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Posted by on Aug 30, 2016 in Apply to FAFSA, Money For College | 0 comments

De-mystifying FAFSA

De-mystifying FAFSA

These four steps will move you through the process of using FAFSA to apply for federal financial aid:

Taxes

To help eliminate delays, file your tax return electronically. Approximately two weeks after filing, use the IRS Data Retrieval Tool to import income information. We recommend this option as it can speed up the application process.

FSA ID

You will need an FSA ID. This serves as your electronic signature and is used to access all of your federal financial aid records. At least one parent of a dependent student must also have a FSA ID. Request an FSA ID.

FAFSA/Student Aid Report

After you file your tax return electronically, we encourage students to complete the FAFSA as soon as possible using SPC’s Federal School Code – 001528. FAFSA applications submitted on or before May 1 are given priority consideration for many types of aid.

Once you provide all required information and signatures, you will be sent a Student Aid Report (SAR) via email in three to five days. The SAR summarizes the data you reported – make sure to review it for accuracy. Follow the directions to submit any corrections.

Verification

Verification is the process used to confirm the information you provided on the FAFSA. The federal processor randomly selects files or a file may appear to have errors or conflicting information. If your SAR has been selected for Verification, SPC will send a written request for documentation by mail and SPC student email. In addition, your MySPC To Do List will list any required documents. Not all applicants will be asked to submit the same documents and you may be asked to provide different documents than you have submitted in previous years. The longer you wait to submit required documents, the longer verification will take. Verifications are completed within 14 working days from the date all required documentation is received. Once complete, the Verification items will be removed from your MySPC To Do List.

Once you are a degree-seeking student and Verification is complete, SPC will use the FAFSA information to determine federal, state and/or institutional financial aid eligibility. Once fall awarding begins and you are awarded, you will be notified via your SPC email address. Login in MySPC to check your financial aid status and view your awards.

 

 

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