A financial aid package is the amount of financial aid you can expect to receive. Your package will come in the form of an award letter, 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 speakers are 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 not to punish you, but to make sure the process is working for everyone.

If you are selected:

• Provide copies of signed tax returns and requested documents.
• Respond right away so your application is not delayed.

The EFC is your Expected Family Contribution, an index that colleges use to determine your financial aid eligibility. Colleges subtract your EFC 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 Expected Family Contribution (EFC) 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 staff there 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 version is online at www.fafsa.gov.
• A paper version is available by calling (800) 4-FED-AID or (800) 433-3243.

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.

Other sources of free help include:

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

For the next school year, submit your application as early as possible, but no earlier than Jan. 1. 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 FSA ID 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 FSA ID 
• The drop-down menu titled "Apply for Aid" select "Complete the FAFSA Form"
• Select "I am the Student" and press continue
• Scroll down and select "View Student Aid Report (SAR)"

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 FSA ID to e-sign your application.
• Two to three weeks after submission — if you printed, signed and mailed a signature page.

You can make the correction online with your FSA ID or you can contact the school you wish to add directly.

The FSA ID is a username and password. The FSA ID replaced the Federal Student Aid PIN in May 2015.

To keep your personal information secure, do not share your FSA ID. You should never give your FSA ID to anyone. Be sure to keep your FSA ID in a safe place.

You can use your FSA ID 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 FSA ID to electronically sign your submitted FAFSA.
  • Obtain a copy of your processed FAFSA information.
  • Add a school code to your FAFSA application.
• Federal loans. You can also use your FSA ID to sign your William D. Ford Federal Direct Loan (Direct Loan) Master Promissory Note.

You can create an FSA ID here: https://fsaid.ed.gov/npas/index.htm. Be ready to provide your:

• Name
• Social Security number
• Date of birth
• Mailing address

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 FSA ID password.

Note: For dependent students, both the student and a parent reported on the FAFSA should apply for their own FSA IDs.

1. Go to www.studentaid.gov and click on "Create an Account"
2. Scroll down and 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

You can use your FSA ID to sign a FAFSA right away. 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 FSA ID is used to log in to www.studentaid.gov. Your FSA ID confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents.

If you have lost or forgotten your FSA ID, you need to rest your password on studentaid.gov website If you think that someone else may know your FSA ID or you believe your FSA ID may have become known by someone else when it was lost, call (800) 433-3243 to report the problem and  to have your information be reset.

These websites will utilize the FSA ID as part of the login process:

• FAFSA.gov
• StudentAid.gov

You will need certain documents and numbers for yourself. In most cases, you will need the information for each of your parents as well. View a detailed list.

If you don't have a Social Security number, you won't be able to complete the FAFSA. Please contact ICAN about other ways to get the financial assistance you need.

If you have a Social Security number, but your parents don't, you can still file the FAFSA as long as your parents file their income tax using their Individual Taxpayer Identification Number (ITIN). Your parents can then fill in zeros for their Social Security numbers.

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.

You have to use the financial information for the parent you lived with most during the past 12 months. If you lived with each parent equally or lived with neither parent, then you should use the information of the parent you received the most financial support from. If this parent is remarried as of today, you need to report your stepparent's information as well.

If you or your family has unusual 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. You do, however, report the contributions that were made into tax-deferred pensions or savings plans (paid directly or withheld from earnings) during the year. You should include amounts reported on your W-2 Form in Box 12a-12d, codes D, E, F, G, H and S. This would include a 401(k), 403(b) and any other tax-deferred pension or savings plan. (Contributions should be reported in question 95a on the FAFSA.)

If you live on your farm and you farm the land, it is considered a family farm and doesn't need to be reported on the FAFSA (you do not need to include the value of land, buildings, machinery, equipment or livestock, etc.). Farmland that you own but is farmed or rented by someone else would be considered an investment farm, and the net worth would be reported on the FAFSA. If you have a question regarding whether or not your farm is a family farm, contact the financial aid office at your college.