What Is the FAFSA?

The FAFSA is the form you fill out to get federal financial aid. It become available on October 1st each year for the following academic year.

What Is the FAFSA?

The FAFSA is the Free Application for Federal Student Aid.

This is the form you fill out to get financial aid from the federal government to help you pay for college. The types of financial aid you may receive include loans, scholarships, grants, and work study. If you have your information ready, the entire process takes about 30 minutes.

The FAFSA asks questions about your family’s finances and tax returns, in order to determine how much financial aid you are eligible for. The FAFSA is administered by the Department of Education, and they share the results with your college’s financial aid office.

FAFSA Facts

  • The FAFSA is free. You do not need to pay anyone to prepare it for you.
  • You must fill out the FAFSA for each upcoming academic year to receive financial aid for that year. For every year you attend college, you must fill out the FAFSA.
  • Millions of dollars in financial aid is left on the table by students who do not file the FAFSA.
  • You do not need to be struggling or have tight finances to qualify for financial aid through the FAFSA. You or your family can earn a very significant income and you can still qualify for some form of financial aid.
  • After being accepted by your college, you will receive your financial aid package.

Who Should Fill Out the FAFSA?

If you are going to be a college student in the upcoming academic year, you should fill out the FAFSA. You will not know if you qualify for federal financial aid otherwise. Everyone who fills out the FAFSA is eligible for, at a minimum, low interest federal loans for college. There is literally no downside to filling out the FAFSA.

FAFSA Processing Time

If you have filled out the FAFSA electronically and signed with a Federal Student Aid (FSA) ID, your school will receive your FAFSA after two days.

If you are unable to sign electronically with an FSA ID, contact your school and they will help you complete your FAFSA submission.

Federal School Codes

The FAFSA Code for MTI College is 008680.

How to Fill Out the FAFSA

There are three main ways you can fill out the FAFSA:

IRS Retrieval Tool

When you fill out your FAFSA, if you are eligible to use the IRS Data Retrieval Tool (IRS DRT), you will a “Link to IRS” button to import your tax information into the FAFSA. This is the fastest way to fill out the IRS information. More information can be found at https://studentaid.gov/resources/irs-drt-text .

Understanding FAFSA Deadlines

The FAFSA is made available each year on October 1st for the upcoming school year. For federal financial aid via FAFSA, you can apply anytime from October 1st through the end of the academic year. However, to qualify for state financial aid, like Cal Grants, you must apply before March 2nd of the academic year.

Below are the current academic years, and the deadlines to fill out your FAFSA to qualify for both federal and state financial aid. You should fill out a FAFSA if you will be attending school anytime within the dates of attendance listed.

Academic Year Dates of Attendance FAFSA Available Deadline to Submit FAFSA Tax Filing Year
2020-21 July 1, 2020 – June 30, 2021 October 1, 2019 March 2, 2020* 2018
2021-22 July 1, 2021 – June 30, 2022 October 1, 2020 March 2, 2021* 2019

*In California, you can still submit the FAFSA after the March 2nd deadline through June 30th, however you may not be considered for a Cal Grant if you do so.

More FASFA and Financial Aid Resources

FAFSA https://studentaid.gov/h/apply-for-aid/fafsa
Complete the FAFSA form, find FAFSA help, see announcements and FAFSA deadlines.

FSA ID https://fsaid.ed.gov/npas/index.htm
You will need to create a FSA ID in order to fill out the FAFSA form.

Who Is My “Parent” When I Fill Out the FAFSA? https://studentaid.gov/sites/default/files/fafsa-parent.pdf
This guide helps you determine what information to fill out on the FAFSA when you are considered a dependent. If you have a parent or guardian who you claims you as a dependent, this guide will help answer some questions.

Federal Student Aid https://studentaid.gov/resources
Fact sheets, publications, online tools and other resources to help you apply for financial aid for college or trade school.

StudentAid. gov https://studentaid.gov.
At this site students do everything from applying for aid, completing the loan Master Promissory Note, viewing loan balances, identifying their loan servicer and much more.

IRS Transcripts https://www.irs.gov/individuals/get-transcript
You can get your IRS Transcripts here. You will need some personal information, like your social security number to access this.

FinAid.org https://finaid.org/
Information on financial aid for college and tips on how to ease the expenses of a college education.

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