FAFSA time here too!

[barbmouse]

Our dd is a senior and has been accepted at her fisrt choice school. We just started filling out the FAFSA today. I remember in the workshop we attended and I just read on here about a pin#. We just filled out most of the form but didn't get a PIN is that on another site?

 

[msmayor]

You have to apply for a PIN; there is a link on the home page of the FAFSA site to apply for a pin.

Both the student and one parent will need their own PIN, so you will need to apply twice. Remember to print and/or save the PIN information as you'll use the same one every year after when applying, or for federal loan applications.

 

[LizinSTL]

Our dd is a senior and has been accepted at her fisrt choice school. We just started filling out the FAFSA today. I remember in the workshop we attended and I just read on here about a pin#. We just filled out most of the form but didn't get a PIN is that on another site?

Yes! Get a pin here : http://www.pin.ed.gov/PINWebApp/appinstr.jsp It's not immediate. I think I had to wait a couple days after applying for the pin for it to be active and usable on the FAFSA site.

Don't be intimidated. The process is pretty straightforward and easy to do. It's just rather "invasive" in terms of privacy of your finances.

 

[barbmouse]

Thanks for the speedy advice! DD and I just applied for our pin numbers.

 

[LisaLuvsDisney]

Okay, we are new to this. Our daughter is a senior. She has been accepted at 4 schools and they and they are waiting to make her athletic offers until we do the fasfa. Her merit has already been decided except she is still interviewing for presidential. This is all very confusing. We just went to the fasfa site and it only lists the 2010 to 2011 school year ending on June 30. She won't be attending until August 2011. Should we still fill out the 2010 to 2011 one? I hope this makes sense to someone that can help. Thanks.

 

[MoniqueU]

I would like to get started but don't we have to wait for all our w2s? My husband had 3 jobs in 2010 ARGh. I just paid a tuition deposit and am sending off housing agreements and vaccination verifications today. We know where he is going but we won't be getting much if any help sadly. I wouldn't even bother with the fafsa except you need it I bet for the college and the stafford loans.

 

[msmayor]

Okay, we are new to this. Our daughter is a senior. She has been accepted at 4 schools and they and they are waiting to make her athletic offers until we do the fasfa. Her merit has already been decided except she is still interviewing for presidential. This is all very confusing. We just went to the fasfa site and it only lists the 2010 to 2011 school year ending on June 30. She won't be attending until August 2011. Should we still fill out the 2010 to 2011 one? I hope this makes sense to someone that can help. Thanks.

The 2011/2012 form was released January 1 - you should be able to select it from a drop down box and get it completed.

Do NOT fill out the 2010-2011 form - it won't do you any good.

 

[msmayor]

I would like to get started but don't we have to wait for all our w2s? My husband had 3 jobs in 2010 ARGh. I just paid a tuition deposit and am sending off housing agreements and vaccination verifications today. We know where he is going but we won't be getting much if any help sadly. I wouldn't even bother with the fafsa except you need it I bet for the college and the stafford loans.

Yes, FAFSA is required if you want to utilize Stafford Loans as a funding solution. Also, some schools require FAFSA for any merit aid they may award.

You don't need to wait for your W-2's; you can use your final pay stubs of the year to help you develop good estimates. File with the estimates, be sure you indicate "will file" for your taxes and once you complete your tax return you can amend as necessary.

It is vitally important that you NOT miss any school's priority deadline for filing FAFSA. Check EACH school's website for their deadline; they are not all the same.

 

[LisaLuvsDisney]

The 2011/2012 form was released January 1 - you should be able to select it from a drop down box and get it completed.

Do NOT fill out the 2010-2011 form - it won't do you any good.

Is this a hard copy or an online copy? We see where we can print it out but not anything else. Thanks.

 

[msmayor]

Is this a hard copy or an online copy? We see where we can print it out but not anything else. Thanks.

Are you logging in? When I log in with my daughter's information there is a huge button there to click on that says "START NEW FAFSA", which is for the 2011/2012 school year.

 

[Leajess99]

You can make up your own Pin number and use it immediately. This is what we did with my son's and I already had mine from just graduating myself. There is an option now for that.

