Student Financial Aid – FAFSA

Student Financial Aid – FAFSA

If your child is planning to attend college in Fall 2011, then now is the time to apply for financial aid. You can go online and file the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. Each year, there is a limited amount of financial aid available so file FAFSA early so you can make sure you obtain all the financial aid you qualify for.

Requirements

In order to receive financial aid, the student must be a US citizen or eligible noncitizen. Eligible noncitizens generally include US permanent resident (green card), Refugee, Asylum granted, T-visa, Parolee.

The student must have a social security number. If the parents of the student do not have a social security number, then enter their social security as 000-00-0000.

Deadlines for filing FAFSA for the 2011-2012 school year

The federal deadline is June 30, 2012

There is no Illinois state deadline but awards are made until funds are depleted.

Each college may have a different deadline. Please check with your school.

Do not wait until the deadlines. You should apply now! When you get your decision letters from the schools, then you can also compare the financial aid and scholarship offers.

What information do I need to complete the FAFSA?

·         Student’s social security number

·         Student’s driver’s license if any

·         Student’s 2010 Federal Tax Return. If you have not filed this yet, you will need to estimate your 2010 income on the FAFSA form based on your income information: W-2, 1099,  interest, etc

·         Student’s current bank account statements

·         Student’s stock, bond, other investment account information

·         Student’s business interests – please note that small businesses that are owned and controlled by the family are excluded from assets on the FAFSA

·         If the student is considered as a dependent student, you will also need the parent’s tax return and asset information.

If you have unusual circumstances, the student can appeal to their college’s financial aid office to adjust their financial aid. For example, if a parent was laid off or there are significant medical bills, then the school may be willing to adjust the financial aid.

Where can I get free help preparing the FAFSA?

The Center for Economic Progress has tax sites throughout Chicago. If your family makes less than $50,000 ($25,000 if only one individual) then they can offer you free tax preparation and also help you prepare your FAFSA. For more information, please visit their website at www.economicprogress.org.

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Phone: (630) 903-9625

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