FAFSA stands for Free Application for Federal Student Aid

*FREE is the key word. You do not need to pay to complete your FAFSA!

Go to www.fafsa.gov to complete your application.

FAFSA TIPS

Deadline

The FAFSA must be submitted by April 15 in order to be considered for
MLC need-based grants.
Applications received after the deadline without prior approval
will forfeit MLC need-based aid.

  • File your FAFSA by using FAFSA on the Web: www.fafsa.govBe very careful if you conduct an internet search for “FAFSA”.
  • You and your parents should complete 2015 income tax returns prior to completing the FAFSA. If this is not possible, file your FAFSA using estimated tax figures and make corrections after you have filed your tax returns. It may be helpful to complete the 2015-2016 FAFSA ON THE WEB WORKSHEET.
  • Read ALL of the FAFSA instructions.  Most errors on the FAFSA are made because students and/or parents fail to read the instructions or don’t fully understand the instructions.
    If you are still unclear, contact the MLC financial aid office at 1-507-354-8221 or the FAFSA help desk at 1-800-433-3243
  • The FAFSA on the Web allows families to import federal tax return information directly from the IRS website.
    This IRS Data Retrieval Tool (DRT) is the quickest and most efficient method to retrieve your tax information.
    Use of the IRS DRT makes it less likely that your FAFSA will be chosen for verification, and much simpler if it is selected for verification.

    • When using the IRS DRT, you will be prompted to enter your street address.  This is one of the items the IRS uses to match your FAFSA with your IRS data. Please be sure to enter your address exactly as it appears on your tax return.  For example, if you entered “Ave.” on your tax return, do not enter  “Avenue” on your FAFSA.
    • Don’t forget to select “Transfer My Tax Information into the FAFSA” AND “Transfer Now” so information will be imported into FAFSA. You should not change any of the information once it is transferred over from the IRS.
      Contact our office if you have any questions: 1-507-354-8221.
    • The IRS DRT will be available for use beginning on February 2, 2016.
      If you file your tax returns electronically, the DRT will be available to you two to three weeks after your taxes were filed.
      If you file paper tax returns, the DRT will be available to you eight weeks after you file your taxes.
    • For students whose parents are Ministers of the Gospel: the DRT tool does not import all of the needed information to determine the correct financial aid.  We may request a signed copy of the tax return, W-2 forms, and a copy of Schedule SE to provide for the proper protection allowance for self-employment taxes.
  • When your FAFSA is complete, sign your FAFSA electronically.  Missing signatures cause delays in processing, so don’t overlook this step.
    • Students and parents sign the FAFSA electronically with their FSA ID (made up of a username and password).
      Parents have a separate FSA ID from their student, but they can use that same FSA ID to sign separate children’s FAFSAs.
    • For more information regarding the FSA ID, please visit this website.
      Get your FSA ID here.
  • When there is no monetary value to report for an item, use -0- (zero).  Do not leave an item blank.
  • After the FAFSA is submitted, you will receive a summary report called the Student Aid Report, or SAR.  The SAR will indicate your family’s Expected Family Contribution (EFC) and tell you if you are eligible for a Federal Pell Grant.  The EFC is basically an index used to measure ability to pay relative to other families.  The Financial Aid Office also uses it to determine MLC need-based grants. Carefully review the SAR to look for any errors.
  • Be sure to keep a copy of your FAFSA, your tax return, and your W-2’s.
  • NOTE:  If your FAFSA is selected for verification, we will inform you of the documents that you are required to submit to the Financial Aid Office.  If federal income tax information is required, the U.S. Department of Education requires an IRS Tax Return Transcript to be provided rather than a copy of your tax returns.  If necessary, we will inform you how to obtain a copy of your transcript.
  • REMEMBER, TO BE CONSIDERED FOR NEED-BASED MLC GRANTS, SUBMIT THE FAFSA ONLINE, AND THE MLC FINANCIAL AID APPLICATION TO THE MLC FINANCIAL AID OFFICE NO LATER THAN APRIL 15th.

FAFSA MYTHS

My parents make too much money, so I won’t qualify for aid.
Only students with good grades get financial aid.
The form is too hard to fill out.

Student Aid website discusses these myths.