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My parents know nothing about this so I have to figure it all out.. do schools have a general deadline for submitting these?? sorry, definitely not gonna be an econ major..

By Vadad (Vadad) on Tuesday, December 30, 2003 - 06:22 pm: Edit

Schools' deadlines differ. Check their websites; the deadline should be easy to find.
If you are a Regular Decision candidate, a lot of schools require filing the forms by February 1. This is sometimes tough, depending on your parents' tax situation. Some employers are slow getting W-2's out, sometimes other forms of income reporting are slow. The main thing is that you and your parents should at least do an initial draft of your federal income tax forms as soon as humanly possible. Use the last paystub of the year if the W-2 is slow. In all events, submit by the deadline, even if you haven't completed your "final" tax returns. Send those in when they are ready. Not meeting the deadline at some schools puts you at the back of the queue for financial aid, and for some schools with limited funds available for grants, this can make a difference in what you are offered.

You can file both forms online, but you should go to the FAFSA website right now and get a "PIN" number on order for BOTH you and your parents. They will only send you this by snail mail; you can't get it online, and it can take a couple of weeks or more for it to come. You will need this to electronically "sign" your FAFSA when it is submitted.

Both the FAFSA forms and the CSS forms allow you to work on them for a while, save them, and come back to them later. Nonetheless, you might want to run through the forms either online or get paper copies from your guidance office to figure out the information you'll be needing and begin to gather it.

If for some reason you DO miss the deadline, file them anyway. You'll still be considered, at least at the schools I'm familiar with.

By Musicmom (Musicmom) on Tuesday, December 30, 2003 - 08:26 pm: Edit

You can actually ask that your PIN number be sent to you by email when you sign up for it on the website.
They say they will send it within 72 hours.

By Vadad (Vadad) on Wednesday, December 31, 2003 - 06:24 am: Edit

You are absolutely correct, Musicmom. I was relating an outdated procedure. In fact, my D just got hers by e-mail, though it took several days longer than 72 hours. Sorry for the misinformation.

By Musicmom (Musicmom) on Wednesday, December 31, 2003 - 10:58 am: Edit

My S and I just received our PINs by email.
Oh joy, now I'll have to find another excuse to avoid the FAFSA!

By Heatwave345 (Heatwave345) on Thursday, January 01, 2004 - 11:28 am: Edit

i have a question

if i'm under 18, do i need to get 3 PINs? (for me and my parents)

By Vadad (Vadad) on Thursday, January 01, 2004 - 10:33 pm: Edit

I'm sure you need one for yourself. I think if your parents file a joint return, a single PIN is satisfactory for them. I don't know whether they need separate ones if they have another filing status.

By Musicmom (Musicmom) on Friday, January 02, 2004 - 12:20 am: Edit

Our understanding is one PIN for the student;
one for parents if filing jointly.
That's what we will try to make work for us!

By Momof3boys (Momof3boys) on Friday, January 02, 2004 - 05:46 pm: Edit

Is it one pin for the student and one for the parents, or can one suffice for the whole thing? I'm confused....

By Patsmom (Patsmom) on Friday, January 02, 2004 - 07:24 pm: Edit

It's one for the student and one for the parent. Either parent can apply.

I got the FAFSA filled out and submitted today. It wasn't so bad. We won't qualify for any aid because we have rental property. Our EFC is laughable but the consensus on the board seems to be that it's best to fill the FAFSA out anyway in case circumstances change. I hope we didn't jeopardize chances for merit aid...

By Vadad (Vadad) on Friday, January 02, 2004 - 11:34 pm: Edit

Momof3boys: You need a minimum of two, because both you and your son need to sign the thing.

Patsmom: Even if you don't qualify for financial aid, you can still borrow money under the PLUS loan program (parent loans) up to the full amount of anticipated need. You have to file a FAFSA and get turned down for other aid (in whole or in part) to take advantage of this program. Even if you don't think you'll want to borrow anything, you might want to consider going through the process just in case your circumstances change. Merit aid is supposed to be based on merit, not any need-related factors. It's hard for me to imagine that asking for need-based aid would jeopardize a shot at merit aid, but maybe there is something I'm missing.

By Jamimom (Jamimom) on Friday, January 02, 2004 - 11:57 pm: Edit

You are not jeopardizing merit aid by applying for financial aid. In fact there are often merit awards within financial aids in many school so if you have your forms in, your child can be a candidate for those scholarships.
Any purely merit aid your child gets will reduce a portion of the financial aid package, but most schools reduce the loan and workstudy portin of such packages.
Do not have to be turned down by financial aid to qualify for parent PLUS loans--perhaps there are more favorable terms for those who filed FASFA but anyone who is credit worthy can get a parent PLUS loan as long as it does not exceed the cost of the college. But there are loans with lower interest rates and better terms that may be availabe to those who file FASFA.

By Vadad (Vadad) on Sunday, January 04, 2004 - 02:04 pm: Edit

Jamimom is right; you don't have to fill out a FAFSA to be eligible for PLUS loans. From the Federal Student Aid website:

"How do my parents apply?
For a Direct PLUS Loan, your parents must complete a Direct PLUS Loan application and promissory note,* contained in a single form that you get from your school’s financial aid office.

For a FFEL PLUS Loan, your parents must complete and submit a PLUS Loan application, available from your school, lender, or yourstate guaranty agency.* After the school completes its portion of the application, it must be sent to a lender for evaluation.

Although it’s not a requirement, parents are encouraged to have their dependent children file a FAFSA, so their children can receive the maximum student aid they’re eligible for."

By Monkeyz (Monkeyz) on Sunday, January 04, 2004 - 02:38 pm: Edit

If I'm a U.S. citizen but i've lived in Canada for the past ten years am i still eligible to apply for federal aid if i plan to go to college in the states next year?

By Emilyp114 (Emilyp114) on Sunday, January 04, 2004 - 03:58 pm: Edit

Yes.

By Tennizpro06 (Tennizpro06) on Monday, January 05, 2004 - 12:23 am: Edit

what's the difference between the two?