The Free Application for Federal Student Aid (FAFSA) is a crucial step in securing funding for college. It is a form that current and prospective college students in the United States must complete each year to determine their eligibility for federal financial aid. The form is used by the U.S. Department of Education to calculate the Expected Family Contribution (EFC), which is the amount of money the student and their family are expected to contribute to the cost of attendance. Based on the EFC, the government determines the student's eligibility for grants, loans, and work-study programs.
The FAFSA is a vital tool for helping students pay for college, regardless of their financial background. The application is free, and it is used by both federal and state governments, as well as colleges and universities, to determine a student's financial aid package. It is also used by private organizations and foundations to award scholarships and other forms of financial aid. In short, the FAFSA is the key to accessing the billions of dollars in financial aid available to students each year, and it is an essential step in making college more affordable and accessible for all!
The FAFSA application is important for several reasons:
It determines your eligibility for federal financial aid: The FAFSA is used to determine your eligibility for federal financial aid, including grants, loans, and work-study programs. Without the FAFSA, you won't be considered for federal financial aid.
It helps colleges and universities determine your financial aid package: Colleges and universities use the information you provide on the FAFSA to determine your financial need and create a financial aid package. This package may include a combination of grants, scholarships, loans, and work-study programs.
It may qualify you for state and institutional financial aid: Some states and colleges use the FAFSA to determine eligibility for state and institutional financial aid programs. These programs may include grants, scholarships, or loans.
It may impact your ability to afford college: Without federal, state, and institutional financial aid, the cost of college can be prohibitively expensive. By completing the FAFSA, you can access financial aid that can help make college more affordable.
If you want to learn more about the FAFSA
application, we invite you to visit our blog titled "Everything you need to know about the FAFSA Application." In this blog, you will find detailed information on the FAFSA, its importance, how to complete it, common mistakes to avoid, and more. Whether you are a first-time applicant or a returning student, this blog has everything you need to know to maximize your chances of receiving financial aid for college.
STEPS FOR COMPLETING
THE FAFSA APPLICATION
Step 1: Create an FSA ID
The first step in completing the FAFSA is to create an FSA ID. An FSA ID is a username and password that you'll use to log in to the Federal Student Aid website, and it allows you to electronically sign and submit your FAFSA application. Here's how to create an FSA ID:
Go to the Federal Student Aid website (https://studentaid.gov/).
Click on the "Create Account" button in the top right-hand corner of the page.
Enter your email address, create a username and password, and provide answers to some security questions.
Check your email for a verification code, and enter it on the Federal Student Aid website.
Once your FSA ID is created, you can use it to log in to the FAFSA application.
The Headmaster Tip - If you are the parent of a dependent student, you need to create your own FSA ID to sign your child’s FAFSA form online. As a parent, you’ll be able to use your FSA ID right away.
Some of the most common FAFSA errors occur when student and parent mix up their FSA IDs. If you don’t want your financial aid delayed, it’s extremely important that each parent and each student create his or her own FSA ID and not share it with anyone, including each other.
Step 2: Gather Necessary Documents
Before you begin filling out the FAFSA, it's important to gather all the necessary documents. Here's what you'll need:
Social Security number: You'll need your own Social Security number, as well as those of your parents if you're a dependent student.
Driver's license or state ID: You'll need a government-issued ID to verify your identity.
Federal tax returns: You'll need your own federal tax return from the previous year, as well as those of your parents if you're a dependent student.
W-2 forms: You'll need your own W-2 form from the previous year, as well as those of your parents if you're a dependent student.
Records of untaxed income: You'll need documentation of any untaxed income you or your parents may have received, such as child support, Social Security benefits, or veteran's benefits.
Step 3: Start the FAFSA Form
Once you have your FSA ID and all the necessary documents, you can start filling out the FAFSA application. The 2023–24 FAFSA form launched Oct. 1! Even if your state and school deadlines aren’t for a while, you should complete the FAFSA form as soon as possible. Some states and schools run out of financial aid early and have limited funds. So, don’t wait until the last minute to apply!
Go to the Federal Student Aid website (https://studentaid.gov/).
Click on the "Start Here" button under "Complete the FAFSA" on the home page.
Enter your FSA ID and password to log in.
Click on the "Start New FAFSA" button to begin a new application.
