Confused by Federal Student Aid? Here is How to Apply!
Posted on May 26, 2014 by Lori Wischmann
If you are entering cosmetology school and are planning on using financial aid, the first thing you need to do is complete your Free Application for Federal Student Aid, or FAFSA.
NEED HELP COMPLETING YOUR FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) ONLINE?
The Business Office at your Xenon campus is available to assist you in completing your FAFSA. We have computers available at every campus Monday – Friday for you to sit down, complete your FAFSA, and receive assistance. Please call the Business Office at your campus to set up a time to come in.
No matter if you are filling out your FAFSA at our business center, or at home, you will need the following documentation to complete the form”
- Email address
- A copy of your/your parents’/your spouse’s federal tax return for the previous year. If eligible, you may be able to import your federal income information using the IRS Data Retrieval system, which is recommended.
- Copies of all W-2 forms for you/your parents/your spouse
- A list of all untaxed income received for anyone in your household including child support received
- Amount of child support paid and the child’s name, if applicable
- Your FAFSA PIN. If you do not have a PIN you can apply at www.pin.ed.gov before you come to the Office of Financial Aid. Always keep and secure your PIN for FAFSA renewal each year.
- Social Security Number
- If you are a dependent student you will need your Parents’ Social Security Numbers, birth dates, date they were married, date they became residents of their current state of residence, and FAFSA PIN of at least one parent.
Note: Income information, social security numbers, and PINs are all personal and confidential information that you should not share. We highly recommend you to bring your parent(s) with you if you are using their information to complete the FAFSA.
Students may be required to submit certain documents to the Business Office to document information submitted on the FAFSA.
HAVE YOU ALREADY COMPLETED YOUR FAFSA?
Follow-up on your FAFSA application to make sure it was processed and to see if you have been selected for verification at FAFSA.GOV
Once you have gotten your verification email contact the Business Office at your campus
Do not make corrections on your FAFSA unless you have been selected for verification and wish to use the FAFSA IRS Data Retrieval option if eligible on the FAFSA. Making changes on your FAFSA increases your chance of being selected to verify the information on the FAFSA and could delay the application process and verification does as well.
Once you have applied, you are going to want to figure out how much you can borrow. Here are a few steps to hep you determine that:
- Estimate your full cost of college: Figuring out what college will cost is not often a quick calculation—but it’s a crucial step toward borrowing the correct amount of loan debt for you.
- Take only what you need: Student loans aren’t free money. You’ll pay back what you take and then some, after interest is accounted for—so make sure to be frugal when possible.
- Research your earning potential: For a student loan burden to be manageable, the total amount you owe should be less than your starting salary after graduation.
- 4. Think long term: It can be challenging to think about bills that won’t come for years, but it’s critical to consider the month-to-month implications of what you borrow.
- 5. Keep a healthy mindset about debt: We’ve been given the impression that borrowing at all is dangerous when it comes to college. But a reasonable amount of student debt can be one of the best investments a student will ever make.
Once you have applied, and your FAFSA has been verified and sent to the school we do the rest!
At Xenon Academy our admissions director will work with you to help you understand your aid, how much you are borrowing, and what you will have to pay back in the future.
If you have any more questions, or need advice on filling out your form reach out to our admissions department today.