Financial Aid Office

What is the FAFSA?

It's the Free Application for Federal Student Aid, the first step in the financial aid application process. The FAFSA should be submitted for every academic year that you will be enrolled.The Financial Aid Office recommends that you complete your FAFSA between January 1 and April 1, and after your family has completed their federal income taxes. Complete and submit your FAFSA early in the year, even if you're not sure you will start college during the fall semester.

How do I Submit my FAFSA?

The U.S. Department of Education and the Penn College Financial Aid Office both highly recommend that you use FAFSA on the Web. This online process is fast and secure and is designed to prevent common errors applicants make.

I submitted a FAFSA last year. Is there a way to transfer some of my FAFSA information from that FAFSA to this year's FAFSA?

Yes! Just like you did last year, you begin this year's FAFSA from the FAFSA site. After answering several preliminary questions, you will be given the option to pre-fill data from last year's FAFSA. Financial information will not be pre-filled.

Do I need a Federal PIN to submit the FAFSA online?

Yes, you need a Federal PIN to submit your FAFSA. You can request your PIN at anytime, even before you apply to Penn College. One parent of a dependent student will also need to request a Federal PIN. You (and a parent) can now create your own PIN and use it the same day to complete and submit your FAFSA. By the way, don't confuse this Federal PIN with a Penn College PIN, which new students are issued.

Do I need to activate my Federal PIN?

If you applied for a Federal PIN and provided a response to a Challenge Question, your PIN should have been automatically activated. If you believe that your PIN needs to be activated, visit the PIN site to activate.

Do I need to provide my parent's information on the FAFSA?

Federal regulations require that if you truthfully answer “NO” to ALL of the following questions for the 2009-10 FAFSA (note that some of the questions are different from previous years), you are considered a dependent student and your parent(s) information must be included on your FAFSA:

• Were you born before January 1, 1986?
• Are you working on a graduate or doctorate program? (Penn College doesn't have these programs.)
• As of today (the day you sign your FAFSA), are you married?
• Do you have children who will receive more than half of their (financial) support from you?
• Do you have dependents other than your children or spouse who live with you and who receive more than half of their (financial) support from you, now and through June 30, 2010?
• Are (a) both of your parents deceased, or (b) at any time since you turned age 13, were you in foster care or were you a dependent or ward of the court?
• Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
• Are you a veteran of the U.S. Armed Forces?
• Other questions regarding special circumstances that can be documented such as legal guardianship, homelessness, etc. Contact the Financial Aid Office for more information.

If you truthfully answer “YES” to any of those questions, you are considered an independent student and you do NOT need to include parent(s) information.

Click here for more detail on how a veteran is defined, and more detail on the other questions.

Please note that parents are not required to contribute toward their son's or daughter's educational expenses even if their financial and other information must be included on their student's FAFSA.

If my parents are divorced or separated, whose information goes on the FAFSA?

From the FAFSA instructions: "If your parents are divorced (or separated...) answer the questions about the parent you lived with more during the 12 months preceding the date you complete the FAFSA. If you did not live with one parent more than the other, give answers about the parent who provided more financial support during the 12 months preceding the date you complete the FAFSA,or during the most recent year that you actually received support from a parent. If this parent has remarried as of the date you fill out the FAFSA, answer the questions on the remaining sections of the FAFSA about that parent and the person he or she married (your stepparent)."

I live with my grandparents. How do I fill out the FAFSA? Do I use their income?

Dependent students do not provide their grandparents' income information on the FAFSA, unless they have legally adopted you and (1) one or both of your biological parents are alive, and (2) you were not in foster care or a dependent/ward of the court at anytime since your13th birthday. You do report income and assets from your parent(s),regardless of whom you live with. Recall that the FAFSA requires student and parent information for dependent students. Because this topic is often confusing, it's best to contact the Financial Aid Office for more details.

Are 529 Plans and other College Savings Plans reported as investments?

The current value or refund value of a 529 (or other type of) college savings plan, including a state prepaid tuition plan, is reported as an investment of parents on the FAFSA if parents or a dependent student owns the plan. However, if an independent student (or spouse) owns his or her529 (or other type of) college savings plan, the current or refund value is reported as an asset of the student.

When I applied for financial aid, I was living with my parents and was a dependent student. I am getting married in the next few months. Will this change my financial aid dependency status?

Marriage after the FAFSA has been submitted will not affect your dependency status for that school year. You can not change your answer to the marital status question for the academic year. If you are married when you complete the FAFSA for the next academic year, you will be an independent student.

What does EFC mean?

EFC means Expected Family Contribution,in dollars. You and (if you're a dependent student) your parents are expected to pay a certain amount of your cost of education. The EFC is calculated by the U.S. Department of Education. It is based on the amount of taxed income, untaxed income, and assets you and your parents have; your family size; and the number of college students in your family. The EFC is used to consider eligibility for certain types of financial aid, but it does not mean that grants will make up any difference between your cost of education and your EFC. Sometimes,families can not afford the EFC. In those cases, educational loans can be helpful in meeting college costs.

What is a SAR?

SAR means Student Aid Report. It's your copy of the data you (and your parents) provided on your FAFSA. Here's FAFSA information on how you receive your SAR.

I just received my SAR and it states that my EFC is 9350. I don't understand where that figure came from. Where do I get that kind of money?

As explained in this question,your EFC is calculated from your FAFSA information. If your family does not have sufficient assets to cover your EFC, you should consider loans.

I already submitted the FAFSA for another college. Now I have decided to attend Penn College. Do I submit another FAFSA?

No, do not complete another FAFSA. You need to add our Federal School Code, 003395, to your FAFSA, preferably as the first 'school to receive your results' on your list. If you are unable to do so, contact us or provide our office with a copy of your SAR.

If I only want to use loan funds to pay for my Penn College education, do I need to file the FAFSA?

Yes, all Federal Stafford Loans applicants must complete the FAFSA.Some alternative loan programs also require the FAFSA to be completed.We highly recommend that you have a current FAFSA on file every academic year so that the College can consider you for all possible aid, including Penn College scholarships.

What does Federal Verification mean?

Federal Verification of your FAFSA information means that the College must compare your family's federal tax returns and other documents to information reported on your FAFSA. The federal government chooses about 33% of all FAFSAs for verification. Incomplete or conflicting information on your FAFSA may lead to verification; however, many FAFSAs are chosen at random. Federal aid cannot be credited to your account before the verification process is complete,so be sure to respond quickly to any requests for more information.

Where can I get a copy of my federal tax return or W-2 form?

If a tax preparer or someone else completed your tax return, ask that person for your copies. Check with your employer(s) if you need a duplicate copy of your W-2 forms. You can also request a tax return transcript and/or a Form W-2 transcript from the IRS.