FASFA: Your Gateway to Federal Student Aid
The Free Application for Federal Student Aid (FAFSA) has significantly improved and will be available for students and their contributors by December 31, 2023.
Administered by the U.S. Department of Education, this is the key to accessing over $150 billion in federal student aid annually, including grants, loans, and work-study funds. The enhanced FAFSA aims to streamline the application process, offering students a more user-friendly experience.
What's New?
The improved FAFSA promises a more intuitive interface. Students completing the form will now receive prompt confirmations and gain instant insights into their estimated student aid eligibility. This enhancement empowers students by providing clearer and quicker feedback on their financial aid prospects.
How Does FASFA Work?
The FAFSA assesses your financial need, determining your eligibility for federal grants (non-repayable) and federal loans (repayable). The information you provide on the FAFSA is crucial for calculating the amount of financial aid you may receive for the fall, spring, and summer semesters of the academic year.
To complete the FAFSA and access detailed information, including submission deadlines, visit studentaid.gov.
Frequently Asked Questions
Do I need to complete the FAFSA every year?
Yes, it's essential to complete the FAFSA annually to qualify for federal or state financial aid. The information submitted is valid for the entire academic year, covering fall, spring, and summer semesters.
Can I import my income information directly into my FAFSA?
Yes, the updated FAFSA form now enables you to directly import your income information from the IRS, which ensures the accuracy of your submission and may also speed up the verification process if selected for review. However, to do this, you must provide your consent for the IRS to share your Federal Tax Information (FTI) with the Department.
It's important to note that your approval and consent are required for the IRS to disclose your FTI to the Department. Moreover, granting this consent is a necessary condition to be eligible for federal student aid.
What if my family's financial situation has changed since filing the FAFSA?
Federal law permits institutions like PLNU to consider significant changes in a student's financial circumstances. Learn more about appealing for special circumstances on our website.
How do I correct a rollover from a retirement account on my FAFSA?
You can personally update your FAFSA by correcting the IRA distribution or Untaxed Pensions fields to "0." Alternatively, PLNU can assist you in correcting your FAFSA with the required documentation.
For situations involving rollovers, acceptable documentation includes the first two pages of a signed Tax Form 1040 or 1040A, clearly designating "Rollover" in the left margin. Please note that the IRS Data Retrieval Tool or IRS Tax Return Transcript does not specify "Rollover." Alternatively, IRS Form 8606 for nondeductible IRAs is also considered acceptable documentation.