I'm currently working on my FAFSA application and have reached the section about parent financial information. I'm a little nervous about getting everything correct.
What are the key things I should keep in mind while filling out this part? Also, are there any specific documents I should have on hand to make the process smoother? Any help would be amazing!
Filling out the FAFSA can feel complicated, but breaking it down step by step can make the process more manageable. First off, you should have the following documents and data handy:
1. Your parents' tax returns, W-2s, and other records of money earned. For the 2024-2025 FAFSA, you'll need 2021 tax data.
2. Bank statements, records of investments (including stocks, bonds, and real estate), and records of untaxed income, such as child support received, interest income, and veterans noneducation benefits, if any.
Here are a few key things to keep in mind:
1. Accuracy: Enter all financial data exactly as it is presented on your parents' financial documents. Refrain from rounding or estimating if possible.
2. SAI: With the FAFSA's new Student Aid Index (SAI), the income section has seen some changes, and it's important to understand that the SAI doesn't give children from the same family a 'discount' for having multiple kids in college as EFC did before.
3. Income Tax Paid: Enter the tax information accurately and make sure not to confuse "taxes paid" with "taxes withheld," as they may differ.
4. Household Size: Be clear about the number of people in your household and the number who will be attending college.
5. Legal Parent: Be aware that the FAFSA defines a parent as a biological or adoptive parent, or a person that the state has determined to be your parent (for example, if the state has given custody for purposes of financial aid eligibility). Step-parents are also counted as legal parents if they're married to your legal parent.
Remember that with the FAFSA, honesty is key. Providing false information can result in severe penalties. Keeping track of your unique FSA ID and ensuring your info is secure is also important. Lastly, even if you think your parents earn too much for you to receive aid, do still complete the FAFSA—it's not only about getting grants, but also about being eligible for federal student loans and work-study opportunities. Good luck!
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