Select the appropriate school year for which you're applying.
Choose which FAFSA form you’d like to complete:
2022–23 FAFSA form if you will be attending college between July 1, 2022, and June 30, 2023.
2023–24 FAFSA form if you will be attending college between July 1, 2023, and June 30, 2024.
Step 4: Fill Out the Student Demographics Section
The Student Demographics section includes your name, date of birth, etc. If you either completed the FAFSA form in the past or logged into the FAFSA form with your FSA ID, most of your personal information will prepopulate to save you time. Make sure you enter your personal information exactly as it appears on your Social Security card.
The Headmaster Tip: Remember that the FAFSA form is the student’s application and not yours. When the FAFSA form says “you” or “your,” it’s referring to the student (unless otherwise noted). Pay attention to whether you’re asked to provide student or parent information.
Step 5: List the schools that will receive your FAFSA information
In the School Selection section, add every school you’re considering, even if you haven’t sent your application or received an acceptance letter. School officials cannot see other schools on your list.
In fact, you don’t even have to remove schools if you later decide not to apply or attend. If you don’t end up applying or getting accepted to a school, the school can just disregard your FAFSA form. However, you can add up to 10 schools at a time, so remove school at any time to make room for new schools.
Step 6: Answer the dependency status questions
In the dependency status section, you’ll need to respond to a series of specific questions to find out whether you’re a dependent or independent student. The answers to these questions will determine whether you need to provide parent information on the FAFSA form.
The U.S. Congress sets the dependency guidelines. They are different from the guidelines the IRS uses.
Even if you live on your own, support yourself, and file taxes on your own, you may still be considered a dependent student for federal student aid purposes. If you are a dependent student, you’ll need to report information about your parent(s).
If you are an independent student, you won’t have to provide parent information, and you can skip the next step.
Step 7: Fill out the Parent Demographics section
One of the most crucial aspects is accurately reporting your parent's information, which can impact your eligibility for financial aid. It's important to note that even if you don't live with your parent(s) or receive financial support from them, you must report their information if you are a dependent student.
The first step is determining who qualifies as your parent for FAFSA purposes. In general, if you're under 24 years of age, unmarried, and don't have any dependents of your own, you are considered a dependent student, and your parent's information will be required. If your parents are divorced or separated, only the parent who you live with most of the time or who provides the most financial support should be reported. Additionally, if you have a legal guardian, they should be reported as your parent on the FAFSA.
It's important to make sure you have all the necessary information about your parent(s) before you start filling out the FAFSA. This includes their social security number, date of birth, and marital status, among other details. By being prepared and accurately reporting your parent's information on the FAFSA, you can maximize your chances of receiving financial aid to help cover the cost of your college education.
Step 8: Provide your Financial Information
Next, you and your parent(s) will provide financial information. This step is much simpler if you use the IRS Data Retrieval Tool (DRT). The IRS DRT allows you to import your IRS tax information into the FAFSA form with just a few clicks. Also, using this tool may reduce the amount of paperwork you need to provide to your school. So, make sure to use it, if you’re eligible.
Once you have indicated that you have completed your taxes, you may be eligible to use the IRS DRT. If so, select the button to link to the IRS and follow the prompts.
Step 9: Sign and Submit your FAFSA form
You’re not finished with the FAFSA form until you and your parent if you’re a dependent student sign the form. The quickest and easiest way to sign your FAFSA form is online with your FSA ID.
Sign and Submit Tips:
If you or your parent forgot your FSA ID, you can retrieve the account username and password.
Make sure you and your parent don’t mix up your FSA IDs. This is one of the most common errors we see. This mistake is why it’s extremely important for each person to create his or her own FSA ID and not share it with anyone.
Make sure the parent who is using his or her FSA ID to sign the FAFSA form chooses the right parent choice from the options.
Here’s what you should do if you get an error saying that your FSA ID information doesn’t match the information provided on the FAFSA form.
If you have siblings, your parent can use the same FSA ID to sign FAFSA forms for each child. Your parent can also transfer his or her information into your sibling’s application by choosing the option provided on the FAFSA confirmation page.
Congrats on finishing! You’re one step closer to getting money for college.
Sources
Federal Student Aid. Web. 19 Apr. 2023.
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