 

[csharpwv]

Okay, we are new to this. Our daughter is a senior. She has been accepted at 4 schools and they and they are waiting to make her athletic offers until we do the fasfa. Her merit has already been decided except she is still interviewing for presidential. This is all very confusing. We just went to the fasfa site and it only lists the 2010 to 2011 school year ending on June 30. She won't be attending until August 2011. Should we still fill out the 2010 to 2011 one? I hope this makes sense to someone that can help. Thanks.

Your DD will only need to fill out the 2011-2012 FAFSA.
At this point the only reason to fill out the 2010-2011 FAFSA is if the student is attending college starting this Spring - or going to summer school at a school where the Financial Aid year runs from Summer to Summer instead of Fall to Fall. (Different schools award differently)

 

[maggiew]

Do you need to fill out the FAFSA each year? Last year, my DDs first year of college, we were only eligible for loans (no grants). We did not take out any loans, however. Do we need to fill one out this year?

Maggie

 

[dzneelvr]

I've been filling out FAFSA's since 2005 for DS and DD and will continue to do so until they are both finished with their graduate degrees. Let's see if I can help out: You must fill out a new FAFSA EVERY YEAR. However, your form will be pre-loaded from the previous year, so you only need to change the categories that change from year to year. no need to do every entry again. Here is info you will need at the ready to complete: Completed and filed tax return because there are specific categories that will be asked directly from your completed filed form. Driver's license number, social security number, gross values, amounts in bank accounts. those will get you started. you can save the form and go back in multiple times before you submit. Most colleges make campus jobs available only to those who complete their FAFSA, and there are other random opportunities that may crop up for FAFSA completers only, so that's why it is important to do it even if you would only qualify at face value for a loan.
Those PINS are frustrating the first year...kept forgetting mine (if I use it to sign) and/or DS/DD as they have one too. Once I got past the first year I wrote them in the file for easy reference.
Second year it took minutes to complete...it does get much easier.

 

[FourBees]

Even if you know you are going to have to make changes you should still submit your information to the best of your ability using last years tax return and submit. You can go back in once it has been processed and make corrections as many times as you want. This has been my finding anyway. This is my second year so I am by no means an expert.

 

[msmayor]

The only thing you change, though, is your income tax return numbers.

Your asset values should NOT be changed every time you amend the form; you use the asset values on the day the form is first submitted.

I always make sure that mine is submitted before any tax refunds hit my account, and when my regular checking account is at a low point. I try to file showing the lowest cash position I can.

 

[busy mom]

Hoping someone can answer this for me...My DH lost his job as of 12/31/10. When we fill out our new FAFSA, will they take this (new) loss of income into account, or do they go by last years income???

Looking for a silver lining here, hoping that perhaps we will get a little aid now, or at least a work study for my daugher...

 

[msmayor]

Hoping someone can answer this for me...My DH lost his job as of 12/31/10. When we fill out our new FAFSA, will they take this (new) loss of income into account, or do they go by last years income???

Looking for a silver lining here, hoping that perhaps we will get a little aid now, or at least a work study for my daugher...

Unfortunately, the job loss will have no effect on FAFSA at all. It may affect NEXT year (because your 2011 income could be lower as a result of the unemployment) but FAFSA will use your 2010 income amounts to arrive at your EFC for the 2011/2012 school year.

Your only real recourse with respect to unemployment and loss of income is to appeal to the individual schools once their aid offers arrive, but don't count on much help there. The general thinking is that someone who is unemployed will be actively seeking another job and ultimately replace the lost income. Appeals for additional aid based on circumstances are more for catastrophic medical costs or extremely unusual situations.

Unemployment is not considered one of those situations.

 

[elgerber]

The only thing you change, though, is your income tax return numbers.

Your asset values should NOT be changed every time you amend the form; you use the asset values on the day the form is first submitted.

I always make sure that mine is submitted before any tax refunds hit my account, and when my regular checking account is at a low point. I try to file showing the lowest cash position I can.

I have never done this before, and haven't yet started. What do they use to verify the amount of your assets?

 

[msmayor]

I have never done this before, and haven't yet started. What do they use to verify the amount of your assets?

If asked by any schools for verification, you will need to provide bank and/or brokerage statements to verify the value you report.

What I do is on the day I file, I print out screen shots of all my accounts as backup, as well as run the on-line calculator for the value of our savings bonds on that specific day. This would be what I submit if asked for verification.