Category Archives: FSA ID

Welcome Back!

WELCOME BACK!

You’re about to begin another academic year, full of promise—with maybe just a few challenges thrown in here and there.

Whether you’re a returning college student or just entering college for the first time, you may have questions about how you can cover the costs of college this year. Here are some tips to consider:

  • Check your FSA ID status. This is the user name and password that you set up before you filed your first FAFSA, and it serves as your electronic signature. If you haven’t used your FSA ID in a while, it may need to be re-enabled. This can be done at the manage my FSA ID tab at fsaid.ed.gov.
  • If you haven’t already, submit your FAFSA! The Free Application for Federal Student Aid (FAFSA) is still available for academic year 2018-2019. Go to FAFSA.gov to start your application.
  • Apply for institutional aid (scholarships that come from your college), and reapply each semester.
  • Search for more scholarships. To start, we suggest UCanGo2.org and okcollegestart.org.

Find a part-time job. Many schools participate in the federal work-study program. If you demonstrate financial need, you may be able to work part-time on campus or an approved site off-campus. The money you earn at a work-study job is then used to help you pay your college expenses. If you don’t qualify for work-study or your school doesn’t participate in the WS program, watch for job opportunities posted around your campus and online.

Grants, Work-Study and Student Loans

As you begin exploring different forms of financial aid, three terms will stand out: grants, work-study and student loans. These are the three primary forms of aid that the federal government distributes through the Office of Federal Student Aid (FSA). By completing the FAFSA (Free Application for Federal Student Aid), you’re applying to receive these various types of financial aid for school.

Grants and scholarships, which are given to eligible students to help them pay higher education expenses, are the best form of aid you can receive, as they typically don’t need to be repaid. The Pell Grant is the most notable federal grant; it’s awarded to undergraduate students based on financial need. Students can receive up to $6,095 from the Pell Grant for the 2018-19 school year. The OTAG is awarded to eligible Oklahoma residents enrolled in schools within the state and the FSEOG (Federal Supplemental Educational Opportunity Grant) is awarded to students with exceptional financial need. Some grants do have obligations attached to them, such as the TEACH (Teacher Education Assistance for College and Higher Education) Grant. This grant is designed to assist students who plan to teach and meet certain requirements for the grant. Not all campuses participate in this program, so students will need to check with their campus about available types of financial aid offered.

Work-Study is the form of federal aid that allows undergraduates to work part-time jobs on or off campus to earn money for school expenses. This program is administered by the school, and like grants, is based on your financial need.

The third type of aid is a federal direct student loan. A student loan is a form of aid the federal government provides to help students bridge the gap between family savings, scholarships and grants, and work study and remaining college costs. Unlike most grants or work-study, this money must be paid back with interest. While federal student loans need to be repaid, the interest accrued is often lower than it would be with a private lender, and federal student loans have more flexible repayment options than private or alternative loans.

The Direct Subsidized Loan program will lend students up to $5,500 annually depending on grade level, financial need and dependency status. The interest rate for subsidized loans first disbursed on or after July 1, 2018 is set at 5.05 percent, and the government will pay your interest costs while you’re attending school at least half time. The Direct Unsubsidized Loan is available to undergraduates (5.05 percent interest rate) and graduate students (6.60 percent interest rate). The government does not pay interest costs during school for unsubsidized loan borrowers, but students may make interest payments while in school to save money. If there is still a balance remaining after using all other available forms of aid, parents of dependent undergraduate students may apply for a Direct PLUS Loan. PLUS loan applicants must meet credit requirements, and the interest rate is currently set at 7.60 percent.

If you must accept a student loan to help pay for college, focus on federal loan options, and limit your borrowing to the amount you truly need to pay school expenses. For more information about paying for college, check out UCanGo2.org/pay.

New FSA ID Worksheet

Hey students! If you, and your parent, plan to electronically sign the FAFSA (Free Application for Federal Student Aid), you’ll be required to obtain an FSA ID (Federal Student Aid ID). This ID is essentially a username and password that is used for a variety of purposes in the financial aid world such as:

  • Making online corrections to the FAFSA
  • Viewing or printing a copy of the Student Aid Report (SAR)
  • Electronically signing a Master Promissory Note (MPN)
  • Completing entrance and exit loan counseling requirements
  • Reviewing a history of federal student aid received

The set up process for the FSA ID requires applicants to answer a variety of questions. That’s why our new FSA ID Worksheet –
(FSA ID Worksheet in Spanish) will be a helpful tool in this undertaking. Write down the answers to your questions here and save this form in a safe place! Then if you’ve forgotten your username or password, or possibly an answer to one of your challenge questions, you’ll have the information readily available on your FSA ID Worksheet. The FSA ID Worksheet also comes in Spanish.

