Call Federal Credit Union offers Home Equity Loans and Personal Loans to help you with college expenses, but you should first consider low cost government programs that are available to you.

First the FAFSA

The Free Application for Federal Student Aid (FAFSA) is the form you need to complete in order to be considered for grants (aid that you do not have to repay) or work-study programs (a way to earn money for school through on or off-campus work). You must file the FAFSA prior to applying for any other federal student financial assistance (SFA) programs (subsidized or unsubsidized loans). Some states and schools also require the FAFSA before you can apply for any grants or loan programs they may offer.

The FAFSA asks a number of questions designed to calculate your expected family contribution (EFC). The EFC is the number used to determine your eligibility for federal student aid. The information you provide on the FAFSA and your EFC are presented in a Student Aid Report (SAR).

The U.S. Department of Education sends copies of your SAR to you and to the schools to which you apply. You can designate up to six schools with your original FAFSA application. You should look for your SAR approximately four weeks after you submit your application.

Tips

The FAFSA application process requires persistence and a good amount of determination. However, as with most complicated processes, the better prepared you are, the less frustrated you'll be with the experience. You'll need to complete the FAFSA (or the FAFSA Renewal Form) for each academic year in which you will require student financial aid, so it pays to do the legwork up front.

• Start early. You'll want to start collecting the information you need prior to January 1 of the year you'll be attending school and submit your form on January 2. (State and school deadlines may arrive as early as January!) The old saying about the early bird getting the worm definitely applies here. Schools have a set amount of funds they can distribute; the later they receive your SAR, the less money they'll have available. The original FAFSA must be received by the U.S. Department of Education after January 1 and no later than July 2 of the enrollment year.

  Information you will need to fill out the FAFSA:

  • Your Social Security number (can be found on Social Security card)
  • Your driver's license (if any)
  • Your prior year's W-2 Forms and other records of money earned
  • Your (and your spouse's, if you are married) prior year's Federal Income Tax Return - IRS Form 1040, 1040A, 1040EZ, foreign tax return, or tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau
  • Your parents' prior year's Federal Income Tax Return (if you are a dependent student)
  • Your prior year's untaxed income records - Social Security, Temporary Assistance to Needy Families, welfare, or veterans benefits records
  • Your most recent bank statements
  • Your most recent business and investment mortgage information, business and farm records, stock, bond, and other investment records
  • Your alien registration number or permanent residence card (if you are not a U.S. citizen)

• Browse the FAFSA site and review the Process Overview and Quick Help links. Print out and complete the worksheet before you start to complete the form online. The online form is not very forgiving of errors, and you may lose your work if you do not prepare and save a draft. If you need help with your FAFSA form, you can get step-by-step instructions for each question at fafsa.ed.gov, and there is a live online chat too. You can also call the Federal Student Aid Information Center at 800.4.FED.AID.

• Apply online if you can; the online application can speed up the process.

  • If you're completing the form for the first time, you'll need to apply for a PIN in order to file electronically. If you have an email address, you can be sent your PIN electronically after passing an identity check. (This may take a day or two.) If you do not have an email address, you will receive your PIN by regular U.S. Postal Service within 7 -10 days.
  • If you're applying with your parents, you'll need their information in addition to your own, including income tax return information (estimated information will suffice until the actual figures are available). They will also need a PIN so that you can file jointly. A student and his or her parents cannot share the same PIN.
  • If you prefer to send in a paper version of the FAFSA form, you can print one online at fafsa.ed.gov. Photocopies of the form will not be accepted. Paper versions are also available at most college financial aid offices and libraries. Remember, submitting your FAFSA online is usually a lot faster than submitting a paper version.

Your school must have your SAR information before the last date of the enrollment period for which you want aid.

You can check the status of your application by calling 800.4.FED.AID or by going to fafsa.ed.gov and clicking on the "Check my Submitted FAFSA" section.