What You Need To Know About The Student FAFSA Application

Filling out the student FAFSA application for financial aid?
Having put 4 kids through college, I have been filling out the FAFSA form for over 10 years. Some years I was completing 3 at once. So yes, I consider myself somewhat of an expert on the FAFSA form and am here to share the basics on the student FAFSA application process.

FAFSA.. It is the FREE Application for Federal Student Aid. It is not a scholarship, loan or grant application. It is a process which calculates your financial need. You don’t do the math. The information you enter about your income, earnings, assets and expenses are run through a FAFSA formula that assigns your EFC. EFC stands for expected family contribution: it is the dollar amount that, according to the government, you and your family can afford to contribute towards the costs of your college education for the upcoming year. EVERY STUDENT WHO WANTS FINANCIAL AID OF ANY KIND MUST COMPLETE A FAFSA EVERY YEAR.

How does FAFSA work? Your FAFSA EFC is sent to each college financial aid office that you list on your application. The financial aid officer looks at your FAFSA EFC to see what you can afford and compares that with the expected COST of attending their university. The difference between those two numbers is your NEED. The school then puts together your financial aid package through a combination of loans, grants, work study and scholarships. Their goal is to try and meet as much of your need as possible through your financial aid awards. Concurrent with completing your student FAFSA application, also search out scholarships Remember scholarships are the gold standard as they DO NOT have to be paid back. They are free monies!

How do you complete a student FAFSA application? The best way to fill out the FAFSA is online. Go to www.fafsa.ed.gov. Make sure you go directly to this government site. If you search FAFSA, there are many sites out there that will charge you to complete the FAFSA. FAFSA, like its name says, is FREE. So unless you have your own accountant complete it, you should investigate carefully before paying anyone else to complete and submit this form. The instructions on the site are very good and most people can complete the form on their own. Arne Duncan, the US Secretary of Education, just announced that they have made changes on the FAFSA application this year to make it easier for students and their parents to file this form. Most students, who are listed as dependents on their parents tax return, have their parents complete their FAFSA . If you are independent, then you will complete it yourself. Make sure before you start that at least one parent and the student apply for a Dept. of Education PIN. There is a prompt under Step 1 on the FAFSA home page that will tell you how to do it. The PIN will allow you to save and edit your FAFSA application. Once received, keep the PIN in a secure, accessible place as you will need it every year.

What information do you need to fill out your student FAFSA application? Gather Social security numbers, drivers license numbers and information on your assets, such as bank accounts, savings accounts, money market funds and stocks. You will need copies of your tax returns from this year if you have already filed. If you haven’t filed yet, look at last year’s return and estimate for this year. You will need to go back into your online FAFSA form and edit it once you have actually filed your return. Finally, make sure you have a list of the schools you want to receive your FAFSA information. You will be able to get the needed Federal Title IV school codes right online when you are asked for them. There is a helpful article here that gives you a list of there most common errors made on FAFSA applications.

Who gets the results of my FAFSA? The schools you listed on the application. It doesn’t matter if you haven’t gotten in yet. You should also keep a copy of your own finalized FAFSA. You may need to provide it if you are applying for outside scholarships.

When should you file your student FAFSA application? As soon as you can in January. The earlier the better. You do not have to wait until your tax returns are filed. Get it on file and you go back in with your PIN and update once the tax returns are actually filed. You want to be first in line once aid awarding begins! And as an FYI.. You DO NOT send a copy of your tax return to the Dept of Education. They will contact you if they need it. By getting your information in early to the Financial Aid departments, they will have it on file and be able to work on your financial aid package faster. Wait until late spring and you will be nibbling on the leftovers of the grant, loan, scholarship and aid monies that the school has available for the next academic year.