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Tips on Filing the FASFA
Help with the free application for federal student aid
Provided by the experts at Nellie Mae
If you or your child are planning to go to college next fall, one of the first things you should do in the new
year is file the Free Application for Federal Student Aid, or FAFSA, the form required by the federal government
to determine financial aid eligibility. Most students qualify for some type of financial aid, usually loans,
regardless of income, but must first file the FAFSA.
Although it is a somewhat time-consuming form to complete, the FAFSA
is extremely important for all college-bound students and their families.
According to The College Board, more than $60 billion in financial
aid goes to college students every year. The FAFSA can be submitted
as early as January 1 or as soon as you have completed your tax returns
(figures for the previous year are required on the FAFSA). Get it
in as early as possible, not later than mid-February, to receive financial
aid for the next academic year.
The FAFSA must be submitted annually in order to receive any federal financial aid including Pell Grants, Federal
Perkins Loans, Federal Stafford Loans and Federal Work-Study (it is not required for the Federal PLUS Loan). Many
schools also require that you submit state or institutional aid forms; check with the financial aid office at the
college you plan to attend. Most schools set deadlines for certain types of aid, including campus-based assistance
(Federal Supplemental Educational Opportunity Grants, Federal Work-Study and Federal Perkins Loans), as well as
private campus aid which is often awarded on a first-come, first-served basis.
The FAFSA form is available online at www.fafsa.ed.gov. You may also obtain a copy from guidance offices, public
libraries, or by calling 1-800-4-FED-AID. To complete the FAFSA you need:
- your Social Security number
- student's income tax returns for the previous year
- parents' income tax returns for the previous year
- all W-2 statements
- current bank statements
- documentation of non-taxable income
(such as Social Security, AFDC, Veterans Benefits, etc.)
- stock, bond, and other investment statements
Also, make sure that you have the school's correct Title IV Institution Code (the number assigned to schools participating in any of the federal financial aid programs). The code is available from the financial aid office, your high school, or public library.
Processing a completed (and correct) application takes approximately four weeks. Reprocessing the FAFSA due to incorrect information takes an additional two to three weeks, so read each question carefully, especially the questions on income. If you are having trouble filling out the form, contact the Federal Student Aid Information Center, 9:00 a.m. to 8:00 p.m., Eastern Time, Monday through Friday, at 1-800-4-FED-AID.
Make a copy of the completed FAFSA and keep it in a safe place along with copies of all the documentation you used to complete the form. Remember that you must reapply for financial aid every year so it will be helpful to have a copy of a completed FAFSA available for reference.
This information was provided by Nellie Mae, the fourth largest holder of student loans in the country. For additional
information on financing higher education, visit Nellie Mae at www.nelliemae.com.
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