Advice on helping parents complete FAFSA

I'm just starting my college application process, and I've heard a lot about the importance of the FAFSA. I know my parents need to complete it since we're applying for financial aid, but they're a bit hesitant and confused about how to start.

What are some key things they should know before sitting down to fill it out? Are there any common mistakes to avoid, or tips to make the process smoother and less overwhelming for my family?

Any personal experiences with the FAFSA process would be really helpful for us!

The FAFSA (Free Application for Federal Student Aid) is indeed an important part of the financial aid application process, but it can also be quite confusing for many families. It helps determine your eligibility for need-based federal financial aid for college, which may include grants, scholarships, work-study jobs, and loans.

1. Know the Deadlines: The FAFSA is typically available on October 1st for the upcoming academic year, and it's generally recommended to complete it as soon as possible because some financial aid is first-come, first-serve. However, states and colleges may have their own deadlines, which could be sooner, so make sure to check those.

2. Gather the Necessary Documents: To fill out the FAFSA, your parents will need their tax returns from two years prior to the academic year for which you're applying, in addition to recent bank statements, investment information, and untaxed income records if applicable.

3. Use the IRS Data Retrieval Tool: To simplify the process, the IRS Data Retrieval Tool can be a great benefit. It allows parents to automatically import their tax information into the FAFSA which certainly cuts down on time and effort.

4. Understand Household and Financial Information: The FAFSA asks for information about your family's finances, including income, assets, and benefits. It also requires information about household size and number in college. Incorrect information here could lead to incorrect financial aid offers.

5. Keep Track of Login Information: Parents and students must each create a FSA ID to sign the FAFSA electronically. Make sure to keep track of this login information as it will be needed in the future.

6. Remember, It's Okay to Estimate: If your parents haven't completed their tax return for the year, they can estimate income and tax information on the FAFSA and correct it later.

7. Revise the FAFSA if Necessary: If your family's financial situation changes after submitting the FAFSA, they can—and should—update the application. Revisions could lead to increased aid.

Common mistakes to avoid include incorrectly entering your social security number or household size, and underestimating the number of family members in college. These simple mistakes can take a lot of time to correct and delay processing.

The FAFSA might seem daunting, but once your parents have the necessary documents and understand the questions, the process should go smoothly. Don't hesitate to reach out to the financial aid office at your prospective universities if you have questions—they're more than willing to help prospective students. Good luck!