FINANCIAL AID PROCESS
Free Application for Federal Student Aid (FAFSA)
|Need help with the FAFSA?|
Call the Iowa College Access Network (ICAN) for free help: 877-272-4692. ICAN will schedule an appointment for you at their Council Bluffs office located in Clark Hall at Iowa Western Community College. ICAN appointments are also available through Zoom using any ICAN advisor statewide. Start to work on the FAFSA after October 1st.
Create the Federal Student Aid ID (FSA ID)
The website address for the FAFSA has changed to: studentaid.gov
Student Financial Aid
Student financial aid can include any or all of the following:
- Grants & Scholarships - gift money that students are not required to pay back
- Work Study - jobs on a college campus in which the student works and receives wages
- Student Loans - loans which can be used to finance a student's education; a major source of loans come from the federal government through its student loan program
Why complete the FAFSA?
1. To qualify for federal and state financial aid programs based on need
2. To be eligible for a federal Stafford student loan regardless of need or income
3. So colleges can see a student's FAFSA before they distribute their own financial aid
4. Some scholarships require page one of the Student Aid Report (SAR) to be included with scholarship materials
5. It is free and can possibly yield positive benefits
6. If a parent employment status would change due to illness or loss of job.
7. It is required for the Last Dollar Scholarship for career and technical programs in Iowa colleges which could mean two years of free tuition.
Click here for the information you will need to have to complete the 2023-24 FAFSA.
The 2023-24 FAFSA does not become available online until October 1, 2022.
Basic Information on Financial Aid
1. Set up a Federal Student Aid ID (FSA ID) - The Federal Student Aid ID (FSA ID) is an electronic login for the FAFSA. In most cases both the student going to college and one parent need to set up an FSA ID. If the family had an older student that completed the FAFSA, the parent can use their FSA ID for any of their children. To set up an FSA ID for either a student or a parent go to this web address: Create a FSA ID.
2. File the FAFSA - The Free Application for Federal Student Aid is the basic federal government form for students to file to apply for financial aid. It is required to be filed for most federal and state sources of financial aid including federally subsidized student loans. The FAFSA cannot be filed until October 1st of a calendar year in which a student will attend the next academic year including while a student is in college. The FAFSA may be filed electronically over the Internet or in paper form. The electronic form is the most popular way to file the FAFSA. The FAFSA website is located at studentaid.gov. The student will need to list the colleges that they are considering attending in the FAFSA.
3. When to file the FAFSA. Colleges establish financial aid priority dates. These are the dates in which the colleges want the FAFSA completed so the student will have the best chance for financial aid. It is not true that is Student A files the FAFSA before Student B, then Student A will receive more financial aid. The financial aid priority date for that college is when the FAFSA should be completed.Click here to see the financial aid priority dates for Iowa colleges.
3. Receive a Student Aid Report (SAR) - After filing the FAFSA, a student and parent will receive a SAR. The SAR is a listing of all the information that was entered in the FAFSA. If an e-mail address is entered in the FAFSA, the SAR will be sent by e-mail. If not, a paper copy of the SAR will be sent to the student and parent. It is important to check the SAR for any errors in information and if found, can be corrected in the FAFSA electronically or by contacting the college financial aid office of the student or by logging into the FAFSA and making the correction. It is important to keep the SAR in case any information is needed later.
4. Verification - Colleges are required by the federal government to verify a percentage of their students' FAFSAs. This may be a random check or some colleges may actually verify all of their students FAFSA numbers. If this happens to you, you are not under suspicion of doing something wrong, it is just a requirement that colleges have to complete. Just follow the directions that that college sends to you, and the process should be fairly easy to complete.
5. Review the financial aid award statement - In the spring (March to early May), students will receive a financial aid award statement from the colleges which they have been admitted and where the student's FAFSA information has been sent. Students and parents need to evaluate the financial aid statement and decide if they are willing to accept that package from the particular college.
6. Return and agree to the financial aid statement - If the financial aid statement is agreeable to the student, then either by paper or electronically, the student will need to sign it and return it to the financial aid office.
7. Change in financial aid situation - If a student's financial aid situation changes drastically after filing the FAFSA (i.e. parent losing a job or parent becoming ill or disabled and cannot work), contact the college financial aid office to see if they will do a professional judgment to compensate for the student's financial situation.
8. Check eligibility for State of Iowa student aid programs - Students need to do the eligibility wizard that is available to check on eligibility for State of Iowa student aid programs and to complete the Iowa Financial Aid Application if eligible. To access the wizard and the Iowa Financial Aid Application go to the Iowa College Aid Commission website.
9. Reminder - Students will need to complete the FAFSA and the financial aid process for each year that they are in college.