Information About Completing Your FAFSA
(Free Application for Federal Student Aid)
Why File a FAFSA?
Federal Student Aid uses the data on your FAFSA to calculate an Expected Family Contribution (EFC). The EFC is an indicator of your family‘s financial strength to pay for education after high school. Your school will subtract your EFC from your total cost of attendance. The result is your financial need. The EFC is not the amount of money that your family must provide. Rather, you should think of the EFC as an index that colleges use to determine how much financial aid (grants, loans, or work-study) you would receive if you were to attend their school.
You can complete your FAFSA:
• Online at www.fafsa.ed.gov (recommended)
• Paper FAFSA, request a copy by calling 1-800-433-3243
Sign Your FAFSA with Your FSA ID
Using an FSA ID to sign and complete your FAFSA is the fastest way to sign your application and have it processed. It is also the only way to access your data online. If you do not have an FSA ID, you can apply for one at https://fsaid.ed.gov.
If you are providing parent information, one parent must also sign your FAFSA. To sign electronically, your parent should also apply for an FSA ID.
What documents do I need?
You will need records of income earned in the year prior to when you will start school. You may also need records of your parents’ income information if you are a dependent student. For the 2015-2016 school year you will need financial information from 2014. You may need to refer to:
- Your Social Security card. It is important that you enter your Social Security Number correctly!
- Your driver’s license (if any)
- Your W-2 forms and other records of money earned
- Your (and your spouse’s, if you are married) Federal Income Tax Return
- Your Parents’ Federal Income Tax Return (if you are a dependent student)
- Your untaxed income records
- Your current bank statements
- Your current business and investment mortgage information, business and farm records, stock, bond and other investment records
Choosing a college to receive your information
While completing the Free Application for Federal Student Aid (FAFSA), you must list at least one college to receive your information. You should list your first choice college first, second choice second, and so on.
ACC’s Federal School Code: 002237
Enter the Federal School Code for ACC in the Federal School Code box, then click the Add button.
What happens after I submit my FAFSA?
After you submit your FAFSA, they will send you a Student Aid Report (SAR). If your supply a valid e-mail address, they will send you an e-mail, within 3 to 5 days, with instructions on how to access an online copy of your SAR.
The EFC that displays on your SAR is a calculation based on the information that you reported on your FAFSA. Your college uses the EFC to determine the amount of federal grants, loans, and work-study for which you may be eligible. Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by your school to calculate the amount of federal student aid you are eligible to receive.
How will I receive my financial aid?
Your college will award you a financial aid package to help meet your financial need. Financial need is the difference between the college’s cost of attendance and your Expected Family Contribution (EFC). Federal student aid is paid to students through the college. You should receive an award letter from ACC, which details your aid award types and amounts. Your aid awards will be disbursed each semester. The college first applies your aid towards your tuition and fees. The remainder is paid to you for other expenses.