May 29 2008
Is The FAFSA Really Necessary?
If you need financial aid of any kind, then YES!
While the FAFSA (Free Application for Federal Student Aid) is a government document, most colleges and universities use the information to process in-house financial aid, as well. The FAFSA is your ticket to federal loans and grants (based on eligibility) and is a tool used by most colleges and universities to determine your eligibility for scholarships, private loans, or grant funding. By the time you’ve gathered all the information and filled out the proper forms, the FAFSA can take you anywhere from 30 minutes to an hour and a half to complete…time well spent to get you MONEY! Make sure you know your college’s financial aid DEADLINE—most are in March or early April, though many schools will process aid applications year-round. The sooner you file, the more likely you are to receive more financial aid!
The FAFSA can be filled out both in traditional paper or electronic format. I strongly recommend using the electronic format—processing time is much faster, and it’s easier to re-file in future years. Visit the FAFSA website for more information.
Before filling out your FAFSA, you will need
Name and Social Security Number—Make sure you use your name as it reads on your Social Security card. Nicknames just won’t cut it.
Your Tax Documents (W2s, IRS form 1040, 1040A, 1040EZ, etc) from the previous year. You need to report taxes PAID, not taxes withheld.
Your Parents Tax Documents –if you have dependent status. To determine your status, fill out a short form available at FAFSA.ed.gov.
Your School Code. Have these ready for any school you are thinking about attending. Codes can be found at the FAFSA website.
Complete the FAFSA Worksheet. This will make filling out the actual FAFSA ten times easier!
Make sure you answer EVERY question on the FAFSA.
You will need to apply for a PIN from the Federal Government. Visit this site for you PIN. KEEP YOUR PIN!! You will need it each and every time you check your FAFSA, file a new FAFSA, or if you’ve taken out a loan from the Federal Government (Direct Loan, Stafford, Stafford Plus, etc), you will need your PIN to pay!
Visit the FAFSA website to get your PIN, file your FAFSA, and for more information!
Don’t forget to check with your current college’s Financial Aid office to see what other forms or documents they need—a little paperwork (okay, a LOT of paperwork) is necessary to get the financial aid you deserve!
Any questions about the FAFSA or Financial Aid in general? Post them here!
Check out the “Five Minute FAFSA” YouTube Video from FastWeb!
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