What info do I need for FAFSA?

I'm starting to prepare for college applications and heard I need to fill out the FAFSA form. Can someone tell me what information and documents I'll need to gather for it? Anything specific I should be aware of?

Filling out the FAFSA is a crucial part of the financial aid process. Here's what you'll need on hand:

1. Your Social Security Number: This is the most basic requirement. If you are not a U.S citizen but eligible, your Alien Registration Number is required.

2. Your Parents' Social Security Numbers: If you're a dependent student, you'll also need these.

3. Your Federal Tax Information: This can be a copy of your federal income tax return or the tax return transcripts. The same applies to your parents if you are a dependent student.

4. Records of your untaxed income: This might include things like child support received, interest income, and veterans non-education benefits. Again, if you're a dependent student, you'll need similar information about your parents.

5. Information on assets: This could include savings and checking account balances, as well as investments in stocks and bonds. It does not include the house you live in or retirement accounts like IRA or 401k.

6. An FSA ID: This is a username and password that gives you access to Federal Student Aid's online systems and can serve as your legal signature.

Starting with the 2023-2024 academic year, the FAFSA form calculates your Student Aid Index (SAI), which replaces the Expected Family Contribution (EFC). The SAI can be as low as negative $1,500, which allows more students to be eligible for more financial aid.

Finally, keep track of the deadlines! Each state has its own deadline, and individual colleges may have even earlier ones. The federal deadline for the 2024-2025 school year is June 30, 2025, but it's best to apply as soon as possible after October 1, 2024, because some types of aid are first-come, first-served.