1. To file your FAFSA electronically. This is the fastest and most accurate way to submit the FAFSA. The turn around time from the time the FAFSA is submitted to arriving at your college is commonly two days. Make sure you have applied to every college that you list on the FAFSA so the college can download your FAFSA information.
2. To be able to use the Data Retrieval Tool on the FAFSA. This is the electronic import of tax information from parent and student tax returns into the FAFSA. It is quicker and more accurate. The DRT serves as an electronic tax transcript which will make the verification process easier if your FAFSA is chosen for verification. Verification is a process where a college will ask for confirmation of information entered into the FAFSA. The DRT eliminates the step of ordering a tax transcript through the IRS website.
3. The FSA ID gives access to three other Federal Student Aid websites. Those websites are: www.studentloans.gov (Federal Student Loan website), www.nslds.ed.gov (National Student Loan Data Service), and www.studentaid.ed.gov (Federal Student Aid). At studentloans.gov a student will need to do loan entrance counseling and the loan agreement to complete the process after the FAFSA for their Stafford Student Loan. It is also the website where parents would apply for a Parent Plus Loan. The NSLDS is where a student can get specific student loan information in regard to their federal student loans. The FSA website is where a student can retrieve their entire federal financial aid history including loan servicer information on federal student loans. Your FSA ID must fully process and match confirming your identity after you create it (1-3 days) before you can use these three websites. Your FSA ID does not have to match before you can you can use it on your FAFSA.
Your FSA ID is about as important as your car keys are to your car. Without it, you cannot access your FAFSA or file it electronically. If you are a dependent student, one parent who is on the FAFSA will also need an FSA ID. Take good care of it. We suggest for you to write it all down and keep in a safe place. Many students like to put it on their smart phone, and that it is fine as long as it is password protected. But putting it down on paper is the ultimate and most dependable backup.
Steve - ICAN Council Bluffs Center
