foreign tax return 3. Parents’ federal income tax return from last year (for dependent students 4. Last year’s untaxed income records 5. Current bank statement information 6. Current business, investment and/or mortgage information, business and farm records, stock, bond and/or other investment records 7. Alien resident or permanent resident card (if not a U.S. citizen)
  3. 3. Q2. What does the financial aid timeline look like for this year? Jan 1 - Feb 15 File your FAFSA! March 1 - March 31 Admissions reponse, financial aid award letters May 1 - June 1 Deposits due, verification if selected June 1 - August 31 Billing statements, payment plans, student loans Jan (next year) New FAFSA is due
  4. 4. Q3. Does the order of schools I list on my FAFSA matter for funding eligibility? A: While Federal student aid will not be affected by the order of schools listed, some state-based funding, and institutional-based funding may depend on the order in which schools are listed on the FAFSA.
  5. 5. Q4. What happens to financial aid if I transfer mid-year? A: Make sure to update your current FAFSA to reflect the new institution attended, and confirm the info is received by your new school so your account can be updated. Make sure financial aid for your new semester is re-routed to the new institution, like your student loans.
  6. 6. Q5. Can I add more than 10 schools to the FAFSA list? A: After receiving the Student Aid Report (SAR is the result of the FAFSA after processing by the Fed), log back into your online FAFSA, select “Make FAFSA Corrections,” and then the “School Selection” page to add on.
  7. 7. Q6. What is need-blind admission? A: Need-blind admission is when a college does not consider the family’s finances when deciding whether or not to admit a student.
  8. 8. Q7. What is difference between subsidized and unsubsidized loans? A: Subsidized loans are government-aided loans. The government pays the interest accrued while the student is in school. Unsubsidized loans are not aided by the government. The student will be responsible for those payments during normal repayment.
  9. 9. Q8. My parents are not married, but live together. How should my FAFSA be filed? A: The 2014 - 2015 FAFSA has changed. If biological parents live together but are not married, they are still both responsible to supply their financial information for the FAFSA.
  10. 10. Q9. When is my FAFSA deadline? A: Deadlines will vary; the earliest standard date at some schools and in certain states is Feb 15. File early to stay ahead of schedule!
  11. 11. Q10. Does my Parent's single family home count as an asset on the FAFSA? A: As long as it’s a single family home, your primary residence, and not considered an investment property, then it's not considered an asset on the FAFSA.