PIN and the FAFSA

Are you a parent of senior?  Or, perhaps a junior, sophomore, or freshman?  Important information presented below regarding the FAFSA and FAFSA4caster....read on.

What is the purpose of the FAFSA4caster?
Free online tool to provide students with an early estimate of eligibility for financial student aid.  The site is meant for those not yet ready to apply for financial aid.
When student clicks on "Submit my FAFSA4caster now" the site instantly calculates estimated EFC (Estimated Financial Contribution) and sample award packages; however, nothing is actually sent to the federal processor.
Information from the FAFSA4caster will prepopulate on the FAFSA when the student goes online to complete the form as a senior, thereby saving time.
This site is recommended for students (with their parents) in middle school as well as high school juniors as a tool to provide early awareness of financial aid opportunities and educate students about the financial aid process.  It is NOT an official application and does not require a PIN.
FAFSA4caster is accessible at FederalStudentAid.ed.gov

What is a PIN used for?
The PIN is used to sign the FAFSA electronically, decreasing processing time.  Without a PIN, an applicant must print off a signature page and mail it, or sign a rejected SAR (Student Aid Report) once it's processed (approximately 3 weeks).
The PIN allows an applicant to sign the FAFSA and student loan master promissory note (MPS).  The PIN also provides access to an applicant's information on FAFSA on the Web, allows an applicant to view FAFSA processing results, to make corrections, to file a FAFSA based on previously completed data, and to view online information about federal student aid received.
Parent PIN allows a parent of a dependent student to sign the FAFSA electronically.
The PIN can be obtained at pin.ed.gov

Who needs a PIN?
The student applicant needs their own PIN and uses it as long as they are in school.
One parent of a dependent student needs a PIN and uses it for ALL children as long as they are in school.  If it's a single parent household, that's the parent who needs the PIN.  Otherwise, either parent is fine.
The PIN remains active for 18 months.  If unused, it will be disabled and use should call 1.800.433.3243 for reactivation.

The best time to apply for a PIN is shortly before completing the FAFSA online -- for those of you who are parents of seniors, we recommend that you begin this process now.  You may complete the FAFSA for the 2013-14 school year after January 1st.  By having the PIN number established now, you are able to submit your FAFSA much faster.