FAQs

A financial aid package is the amount of financial aid you can expect to receive. Your package will come in the form of a financial offer, which lists your financial aid awards, including the amount you are eligible to borrow in student loans. If you have any questions about the terms or conditions of any of your awards, contact the financial aid office at your college.

Start with your college's financial aid office. If you haven't chosen a college yet or if you need more help, please call ICAN. Spanish speaker is available (se habla español).

One out of every three applicants is selected by the government to have their paperwork looked at more closely. This is to make sure the process is working for everyone.

If you are selected:

• Provide documentation requested by the college.
• Respond right away so your financial package is not delayed.

The SAI is the Student Aid Index, an index that colleges use to determine your financial aid eligibility. Colleges subtract your SAI from the total cost of attending their school to find out how much financial aid you need.

Your college's financial aid office determines your financial aid package by using the information from your Free Application for Federal Student Aid (FAFSA). The FAFSA is a free form that may be completed without professional assistance via paper or electronic forms provided by the U.S. Department of Education.

The financial aid office will subtract your Student Aid Index (SAI) from the cost of attendance at the college, and that tells them your financial need. They'll try to meet your financial need with any funds that are available to you. These may include grants, scholarships, loans or work-study.

Get in touch with the financial aid office at the college. The financial aid office has tried to give you the best combination of the different types of aid you are eligible for at that school. Unfortunately, funds are usually limited, and they must be split between you and all the other worthy students.

Your package won't necessarily stay the same. It could change if your income and assets change, you move on or off campus, or your grades change. Some awards may not be renewable, or you may not meet the renewal criteria. It's important to understand the terms and conditions of the awards you accept. Please note that you must also be making satisfactory academic progress (as defined in your school's catalog) to receive financial aid.

Your award letter will tell you the maximum you can borrow in federal student loans, but you may not need to borrow the entire amount. Remember that everything you borrow must be repaid with interest. You should also think about your monthly loan payments after college when you decide how much to borrow.

FAFSA stands for the Free Application for Federal Student Aid. The FAFSA is a free form that may be completed without professional assistance via paper or electronic forms provided by the U.S. Department of Education.

To apply for federal financial aid, you need to fill out the FAFSA and return it to the U.S. Department of Education, which processes it and sends the information to the colleges you've listed on the form. Schools use the information to decide how much financial aid they will give you if you attend their institution.

The FAFSA is available free electronically or in paper form.

• The electronic and paper version is online at www.studentaid.gov
  • It is highly recommended to file the FAFSA electronically

No. If you apply using FAFSA on the Web, you get online instructions for each question, and you can chat live with a customer service representative. The application is also available in Spanish. 

Other sources of free help include:

• ICAN Offices.
• Federal Student Aid Information Center (FSAIC).

Once the FAFSA form is released by Federal Student Aid, you will want to file the FAFSA before your college's financial aid priority date. After a priority date has passed, some aid programs may run out of funding.

At any point during the processing period, you can use your StudentAid.gov account to check the status of your FAFSA or to check on a correction you made to your FAFSA.

• Go to www.studentaid.gov
• Log in with your StudentAid.gov account
• Select "My Activity" on your Dashboard
• The Status Tracker will indicate the status of the application
• You will also be able to view your "FAFSA Submission Summary"

It's always a good idea to check the status of your application during the processing period, but you should check the status at least at the following times.

• Three to five days after submission — if you used your StudentAid.gov account to e-sign your application.
• Two to three weeks after submission — if you printed, signed and mailed a signature page.
  • It is highly recommended that you file the FAFSA electronically

You can make the correction online with your StudentAid.gov account or you can contact the school you wish to add directly.

A StudentAid.gov account is a username and password combination you use to log in to U.S. Department of Education (ED) online systems. The StudentAid.gov account is your legal signature and shouldn't be created or used by anyone other than you—not even your parent, your child, a school official, or a loan company representative.

To keep your personal information secure, do not share your studentaid.gov account. You should never give your account to anyone. Be sure to keep your username and password in a safe place.

You will need to use your StudentAid.gov account to access your financial aid data for these U.S. Department of Education products.

• FAFSA. Access and complete your Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA (if you applied for federal student aid last year). You can also:
  • Submit corrections to your processed FAFSA.
  • Use your StudentAid.gov account to electronically sign or submit your FAFSA.
  • Obtain a copy of your processed FAFSA information.
  • Add a school code to your FAFSA application.
• Federal loans. You can also use your account to sign your William D. Ford Federal Direct Loan (Direct Loan) Master Promissory Note.

Learn how to setup the StudentAid.gov account at www.icansucceedorg/fsaid. Be ready to provide your:

• Legal Name
• Social Security Number
• Date of Birth
• Mailing Address
• Phone Number
• Email Address (do NOT use a school email)

You'll also select and answer five challenge questions. Pick questions you can answer easily because you'll need to answer it to edit your information or reset your account password. 

Note: When you begin the FAFSA, it will determine if parent information will be required. Generally, unmarried students under the age of 24 are considered dependent on the FAFSA and parent information is required. If parent information is required, one or more parents may need to create a StudentAid.gov account.

1. Go to www.studentaid.gov and click on "Create Account" on the top right corner
2. Click on "Get Started"
3. Enter your name, date of birth and social security number. Make sure this information matches your social security card
4. Create a username, and password and enter your email. ATTENTION STUDENTS: DO NOT use your high school email address, as it may not be active after you graduate
5. Enter your home address and mobile phone. Select "Yes, I want to use my phone for account access"
6. Select 4 challenge questions from the drop-down menus
7. Review the information you've entered
8. Complete the 2-step verification using your mobile phone and email

Your StudentAid.gov will need to be verified before you can access the FAFSA application. Once the Social Security Administration verifies your information in one to three days, you will have full access to www.studentaid.gov. For help, visit StudentAid.gov/fsaid.

The account is used to log in to www.studentaid.gov. Your username and password confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents.

If you have lost or forgotten your username and/or password, you can retrieve and reset your information on the studentaid.gov website. If you think that someone else may know your account information or you believe your information may not be secure, call (800) 433-3242. 

These websites will utilize the StudentAid.gov as part of the login process:

• FAFSA.gov
• StudentAid.gov

You will need income and asset information for you and your parents, if you're a dependent student.  View a detailed list.

If you don’t have a Social Security number, contact the financial aid office at your college or university to see what steps they would like you to complete.

If you have a Social Security number, but your parents do not, you can still file the FAFSA. You will need to create a StudentAid.gov account and one or more of your parents will also need to create a StudentAid.gov account. 

Your answers to some of the questions determine if you are dependent or independent from your parents for the purpose of applying for federal financial aid. Students are classified this way because the amount of federal financial aid you may qualify for is based on how much you and your parents (or spouse) can contribute to your education. Visit the FAFSA website to determine your dependency status.

If you are considered dependent, your parents' income and assets, as well as your own, must be reported on the FAFSA. Independent students need only supply their own (and spouse's if applicable) income information.

The FAFSA states that you will provide parent information for the parent that provides the most financial support. If that parent is remarried, you will provide information for the parent that provides the most financial support and their new spouse.

If you or your family has special circumstances that might affect your eligibility for student financial aid, submit the FAFSA, and then consult with the financial aid office at the college you plan to attend.

You don't include the value of any qualified retirement account on the FAFSA. To review what is required, download the What to Bring worksheet here.

There are no exemptions for business or farm values on the FAFSA. If you have questions regarding the 2023-24 FAFSA, please contact us for additional information.