Hey! I'm a junior trying to get a head start on understanding the financial aid process, particularly filling out the FAFSA. I've heard from seniors that it can be a bit overwhelming, so I want to be as prepared as possible.
I've been told you need tax forms to complete it, but I'm not exactly sure which ones. Are we supposed to use the most recent tax return from our parents, or is it from a specific year? Also, are there any other financial documents we should have ready? I'd appreciate any tips on tackling this paperwork, especially on making sure everything's correct and submitted on time. Thanks in advance for your help!
Hello! It's great to see you proactively preparing for the financial aid process.
Filling out the FAFSA form will indeed require some financial documents. Generally, you will need:
1. Your parents' tax returns from two years prior to your college entry year. For instance, if you plan to start college in the fall of 2025, you'd use info from the tax year 2022. This practice is called Prior-Prior Year (PPY) filing and was designed to allow families to complete the FAFSA using information from an already filed tax return.
2. Your parents' W-2 forms and other records of money earned.
3. Your (the student’s) federal income tax return, W-2, and any other records of money earned if you had a job.
4. Bank statements for both yourself and your parents.
5. Records of other untaxed income received, like child support or veterans noneducation benefits, if any.
6. Information about your parents’ investments, including real estate (but not your personal home), stocks, and bonds.
Remember, the application opens on October 1 the year before you plan to go to college, so for the fall 2025 entry, you can start applying from October 1, 2024. The earlier you file, the better, as some financial aid is disbursed on a first-come, first-served basis.
Make sure to check the deadlines for each college you plan to apply to, as they may vary. Don't hesitate to ask for further help if needed, and good luck with your process!
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