Check out the Resources tab here at StartWithFAFSA.org to locate and print a copy of the FSA ID Worksheet. You’ll also find it on UCanGo2.org in the Publications section. To set up your FSA ID, visit https://fsaid.ed.gov

FSA ID Worksheet Image

Get Your FSA ID Before You Start the FAFSA

The Federal Student Aid Identification (FSA ID) is used to log in to certain FSA websites, such as FAFSA.gov. It’s comprised of a username and password. If you used a the old PIN system to sign your last FAFSA, you’ll be given directions on how to set up an FSA ID the next time you log in at FAFSA.gov.

Setting up an FSA ID is easy, and it’s strongly recommended that you set it up before you start the FAFSA. Simply visit fsaid.ed.gov, click ‘Create an FSA ID,’ and fill in the requested information.

Here are a few things you need to know:

  • If you are a dependent student (see our FAFSA Dependency Questionnaire in the resources section), one of your parents will also need to set up their own FSA ID. Parents will use the same website and follow the same steps.
  • Your email address cannot be the same as your parent’s email address on the FAFSA. Make sure you have two separate email addresses before you set up your FSA IDs.
  • Because many high schools have firewalls to prevent students from receiving external mail, it’s best not to use an email address that’s been assigned to you by your school.
  • If you have any questions about the FSA ID, click ‘Help’ in the top right corner at fsaid.ed.gov. You’ll find a wealth of information there.

Don’t forget to submit your FAFSA as soon as possible for priority consideration for some types of financial aid!

How to Finish the FAFSA, Steps 3-4: Fill It Out and Sign/Submit

FAFSA Step 3Now that you’ve gathered materials  and created an FSA ID , it’s time to complete and submit the FAFSA at FAFSA.gov.

Applying online is fast, simple and best of all… it’s safe. The online form allows you to rapidly transfer previously filed tax information and has many “helps and hints” along to way to answer any questions that may come to mind. And, you may choose to send your FAFSA results to up to 10 schools that interest you.

FAFSA Step 4Be sure to enter your information exactly as it appears on your Social Security card. When finished, you will sign with your FSA ID. Don’t forget to hit “Submit” when you’ve completed the form!

How to Finish the FAFSA, Step 2: Create an FSA ID

FAFSA Step 2If you’ve completed the first of the five (fairly fast) FAFSA steps and have gathered materials  needed to complete the FAFSA, then you are ready to complete step 2 and create an FSA ID.

“FSA ID” is just a fancy acronym for a username and password. To create an FSA ID, visit fsaid.ed.gov and follow the prompts onscreen. Parents of dependent students will need an FSA ID of their own for the FAFSA, too.

Once you have an FSA ID, save it somewhere safe! You will need your FSA ID to sign the FAFSA online and to access information about other financial aid programs as well.

New Release Date for FAFSA

The new FAFSA filing date is October 1. Learn more at Start With FAFSA dot org.
The new FAFSA will become available Oct. 1 this year.

Question: What’s new and improved about the FAFSA for the 2016-17 school year?

Answer: College students and high school seniors will be able to submit the FAFSA beginning October 1, 2016, instead of waiting until Jan. 1, 2017. Learn more about these changes at StudentAid.gov.

Stay in touch and we’ll keep you informed!

  • The upcoming changes to the FAFSA offer numerous benefits for students and parents. As more information becomes available, we’ll share it with you here at StartWithFAFA.org.
  • Like us on Facebook for information about a wide variety of scholarships and college planning tips for students.
  • Visit us at UCanGo2.org for an abundance of information about planning, preparing and paying for college.

How to Get a Head Start This Summer

If you’ll be a senior in high school this fall you may already be showing early signs of senioritis*. You’re probably busy wondering where you’ll go to college, what classes you’ll take, and whether or not you’ll live on campus. While going to college or a career technology center is a great new chapter in your life, don’t forget about one of the most important things… paying for it!

The one form you’ll need to apply for federal financial aid and some state aid is called the Free Application for Federal Student Aid (FAFSA). This application will be available Oct. 1 this year. Submit the FAFSA as soon as possible for priority consideration for some types of financial aid.

