What Information Do I Need to Fill Out the FAFSA?

I'm getting ready to apply to colleges soon, and I've heard that filling out the FAFSA is a crucial step for financial aid. What kind of information do I need to have ready when filling it out? Are there specific documents that are essential? I want to be as prepared as possible to ensure I don't miss out on any financial aid opportunities. Any tips on common mistakes or preparations that will make the process smoother?

Absolutely, ensuring you have all the necessary documents and information on hand will make completing the FAFSA a much smoother process. Here's what you'll need:

1. Your Social Security Number (SSN): Make sure you have your SSN ready, it's essential for identification purposes. If you do not have an SSN, your Alien Registration Number will be required if you are not a U.S. citizen.

2. Your Federal Income Tax Returns, W-2s, and Other Records of Money Earned: For the 2024-2025 academic year, you will need financial information from the 2022 tax year. It's much easier if you or your parents have completed your tax returns for the relevant year since income is a crucial part of the FAFSA. But if you have not, you can initially use an estimate and then update the form once your tax returns are complete.

3. Bank Statements and Records of Investments (if applicable): These documents are less common for high school students, but they include things like information about savings, stocks, bonds, or college savings plans.

4. Records of Untaxed Income (if applicable): Untaxed income can include things like child support received, interest income, and veterans non-education benefits for you and your parents.

5. An FSA ID to Sign Electronically: You and a parent will each need to create an FSA ID, which is a username and password combination that allows you to sign your FAFSA form electronically. The FSA ID also allows you to save and revisit the form if you need more time to complete it.

Now, in terms of common mistakes made when filling out the FAFSA, here are some to avoid:

- Not filling out the FAFSA each year: Many students make the mistake of not reapplying each year. The FAFSA is not a one-and-done thing. You should resubmit the form each year you're in college.

- Not using the correct website: Always fill out the FAFSA at fafsa.gov, not at another site that may charge a fee. The official FAFSA is completely free to submit.

- Inputting Incorrect Information: Make sure to double-check each entry, especially when it comes to your SSN and financial details.

- Not seeking help if needed: If you hit a roadblock, reach out for help! Your high school counseling office or the financial aid office at colleges you're considering can be great resources.

Remember, be timely - student aid is often first-come, first-served. The FAFSA becomes available October 1st, so the sooner you can get it filled after that, the better.