Education
The most frequently asked tax questions related to Education
College Planning & Financial Aid
In the FAFSA process , what is the difference between my PIN and my Data Release Number ( DRN ) ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
The Data Release Number (DRN) appears in the top right corner of the Student Aid Report (SAR). The DRN allows you to contact the Federal Student Aid Information Center to make corrections to your address or your institution list. It also allows you to release your FAFSA data to schools not listed on your FAFSA. The PIN comes in a separate mailer, and allows you to access your Renewal FAFSA on the Web and Corrections on the Web. It also allows you to electronically sign FAFSA on the Web, Renewal FAFSA on the Web, Corrections on the Web, and FAFSA Express applications. While the DRN and the PIN share the same four-digit format, the number schemes are different; therefore they are not interchangeable.
College Planning & Financial Aid
In the college application process , what is a Master Promissory Note ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
The Master Promissory Note has replaced the Stafford Loan Application Promissory Note. It is a legally binding document that sets the terms of your student loans. By signing the Master Promissory Note It becomes a legally binding document that sets the terms of your student loans. By signing the Master Promissory Note you are promising to repay your student loan. This is regardless of whether you graduate or are satisfied with your education. You are promising to repay your student loan regardless of whether you graduate or are satisfied with the education you received.
College Planning & Financial Aid
In the FAFSA process If I do not get my Student Aid Report ( SAR ) back within two weeks , should I reapply ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
No. Before reapplying, call the Federal Student Aid Information Center at 800/4-FEDAID (800/433-3243)/TTY: 800/730-8913 or 319/337-5665 and ask if the U.S. Department of Education has your FAFSA on file. You can also check on the status of your application by selecting "Entering a FAFSA Online" from the FAFSA on the Web home page at http://www.fafsa.ed.gov, and choosing the "Check My Submitted FAFSA" option.
College Planning & Financial Aid
How do I apply to more than 4 colleges using the FAFSA form ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
If you are completing a paper FAFSA, you can only list four colleges in the school code step.
You may add more colleges by doing one of the following:
1. Use the Federal Student Aid PIN you will receive after your FAFSA has been processed and go to FAFSA on the Web at www.fafsa.gov. Click the “Start Here” button to log in and then select the “Make FAFSA Corrections” link. 2. Use the Student Aid Report (SAR), which you will receive after your FAFSA is processed. Your Data Release Number (DRN) verifies your identity and will be listed on the first page of your SAR. You can call 1-800-4-FED-AID and provide your DRN to a customer service representative, who will add more school codes for you. 3. Provide your DRN to the financial aid administrator at the college you want added, and he or she can add their school code to your FAFSA. Note: Your FAFSA record can only list up to ten school codes. If there are ten school codes on your record, any new school codes that you add will replace one or more of the school
codes listed.
College Planning & Financial Aid
If I want to apply to more than one college , should I fill out another FAFSA form ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
No. You can select up to six schools to receive your FAFSA data by listing them on your application.
College Planning & Financial Aid
Can I apply for the SAT or ACT on line ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
Yes. SAT address is www.collegeboard.org/sat/html/satform.html,
ACT is www.act.org/aap/regist/index.html
College Planning & Financial Aid
What are some website addresses for Scholarships ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
(FinAid = www.finaid.org)(FastWeb = www.fastWeb.com)
(FreSch = www.freschinfo.com)
(MACH25 = www.collegenet.com/mach25)
(Scholarship 101 = 208.225.207.218/scholarships101/)
(Embark = www.embark.com/fa) (Fastweb = www.fastweb.com)
College Planning & Financial Aid
What are some website addresses for Financial Aid Forms ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
(FAFSA on the Web = www.fafsa.ed.gov) (PROFILE report = www.collegeboard.org/profile/index.html)
(The Student Guide = www.ed.gov/prog_info/SFA/StudentGuide)
(College is Possible = www.collegeispossible.org.) (Calculator = www.collegeboard.org/finaid.) (www.collegeboard.com/finaid/fastud/html/efc.html)
College Planning & Financial Aid
What are some website addresses for filling out College Applications Online ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
Eapply = www.collegquest.com, XAP Apps = www.xap.com, CollegeLink = www.collegelink.com, The Common App = www.commonapp.org, College View = www.collegeview.com/appzap, Embark.com = Apply.embark.com, CollegeNet = www.applyweb.com, College Board = www.collegeboard.org.