How to Apply for Financial Aid with the FAFSA
Filling out the FAFSA form is the first step in the financial aid process.
Filling out your Free Application for Federal Student Aid (FAFSA) may seem like a daunting task. But it does not have to be that way. By breaking it down into small pieces and completing the form one step at a time, you can find the money you need to finance your higher education. Persistence is the most valuable asset you can bring to accomplishing this. Even if you have a lead on other financial assistance, you will usually need to fill out your FAFSA before you will be considered for any other money awards. So have at it!
Finding good resources for your questions. No doubt, as you move through the process you will have many questions, and you will need to find resources to get the answers you need. An excellent place to start is by reviewing the U.S. Department of Education's Financial Aid Resource Publications. Just about every variable you may have, or special circumstance, as well as walking you through the FAFSA application process and defining terminology can be found here.
Online or paper application. You have the choice of making your FAFSA application online or on paper. To get a paper copy of the forms you need, contact the college you are interested in (or virtually any college will have these on hand) and ask them to be mailed to you. Online applications are a streamlined process, one that you can navigate through with many opportunities to get more information or clarification. You can save your application at any point and come back to it later for additions or corrections, and once finalized you may sign it digitally and submit it electronically.
Get started. You will need to have certain information gathered to begin the process:
- Social security number and driver's license
- Previous year's tax information
- Parent's tax information if you are a dependent (there is a built-in tool on the website to help you determine whether you are considered a dependent)
- Brief information on schools you are interested in applying to (name, and state). You will need to provide a school code for each school (up to 10), however, there is another built-in tool that will allow you to search each code.
- Bank statements, and investment records
One step at a time. As you move through the FAFSA application you will run into many acronyms that you may not be familiar with. This website is set up to answer your questions as you go along. Use the help buttons and information links provided throughout the site to help you understand what they are talking about. Despite the many chances for confusion, this is not difficult as long as you keep getting clarification of the details.
Pay attention to deadlines.
- Fill out your FAFSA as early as possible beginning January 1st .
- Schools and states have their own deadlines. Contact them for exact dates.
- Once you begin and save your online FAFSA, you have to submit it within 45 days, or it will be deleted.
How much financial aid will you get? This is the hot question for most students, and can affect what schools they will apply to. This is called your "eligibility amount" and is dependent on four variables:
- How much money your family can be expected to provide (Expected Family Contribution, EFC)
- Your year in school
- Your enrollment status (full-time or part-time)
- The cost of attending a particular school
Be efficient. Keep the process of applying for student financial aid running smoothly.
- Check to be certain that the school or colleges you are considering applying to are officially accredited. Federal financial aid is only awarded to those schools with appropriate accreditation.
- Apply for your PIN (personal identification number) at the beginning of the application process. You will use your PIN as a legal digital signature for your completed application. Get it ahead of time, so that you have it when you are ready to sign and send your forms.
