Financial Aid > FAFSA Process
The FAFSA (Free Application for Federal Student Aid) is used to apply for "need-based aid" (grants, loans, work-study) if you are a U.S. citizen or permanent resident. It allows us to determine if you qualify for aid from the College, the federal government and/or the State of Illinois. The FAFSA is not required if you are applying only for scholarship funds.
If the amount you pay for college will be a factor in deciding where you enroll, we recommend that you complete the FAFSA even if you do not think you will qualify, and even though you may not yet be admitted.
To insure that we receive the results of your application, include our Federal School Code of 001706.
In addition to the FAFSA, new students applying for need-based aid must complete the Lake Forest Application for Financial Aid (LFAFA).
Completing the FAFSA
- Both you and your parent should apply for a PIN to "electronically sign" your FAFSA. This PIN is provided by the U.S. Department of Education, and is not the same as the PIN provided by our Office of Financial Aid, to be used on the LFAFA.
- Print and complete the optional FAFSA Worksheet following the notes below.
- Complete the FAFSA on the Web (under #2) and include our Federal School Code of 001706.
- After it is processed, make any necessary corrections, and promptly respond to any issues noted by the federal processor or the Office of Financial Aid.
While we strongly recommend using FAFSA on the Web a paper FAFSA is available on request.
Priority Deadlines for the 2010-2011 Academic Year
While the priority deadlines you may have seen on our site for freshmen have passed, we are still accepting all financial aid applications!
Freshmen: as soon as possible
Transfer Students: LFAFA and FAFSA by June 15
Spring Semester: LFAFA and FAFSA by December 1
We urge you to apply for financial aid as early as possible, as some sources of funds are limited. Applications will continue to be accepted after the deadlines, but you may receive less money than if you had applied on time.
Recommendations for Completing the 2010-2011 FAFSA
- Questions phrased with "you" or "your" always refer to the student applying for financial aid.
- Do not leave any financial question blank. If you have nothing to report, enter $0.
- Answer questions based on the best information available. It is better to meet our deadlines and be reasonably close, than to file late and be exact.
- When answering questions related to the tax return, adhere to the line references provided.
While we recommend that you have your 2009 tax return done before completing the FAFSA, it is perfectly acceptable to estimate your 2009 answers using your 2008 return. If doing so, keep in mind that:
- The line references for the 2009 return match those of the 2008 return except for:
- Tax Paid (line 55 on the 2008 1040)
- Education Credits (line 50 on the 2008 1040)
Please do not send your tax return to our office unless we request them.
IMPORTANT! You must properly sign the FAFSA on the Web! Both you and your parent need to apply for a PIN. This PIN is provided by the U.S. Department of Education, and is not the same as the PIN provided by our Office of Financial Aid, to be used on the LFAFA.
Create a file folder in which to keep a copy of all financial aid documents, such as your ID #s and PINs, the completed FAFSA, the LFAFA, confirmation pages, the Student Aid Report (SAR), etc.
- To the extent that is reasonable, use your 2008 figures as the starting point. Then make adjustments based on what you know (or can approximate) for such things as pay raises, investment income, business/rental income, etc. Please contact our office if you are uncertain about estimating income or taxes to be paid.
- Once your tax return has been completed, contact our office if there are significant differences in the numbers you reported. We will let you know if corrections are necessary.