| AwardYear: 1994-1995 Edition: PostSecondary Part: 2 - - The Application Process for Financial Aid SectionNumber: SectionTitle: How To Apply PageNumbers: 21-23 A student MUST apply for federal student aid by using the FAFSA or the new paper Renewal FAFSA. For 1994-95, the Department mailed Renewal Applications to students who applied for federal student aid in 1993-94, and who met certain conditions--for instance, their Social Security Number matched the last Social Security Number on their records. These students received a Renewal Application in the mail by January 1, 1994. Students may use this application rather than the FAFSA to apply for aid in 1994- 95. Unlike previous years, a student must file a FAFSA even if he or she is only applying for a Federal Family Education Loan (FFEL) (formerly called Guaranteed Student Loan). A student does not have to pay a fee if he or she fills out only the FAFSA. However, a student may be required to fill out additional questions on a separate form in order to be considered for some state or institutional aid, and a fee may be charged for processing these additional questions. Note that the FAFSA now has state data elements that a number of states use to award aid. Check with your state agency to find out if it uses the information from the FAFSA to award aid or if it requires applicants to submit additional information. Students also may apply for federal aid electronically through EDE. For colleges that participate, EDE allows a financial aid administrator or the student to enter application information using a personal computer or a mainframe system. After the financial aid administrator reviews the entered data, the information is sent electronically to the CPS. The CPS in turn processes it and sends the school an ELECTRONIC SAR (ESAR). When filing through EDE, students should bring with them to the computer a completed signed, paper FAFSA, copies of income tax returns, parental information, current bank statements, current home debt information, and records of stocks, bonds, and other investments. Schools that participate in EDE will also be able to participate in the renewal application process. A school may request information for all students who listed that school on the previous year's application or for selected students from that group. The school can then print out Renewal Applications. The student must provide new financial information, but can leave the other information the same if it has not changed. The new information is entered by computer keyboard, as in an electronic application. Electronic Data Exchange (EDE) Services Each part of the delivery process now has an electronic equivalent, from filing a financial aid application to reporting a Federal Pell Grant payment. The services offered under EDE can significantly speed up the application and corrections process. EDE services are provided as a part of the Departments contract for General Electronic Support. For more information contact: GES Customer Service (319) 339-6642. FILING AN ELECTRONIC APPLICATION Instead of mailing an application to the Federal Student Aid Programs, the student or financial aid administrator uses a personal computer or mainframe terminal at the school to send application information overnight to the Central Processing System. The students EFC will be available to the school on the EDE system within 3 working days. - Schools may also choose to send the application data to their Central Processing System on a magnetic tape/cartridge. - Students who applied in the previous award year may update their application for the current award year, on a renewal application. - Students may enter the names of up to six schools to receive their application data. RECEIVING APPLICATION INFORMATION - A school will receive application data for all students who have listed that school on their applications. In addition, with the students permission, and his or her Personal Identification Number a school may change the institution number and receive duplicate ESARs for students who did not originally list that institution on the FAFSA. - Schools also have the option of receiving data on magnetic tape or cartridge, through the Applicant Data Roster and Tape Service. For more information contact the Systems Coordination Branch on (202) 708-7721. - State agencies are able to receive student data for students residing in their state and for out-of-state students attending school in their state. CORRECTING STUDENT INFORMATION - A school may correct the students information electronically, instead of using hard-copy SAR. REPORTING FEDERAL PELL GRANT PAYMENTS - A school may submit the payment information for students who receive Federal Pell Grants electronically, rather than submitting Part 3 of the SAR (the Payment Voucher). - The Electronic Payment Information function, formerly EDE Stage III, allows your school to transmit and receive Federal Pell Grant payment data electronically using record and data descriptions similar to those used for Recipient Data Exchange (RDE). For more information contact the Pell Grant Financial Management Division on (202) 708-9807. - Schools also have the option of submitting payment data via magnetic tape (Recipient Data Exchange) or PC diskette (the Floppy Diskette Exchange). For more information contact the Pell Grant Systems Division on (202) 708-7716. |