Your guide to the FAFSA form

What is FAFSA?

FAFSA stands for the Free Application for Federal Student Aid. Submitting your FAFSA is a must-do if you're seeking financial aid for college. The FAFSA can qualify you for student loans, scholarships and grants. It’s your gateway to getting the financial assistance you need to complete your online degree from Arizona State University.

When does FAFSA open?

The FAFSA typically opens each year on October 1 (The form has been delayed to as late as December before). We highly recommend filling out the FAFSA as soon as possible for prompt processing. The earlier you submit your FAFSA, the more financial aid you're likely to receive.

How does FAFSA work?

The FAFSA is a single form the Department of Education uses to determine your educational financial need and, potentially, that of your guardians. The FAFSA will help you and ASU understand what loans, federal or state grants, and scholarships you’re eligible for.

The FAFSA form applies to a single academic year. For ASU Online students, this means you must fill out the FAFSA form every academic year you attend; or one FAFSA applicable for classes you attend during the fall, spring and summer sessions, including A and B sessions. If you’re planning to attend an additional year, plan to also update your FAFSA form.

The essential guide to the FAFSA form

How to apply for the FAFSA

What is the first step in applying for financial aid?

• All students (and/or parents) must have an FSA ID. Register to get yours here: studentaid.gov/fsa-id/create-account/launch

Where do I start or edit a FAFSA form?

• studentaid.gov/h/apply-for-aid/fafsa

What is ASU's FAFSA code?

• ASU's federal school code is 001081.

How does the FAFSA align to which ASU Online semesters/sessions it can be used for?

• The FAFSA year starts in Fall A and ends in Summer B.
• The FAFSA for a given year can be used for all six sessions it covers.

Will financial aid cover B sessions?

• If you're attending both A and B sessions, the financial aid for both sessions will be disbursed at the start of A session. If a student’s schedule then changes for either session A or B, their entire financial aid award will adjust.
• If you're only enrolled in session B, any eligible financial aid will disburse at the start of B session.
• Enrollment in only session A or only session B may affect the amounts of financial aid awarded regardless of credit load. Learn more about cost of attendance award adjustment.

Can I still get financial aid if I’m only scheduled for a one-credit practicum for a term?

• Those enrolled in only one credit are not eligible for loans. Students enrolled in one credit could still be eligible for a prorated disbursement of grants and, potentially, scholarships. They may also be eligible for corporate partner benefits.
• Students must be enrolled in a minimum number of credits per semester to qualify for loans. The minimum is six credits for undergraduate students and five credits for graduate students.

When is the last date you can get my high school transcripts? What happens if my old school doesn't send them in time?

• You should get your transcript submitted as quickly as possible. If not submitted and the balance is not paid, you'll accrue late fees and will be held from registration for future classes.

What to do after submitting your FAFSA

Where can I see information about my FAFSA?

• ASU generally receives a FAFSA five to seven business days after you complete and submit it. Once ASU receives your FAFSA, all information available will be viewable on your My ASU Finance tab.

How long does it take for FAFSA to process?

• Once the FAFSA and all requested documents are received, financial aid packages are available in about five business days and are then viewable on the My ASU finances tab.

Common reasons why there is a delay in processing your financial aid:

• Make sure there are no additional documents the student needs to complete by viewing the My ASU Finances tab for Financing Tasks.

How to verify your FAFSA

Verification tasks are broken down by type so you can mark your progress on items that have been submitted.

• Good practice is to always navigate to the Finance tab to see if there are any outstanding Finance Tasks that may be separate from Priority Tasks.
• Pay close attention to the aid year in the task.

What do task labels mean?

• Red checkmark and label of received = Document has been received, and we’re awaiting review. No action needed.
• No checkmark and label of returned = Submitted doc has been reviewed and determined to be unacceptable. Items need to be submitted again.
• No checkmark and no label = Document needs to be submitted.

Who can I contact about my FAFSA?

• To contact someone at ASU, visit tuition.asu.edu/contact.
• To contact the federal office which manages the FAFSA, visit studentaid.gov/help-center/contact.

Common issues to check on a rejection before calling:

• Did you and/or your parent sign the FAFSA?
• Did you use your correct name and social security number?
• Was income information entered correctly?

I was selected for verification. Can I start class and will I owe money?

• It’s important to submit all documents as soon as possible.
• You are not prevented from starting class if you owe a balance but you'll be charged late fees if the balance is not paid by the 25th of the month after the start date of class.
• You'll be held from registering for any future classes if the balance remains unpaid. For more information, visit students.asu.edu/delinquent-accounts.

How do financial aid disbursement and refunds work?

 When will I get my refund?

• After your funds are disbursed, refunds are processed on Tuesday and Thursday. You can expect three business days from the date of refund for direct deposit refunds, or seven business days for mailed refunds from the date the funds are posted to the student account and viewable on My ASU.
  • Look at when funds disbursed, find the next Tuesday or Thursday (whichever is closest) and then count based on your refund process.
  • The type of refund you're getting (direct deposit or paper check) is viewable in your My ASU. If you've signed up for direct deposit, the field will read Active. If not Active, you should expect the check mailed to the address on your My ASU profile.
• If you haven't enrolled in direct deposit, this same field on My ASU will prompt you to do so.
• You must register for direct deposit at least two weeks prior to funds disbursing in order to ensure direct deposit goes through.

Is FAFSA free money?

• FAFSA itself is not a loan or another form of payment. Instead, FAFSA is the form that helps several different financial aid organizations understand what kind of loans, grants and/or scholarships you’re eligible for.
• Each scholarship, grant or loan has its own structure, which determines whether you must pay back the financial aid you received for college.

Why does the school charge a financial aid fee?

• Student Financial Aid Trust grants are assistance provided in partnership between ASU students and the state legislature. All students are assessed this fee to create a Financial Aid Trust Fund, from which Financial Aid Trust Grants are awarded. Fees collected from students are matched by the State of Arizona. Priority for these limited awards is given to eligible undergraduate students who file their FAFSA by the priority filing date of January 15 and who are Arizona residents or underrepresented students with high financial need.

Does financial aid pay for books, computers, cameras, and/or any other tools?

• If the financial aid amount you accept is greater than the charges shown in your My ASU account charges box, then a refund will be generated. Your refund can be used to pay for textbooks and other school supplies.