To electronically sign and complete the FAFSA online, you and your parent will each need an FSA ID (Federal Student Aid ID). The FSA ID is a username and password that you’ll use to access your FAFSA, make corrections, access income tax documents and sign the form. Creating your FSA ID takes about 7-10 minutes, so why not do it this summer? Here’s what you do:

    1. From a secure computer go to the Federal Student Aid website.
    2. Create a username and password, and enter your email address.
    3. Enter your name, date of birth, Social Security number, contact information and challenge questions and answers.
    4. Review your information, and read and accept the terms and conditions.
    5. Confirm your email address using the secure code, which will be sent to the email address you entered when you created your FSA ID. Once you verify your email address, you can use it instead of your username to log in.

You can use your FSA ID to sign a FAFSA right away. Only the owner of the FSA ID should create and use the account and you should never share your FSA ID.

Now you’ve completed one important step in the FAFSA process. Hang on to the FSA ID information to use in early October when you complete your FAFSA. You’ll also use the FSA ID in future years, so be sure to save it somewhere safe and somewhere you’ll remember it.

*Senioritis: Noun
A supposed affliction of students in their final year of high school or college, characterized by a decline in motivation or performance.
“I try not to let my grades suffer from my senioritis”

Your Acronym Glossary

Acronyms, schmacroynms! What do they all mean? As you navigate your way through the financial aid process you’ll run across plenty of three to four letter terms that may seem like a foreign language. Let us try to help make some sense of it all!

Adjusted Gross Income (AGI)
Your or your family’s wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a federal income tax return. Commonly referred to as AGI.

Agreement to Serve (ATS)
The binding agreement you must sign to receive a TEACH Grant. By signing the ATS, you agree to teach (1) full-time, (2) in a high-need field, (3) at a low-income school or educational service agency that serves certain low-income schools, and (4) for at least four complete academic years within eight years after completing (or ceasing enrollment in) the course of study for which you received the grant.

Cost of Attendance (COA)
COA includes tuition and fees; room and board (or a housing and food allowance); and allowances for books, supplies, transportation, loan fees, and dependent care. It also includes miscellaneous and personal expenses, including an allowance for the rental or purchase of a personal computer; costs related to a disability; and reasonable costs for eligible study-abroad programs.

Data Release Number (DRN)
The four-digit number assigned to your FAFSA that allows you to release your FAFSA data to schools you did not list on your original FAFSA. You need this number if you contact the Federal Student Aid Information Center to make corrections to your mailing address or the schools you listed on your FAFSA. You find this number below the confirmation number on your FAFSA submission confirmation page or in the top right-hand corner of your Student Aid Report (SAR).

Expected Family Contribution (EFC)
This is the number that’s used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your FAFSA, the application for federal student aid. Your EFC is reported to you on your Student Aid Report (SAR).

FAFSA
Free Application for Federal Student Aid, the FREE application used to apply for federal student aid, such as federal grants, loans, and work-study.

FSA ID
The FSA ID is a username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms.

Satisfactory Academic Programs (SAP)
A school’s standards for satisfactory academic progress toward a degree or certificate offered by that institution.

Student Aid Report (SAR)
A summary of the information you submitted on your Free Application for Federal Student Aid (FAFSA). You receive this report via e-mail a few days after your FAFSA has been processed. If there are no corrections or additional information you must provide, the SAR will contain your EFC, which is the number that’s used to determine your eligibility for federal student aid.

To learn more about financial aid terms, check out the glossary through the U.S. Department of Education.

What’s up with the FSA ID?

The Federal Student Aid Identification (FSA ID) is used to log in to certain FSA websites, such as FAFSA.gov. It’s comprised of a username and password, and it has replaced the old PIN system. If you used a PIN to sign your last FAFSA, you’ll be given directions on how to set up an FSA ID the next time you log in at FAFSA.gov.

Setting up an FSA ID is easy, and it’s strongly recommended that you set it up before you start the FAFSA. Simply visit fsaid.ed.gov, click ‘Create an FSA ID,’ and fill in the requested information.

Here are a few things you need to know:

  • If you are a dependent student (see our FAFSA Dependency Questionnaire in the resources section), one of your parents will also need to set up their own FSA ID. Parents will use the same website and follow the same steps.
  • Your email address cannot be the same as your parent’s email address on the FAFSA. Make sure you have two separate email addresses before you set up your FSA IDs.
  • Because many high schools have firewalls to prevent students from receiving external mail, it’s best not to use an email address that’s been assigned to you by your school.
  • If you have any questions about the FSA ID, click ‘Help’ in the top right corner at fsaid.ed.gov. You’ll find a wealth of information there.

Don’t forget to submit your FAFSA as soon as possible for priority consideration for some types of financial aid!