The FAFSA
Financing your college education is a big step toward obtaining your degree. In this segment, you'll read more about financial aid at Penn State and how to file the appropriate Free Application for Federal Student Aid Links to an external site. (FAFSA).
FAFSA
The FAFSA is the starting point for financial aid for nearly every school. To file the FAFSA, you'll first need to register for your Federal Student Aid ID (FSA ID). You will use the FSA ID for the duration of your education to complete the FAFSA each year and for other important documents pertaining to your federal aid. This ID will act as your electronic signature, and your FAFSA cannot be processed without it.
From October through June, you'll see two applications available. If you're unsure which application to use, talk to the Office of Student Aid.
When completing the FAFSA, you'll need to include financial information. To make the tax section of the application easier to complete and more accurate, we suggest using the IRS Data Retrieval Tool, which pulls the information directly from the IRS. The FAFSA now uses tax information from 2 years prior, so you won't need to estimate income to complete the application. Here are some tips for filling out your application:
- Apply early.
- Use the correct FAFSA form.
- Pay attention to the details.
- Use the IRS Data Retrieval Tool.
- Use your full legal name.
- Enter the Penn State school code: 003329.
Most schools encourage students to apply early for financial aid to receive maximum consideration because some aid resources are limited. At Penn State, the preferred deadline for filing is February 15 for new students for the following academic year (starting with the fall session). Even if you've missed the deadline, it's still important to file your FAFSA.
Penn State's academic year sequence is fall to spring to summer. Other schools may start with the summer, so if you're transferring midyear, your aid usage will be reviewed to determine how much aid you still have available, in much the same way that your academic transcript is reviewed for credits you're transferring.
Paying attention to the details is very important for successful processing of the FAFSA. Double-check that you've spelled out your full name (such as Robert instead of Rob, if Robert is your legal name), that your Social Security number is on both your admissions and FAFSA applications so that the system can retrieve it, and that you've included your correct date of birth. Please note: Penn State cannot process your FAFSA without the Social Security match.
You can include more than one school on the FAFSA form; however, Penn State will not process your FAFSA until after you've accepted your offer of admission.
Before Penn State receives this information, your FAFSA will go through several database checks at the Department of Education. They'll cross-reference your information with the Social Security Administration, check your criminal record, confirm your Selective Service registration through the Department of Veterans Affairs, and check your financial aid history through the National Student Loan Data System. This system tracks previous awards and borrowing you may have had if you've attended college before.
At the institutional level, Penn State's Office of Student Aid will review the information you submitted on the FAFSA to perform additional eligibility checks to determine the amount of aid you should receive. They'll check for the number of credits you intend to take, your current academic standing, and the kind of enrollment you're applying for. When you file the FAFSA, your confirmation page will indicate what you can expect to receive, but this information is based on the assumption that you're enrolled in an eligible program and attending full-time. The Department of Education doesn't know how many credits you're taking or what kind of program you're in. Therefore, some eligibility checks remain at the financial aid office to make sure that the aid you receive is being delivered with accuracy based on your current enrollment information. Once all checks and balances are in place, your financial aid award will be made available to you. You can then access your financial aid award through LionPATH.
You don't need to be a full-time student to be eligible for federal financial aid, but the number of credits you're taking will determine how much aid you can receive. Penn State will also review academic standing for each year and the type of program you're enrolled in—an associate degree, bachelor's degree, or certificate program. It's important to note that most certificate programs aren't eligible for federal financial aid at Penn State. If you plan on completing a certificate, then please be sure to contact the Office of Student Aid about your options.
There are a lot of unique words associated with financial aid, so it will help to know the lingo. The FAFSA becomes the umbrella of eligibility for consideration for all of these resources. As we previously discussed, it will be up to the institution, using your enrollment standing and following the federal regulations, to determine which of these resources you'll receive and how much you'll be awarded.