The following information from KHEAA (Kentucky Higher Education Assistance Authority) will be helpful when filing the FAFSA (Federal Application for Federal Student Aid)
Free Application for Federal Student Aid
The most important form in applying for financial aid is the Free Application for Federal Student Aid, usually just called the FAFSA. The information on the FAFSA determines how much aid you can receive from federal sources and KHEAA programs. The results are automatically sent to KHEAA and the colleges you list on the FAFSA.
The best way to submit the FAFSA is at www.fafsa.gov. Make sure you use the .gov site. Other sites will ask you to pay to submit the FAFSA. You don’t have to pay. The FAFSA is free.
Filing the FAFSA online results in fewer errors and quicker results. Much of the information for the FAFSA can be automatically transferred from federal tax returns.
You’ll need the following information for the FAFSA:
- Your Social Security number.
- Your driver’s license number.
- The W-2 forms and other records of money earned from the most recent tax year (if you’re filing the 2015-16 academic year, you’ll need your 2014 income and tax returns).
- Your tax returns (and your spouse’s, if you’re married).
- Your parents’ most recent tax return (if you’re a dependent student).
- Your untaxed income records.
- Your current bank statements.
- Your current business and investment information.
- Your alien registration or permanent resident card (if you’re not a U.S. citizen).
You can use a FAFSA on the Web worksheet to organize all your information before you go online to submit the FAFSA. If you find out while filing the FAFSA that you’re missing some information, you can save the FAFSA and finish it after you find the information you need.
Financial Aid Glossary
Grants are often based on financial need and generally do not have to be repaid.
Scholarships are often based on some kind of special achievement: academic, athletic, or service. They generally do not need to be repaid.
Student loans are borrowed from the government or school and must be repaid.
Conversion scholarship/grants require you to provide certain services for a period of time, such as work in a low-income area. If you don’t, you must repay the money with interest.
Work study is part-time employment that lets you earn money while taking classes. Your job may be on or off campus.
Tuition waivers eliminate some costs for students who meet certain qualifications.