How is FAFSA4caster different from FAFSA on the Web?
Traditionally, completion of the Free Application for Federal Student Aid (FAFSA) is the first step in the financial aid process. The purpose of the FAFSA is to collect personal and financial information from current or prospective students in order to determine their need and eligibility for financial assistance. The need analysis results in an Expected Family Contribution (EFC) that colleges use when determining the types and amount of financial aid a student will receive, such as Pell grants, student loans, and college work-study. States and colleges also use the information provided on the FAFSA to determine if a student is eligible to receive state or college aid.
Typically, a student submits the FAFSA, via the mail or the Internet (FAFSA on the Web), sometime on or after January 1 of their senior year in high school. For many, this is their first exposure to the financial aid process.
In an effort to promote early awareness, Federal Student Aid has developed FAFSA4caster to –
- Provide general information about federal student aid
- Foster early awareness and create familiarity with the financial aid application process and form
- Serve as an early analysis tool informing college affordability
- Reduce the time required to submit the "official" financial aid application in the student's senior year and beyond
We encourage the use of FAFSA4caster as an early estimation tool, but there are some key differences between FAFSA4caster and FAFSA on the Web that you must be aware of:
- FAFSA4caster is not the "official" application for federal student aid. It's fine to use the FAFSA4caster anytime prior to your senior year in high school or anytime prior to applying for college admission, but the FAFSA must be used to apply for aid once you have decided to apply for admission and attend college. You must be aware of state and college filing deadlines and apply early at www.fafsa.ed.gov.
- FAFSA4caster only collects data needed to determine eligibility for federal student aid. FAFSA on the Web collects additional information that may be used by states and colleges to determine your eligibility for funding from your state or college.
- Drug conviction is a criminal offense that impacts your ability to receive federal student aid. When completing FAFSA on the Web, you will be asked and must provide an answer to the question, "Have you been convicted for the possession or sale of illegal drugs for an offense that occurred while you were receiving federal student aid (such as grants, loans, and work-study)?" The drug question is not presented on FAFSA4caster.
- Data provided when using FAFSA4caster will be matched with information from the Social Security Administration only. FAFSA on the Web confirms eligibility for federal student aid by performing additional data matches with other federal agencies.
- Data and results from FAFSA4caster will not be shared with colleges, but data from your FAFSA will be shared with the colleges that you identify on the application.
- It's fine to estimate your income and assets when using the FAFSA4caster, but remember your results are only as accurate as the information you provide. It is critical to provide accurate information on FAFSA on the Web. Information on FAFSA on the Web may be verified for completeness and accuracy. In addition, your application may be selected for a process called verification and you may be asked to provide additional information to your college.
- The FAFSA4caster confirmation page lists your eligibility results. You should review the information carefully and print a copy for your records. FAFSA on the Web results are provided on a Student Aid Report (SAR), which will be sent to you once your FAFSA has been processed. You should carefully review your SAR and take the appropriate actions to resolve any outstanding issues.
- FAFSA4caster provides you with an estimate of your federal student aid eligibility. This estimate of student aid eligibility is just that - an estimate of what an award package might look like when you're ready to attend college. It is based on national averages, and doesn't take into account some of the more specific eligibility criteria that is needed to determine whether you qualify for specific programs. Additionally, FAFSA4caster only includes federal student aid eligibility. When you file the FAFSA, however, official award information is sent to you by the colleges that you list on the form. An award from a college is more accurate than an estimate of federal student aid eligibility from FAFSA4caster because it is based on additional criteria used by that college, and will likely include additional state and college aid for which you may qualify.
- No signatures are required to submit a FAFSA4caster. Your password will be used to verify your identity when you retrieve your record from our secure database. Signatures are required on FAFSA on the Web (your signature and your parent's signature if you are providing parental information). By signing, you agree, if asked, to provide information that will verify the accuracy of your FAFSA data.
Using FAFSA4caster and applying for federal student aid is always FREE! If you or your parents have more questions, help is always available at www.federalstudentaid.ed.gov or the Federal Student Aid Information Center (1-800-4FED-AID). There is no reason to pay someone to help you complete your FAFSA.
When you apply for financial aid from federal student aid programs, we verify some of your information with certain federal agencies, including the Social Security Administration (for verification of Social Security Numbers and U.S. citizenship status). If information doesn´t match, the discrepancy must be resolved before you can receive federal student aid.
Your FAFSA data is also checked against the National Student Loan Data System to verify that you don't have a defaulted federal student loan, haven't received an overpayment on a federal grant or a Federal Perkins Loan, and haven't borrowed more than the total limit allowed.
Additionally, we verify that you comply with Selective Service Registration requirements. If you´re a male, age 18 through 25 and you have not registered, you can, at the same time you complete your FAFSA, give the Selective Service System permission to register you by means of the FAFSA. You can also register online at www.sss.gov, or call 1-847-688-6888. TTY users can call 1-847-688-2567.
When completing the FAFSA, you will be asked, "Have you been convicted for the possession or sale of illegal drugs for an offense that occurred while you were receiving federal student aid (such as grants, loans, and work-study)?"
Generally, if you have been convicted for the possession or sale of illegal drugs for an offense that occurred while you were receiving federal student aid, you will be ineligible for a period of time based on the type and number of convictions. If you are completing your FAFSA online and answer "Yes" to this question, you will be taken to a worksheet to assist you in determining whether your conviction affects your eligibility for federal student aid. If you are completing a paper FAFSA and answer "Yes" to this question, a worksheet will be mailed to you.
Even if you're ineligible for federal student aid because of a drug conviction, you should still complete the FAFSA because most schools and states use FAFSA information to award non-federal aid.
The U.S. Department of Education is required to collect signatures from you and your parents (if applicable) when you file a FAFSA. By signing, you agree, if asked, to provide information that will verify the accuracy of your FAFSA data. This information may include a copy of your U.S. or state income tax form.
When providing your signature, you also agree that you:
- Will use federal and/or state student financial aid only to pay the cost of attending an institution of higher education,
- Are not in default on a federal student loan or have made satisfactory arrangements to repay it,
- Do not owe money back on a federal student grant or have made satisfactory arrangements to repay it,
- Will notify your school if you default on a federal student loan,
- Understand (and your parents understand) that the Secretary of Education has the authority to verify income reported on the FAFSA with the Internal Revenue Service and other federal agencies, and
- Will not receive a Federal Pell Grant for more than one school for the same period of time.
If you purposely give false or misleading information, you may be fined $20,000, sent to prison, or both.
