Hey guys, I'm starting to gear up for college applications and I've heard a lot about FAFSA. Can someone break down exactly what information I’ll need to complete it? I know it's about getting financial aid but I'm worried about missing any critical documents or details. Also, are there any tips on how to make filling it out easier or mistakes to avoid? Thanks for any advice, would love to hear from those who have already gone through the process.
Here is the breakdown for you. Filling out the FAFSA application involves having several pieces of information on hand:
1. Your Social Security Number (SSN): This is required to confirm your identity. If you're not a U.S. citizen but meet Federal Student Aid's basic eligibility requirements, you will need your Alien Registration number.
2. Your parents' Social Security numbers: If you're a dependent student.
3. Your driver's license number: If you have one.
4. Federal tax information or tax returns: This includes your own and your parent’s information if you're a dependent student. These documents include IRS 1040, 1040A, or 1040EZ forms and W-2 forms.
5. Records of untaxed income: This could include child support received veterans' non-education benefits, or any other untaxed income.
6. Information on cash, savings, and checking account balances: This includes the balance of current investments, including real estate but excluding the home in which you live.
7. Records of investments: This includes stocks, bonds, and real estate but does not include the home in which you live. It also includes business and farm assets.
8. FSA ID (if you already have one): It is used to confirm your identity when accessing your financial aid information electronically and when signing your federal student aid documents.
In terms of filling out the form, here's a key tip: Start as early as you possibly can! The FAFSA opens on October 1st each year, and it's a good practice to fill it out as early as possible because some aid is given out on a first-come-first-served basis.
Common mistakes to avoid include missing the deadlines, not reading definitions carefully (the FAFSA contains very specific definitions of financial terms), entering incorrect information, not using the IRS Data Retrieval Tool when available, and not signing the FAFSA. Always remember to review your application carefully to ensure accuracy before submission.
It may seem overwhelming, but the form is thoroughly detailed and there is plenty of help available online, so take your time and follow the instructions step by step! You're on the right path by asking these questions in advance. Best of luck with your application process!
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