February Educationquest

EducationQuest Foundation
College Planning Bulletin

A monthly college planning guide for Nebraska high school students

February 2008

It's FAFSA Time!

If you’re a college-bound senior, it’s time to get serious about the FAFSA (Free Application for Federal Student Aid) - the application for state, federal and college-specific financial aid. February is typically the time to apply as many colleges have a March 1 priority filing date. (Contact the colleges you applied to and ask about their priority date.)

New tools will help you prepare

EducationQuest has new online tools that will help you and your parents with the FAFSA.

• Guide to College Funding Video (coming soon!) – explains the types of financial aid and how to prepare for, and file, the FAFSA

• FAFSA Checklist – provides a comprehensive list of all documents you need to gather for the FAFSA

• FAFSA Tutorial – provides user-friendly clarification of each FAFSA question.

You’ll find these tools in the “Completing the FAFSA” section at www.educationquest.org.

Watch for FAFSA postcard

In addition to the tools listed above, your parents will receive a postcard from EducationQuest with FAFSA information.

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Follow these steps to complete the FAFSA…

Step 1: Request a PIN

Request a Personal Identification Number (PIN) for you and one for a parent at www.pin.ed.gov. The PIN is your signature for the electronic FAFSA and is used to track your financial aid application.

Step 2: File your taxes early

The FAFSA requires current tax information so complete your taxes early.

Step 3: Gather these student and parent items:

* 2007 federal tax returns and, if applicable, Schedule K-1 (Form 1065)
* 2007 W-2 forms
* Student’s driver’s license number
* Social Security numbers
* Birth dates
* Date parents were married, separated, divorced or widowed
* Current cash, savings and checking account balances
* Current investment values (stocks, bonds, mutual funds, CDs, etc.) excluding retirement accounts
* Value of business or investment-farm
* 2007 child support (paid and/or received)
* 2007 ADC/TANF welfare benefits
* 2007 Social Security payments received from SSI or SSDI
* 2007 Workers’ compensation
* Other untaxed income in 2007 such as veteran’s benefits, housing/food/living allowances for military and clergy.
* Alien Registration Number for eligible non-citizens

Step 4: Complete and file the FAFSA

Complete and file the FAFSA at www.fafsa.ed.gov. The colleges you list on the application will receive the results.

If you have questions about the FAFSA or need help, call the EducationQuest Kearney office at 800-666-3721, Lincoln at 800-303-3745 or Omaha at 888-357-6300. Call now as appointments for February are quickly filling up. All services are free.

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February “To Do” List

Complete these tasks during February to stay on the right college planning track.

Seniors:

___ Apply for a Department of Education PIN (one for you and one for a parent)

___Complete student and parent 2007 tax returns

___Complete the FAFSA

___Continue to apply for scholarships

Juniors:

___ Register by January 29 for the March 1 SAT (SAT Reasoning Test only)

___ Register by March 7 for the April 12 ACT