Paying for College

The FAFSA (Free Application For Student Aid) opens each year on October 1st.  College bound Seniors should complete the FAFSA during the fall of senior year.

Prepare for the FAFSA:

  1. Create an FSA ID (one for student and one for parent which is used to electronically sign the FAFSA)
    • Go to https://fsaid.ed.gov
    • Enter your email address (use an email that you will have access to after high school)
    • Create your username and address
    • Enter your personal information
    • Submit your information
  2. Gather Documents
    • Student and parent Social Security Numbers
    • Student drivers license number
    • 2019 Federal Tax Return for parents and student
    • Records of any untaxed income
    • Savings account, checking account, investments information
  3. Complete the FAFSA process (for help Mapping Your Future 800-374-4072 or https://studentaid.gov/apply-for-aid/fafsa/filling-out/help.
    • go to fafsa.gov
    • Provide your basic personal information
    • List colleges
    • Answer dependency questions
    • Provide parent demographic information
    • Provide financial information
    • Sign and submit the FAFSA
    • Once processed, you will receive a Student Aid Report, and the colleges you indicated on the FAFSA will receive your information.
    • You will receive a financial aid offer or award letter from each of the colleges.  These are mailed to you, or you will receive an email from the college for you to login to your college portal to view the financial aid offer.
  4. Maximum federal financial aid amounts
    • Federal Pell Grant:  up to $6,345
    • Direct Loan: $5,500 (2.75% interest)
    • Direct PLUS loan: Parents can borrow at 5.3% interest rate

RESOURCES

  • southdakotamappingyourfuture.org
  • studentaid.gov
  • https://public.dollarsforscholars.org/