Financial Aid > FAFSA Process

 

What is the FAFSA?  The Free Application for Federal Student Aid is used to apply for "need-based aid" (grants, loans, work-study) if you are a U.S. citizen or permanent resident.  It allows us to determine if you qualify for aid from the College, the federal government and/or the State of Illinois.  The FAFSA is not required if you are applying only for scholarship funds.

If the amount you pay for college will be a factor in deciding where you enroll, we recommend that you complete the FAFSA even if you do not think you will qualify, and even though you may not yet be admitted.  This will allow our Office of Financial Aid to determine -- with certainty -- what funds you are eligible to receive.

To insure that we receive the results of your application, include our Federal School Code of 001706.  

In addition to the FAFSA, students applying for need-based aid must complete the Lake Forest Application for Financial Aid (LFAFA).

Completing the FAFSA

  1. Both you and your parent should apply for a PIN to "electronically sign" your FAFSA.
  2. Print and complete the FAFSA Worksheet (optional) following the notes below.
  3. Complete the FAFSA on the Web (under #2) and include our Federal School Code of 001706.
  4. After it is processed, make any necessary corrections, and promptly respond to any issues noted by the federal processor.

While we strongly recommend using FAFSA on the Web, there are two other options for filing the FAFSA:  a paper application and "FAFSA on the Phone."  Links are provided on our Forms page.

FAFSA and LFAFA Priority Deadlines

Submit financial aid applications by the date corresponding to the way you submitted your application for admission.  The 2009-2010 applications are now available.

 

New Students - apply by these dates even if you have not yet been offered admission

Early Action:  January 31
Early Decision:   February 22
Regular Decision:   February 22
Transfer Students:   June 15
Spring Semester:  December 1

Returning Students

Applications must be received by May 1

 

All Students

1.  We urge you to apply for financial aid as early as possible, as some sources of funds are limited.  Applications will continue to be accepted after the deadlines, but you may receive less money than if you had applied on time.

2.  In order to meet the above deadlines, it is perfectly acceptable to estimate income and tax figures on the initial applications.  Please contact our office if you had estimated the figures and now have a completed tax return.  You may be asked to provide a signed copy of your federal income tax return once it has been completed.

Recommendations for Completion of the FAFSA

  • It is especially important to properly sign the FAFSA on the Web!  To do so, both you and your parent need to apply for a PIN.  More information about the PIN is at the bottom of the page.
  • Questions with "you" or "your" always refer to the student applying for financial aid.
    •
  • Unless instructed to skip a question or section, do not leave anything blank; enter $0.    
  • Answer questions based on the best information available, even if they will not be exact. 
  • When answering income questions, adhere to the tax return line references provided on the application. 
  • Important!  While it is best to have your 2008 tax return done before the FAFSA, it is perfectly acceptable to estimate your 2008 tax information without the return.  
  • If you don't have your tax return done:
    • To the extent that is reasonable, use the prior year's figures as the starting point, then increase or decrease that amount based on what you know about such things as pay raises, earnings from investments, net business or rental income, etc.    
    • If you have only the prior year's tax return, refer to the tax conversion table.  Do not provide answers from lines other than those shown.    
    • It is better to meet the deadlines and be reasonably accurate, than to file late and be exact.
    • Once your tax return is available, contact our office if there are significant differences in the numbers you reported.  We will let you know if corrections are necessary.    
  • Please do not send your tax return to our office unless we request them. 
  • Child support and social security benefits received "by the parent, for the child" are reported as the parent's income. Only benefits paid directly to the student are reported as the student's income.
  • Create a file folder in which to keep a copy of all financial aid documents, such as your PIN, the completed FAFSA, all confirmation pages, the Student Aid Report (SAR), etc.
 


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