FAFSA & YOU

Why do I need to complete a FAFSA? If you are planning on attending college this year, the Free Application for Federal Student Aid is the only way to receive aid from the federal government. So, if you want to receive Pell Grants, Direct Student Loan money and more, you must fill out the FAFSA. Even many state based grant and scholarship money is based on the information you provide on the FAFSA. And, I must say, the Fed’s have made it as easy as possible. The newly designed website to complete the FAFSA is full of help as you navigate your way through the application at fafsa.gov. If you filled one out last year, it’s even easier since your basic information carries through, like your birth date, social security number, address and more.

There are a few things you can do in advance to make it even easier on yourself. Before you sit down at your computer to complete the FAFSA, you should have the following:
• Your Social Security number
• Your Driver’s License (optional)
• Your Federal Income Tax forms from the prior year
• Your W-2’s from the prior year
• Any additional forms you used when you filed your taxes last year (i.e. 1099, 1098, etc.)
• The school(s) ID # that you wish to attend (optional)
• Your parent’s complete Federal Tax information if you are a dependent

If you have everything on the list when you sit down, the process will go quickly.

Generally speaking you will need to use your parents information on your FAFSA if: you are under 24 years old or you have been a ward of the court (and can prove that), or if you provide more than half of the support of a dependent child. If you are a dependent this means that your parents need to cooperate with you in completing the FAFSA and that they will need to sign your FAFSA electronically by creating an account with their own pin number and sign saying that the information provided is accurate.

Once you have completed the FAFSA, it doesn’t take long for you to receive a Student Aid Report (SAR) back via email letting you know what aid you may qualify for. You may also find out that you have been flagged for verification…and this, my friend, is the subject of my next article.

I hope you enjoyed my article. Please visit me at my Squidoo page to learn more about how the financial aid system works and for more helpful resources. http://www.squidoo.com/everyday-stuff-for-everyday-people

Thank you!