The basics: The Free Application for Federal Student Aid, or FAFSA, is a government run source of financial aid open to nearly every student planning to go to college. Every year, FAFSA supplies around $120 billion in grants. It helps students who may have a little trouble going to college without the proper funding.
How do you apply for FAFSA?
Step 1: Don’t wait. The application isn’t short and sweet, and once FAFSA money runs out, it runs out. Since the Department of Education sets aside a certain amount of funding for financial aid every year, once it dries up, it’s gone for good. This year, FAFSA applications open as early as Oct. 1
Step 2: Get your FAFSA ID. You can obtain this when you create a FAFSA account at www.fafsa.ed.gov. Your parent or guardian will also need a FAFSA ID—If you have an older sibling in college who applied for FAFSA, they most likely already have one. Creating the account is fairly simple—you just need a username and password. The additional information is a little lengthier, but your FAFSA ID can be obtained pretty quickly.
Step 3: Gather all the information you will need, and sit down, it’s going be a wild ride. The list includes your social security card, driver’s license number, 2016 W-2 forms, income tax return, bank statements and untaxed income statements. Then, you will need all that information again, but for your parent or guardian. If you are not a US citizen or an independent student, the list varies a little—but all or some of the documents previously listed will still apply to you.
Step 4: Answer all the questions required. These will include your parents’ marital status, citizenship information, and more about your home life. They’re all pretty straightforward, but they help determine how much or little funding FAFSA is willing to provide for you. There are also a few questions about an IRA—you will probably need help from a parent, guardian, older sibling or counselor.
Step 5: Compile a list of colleges that interest you. And while you’re at it, look into their FAFSA application deadline to see when they stop accepting. FAFSA provides specialized codes to help you find and access your schools of interest from their website.
Step 6: Submit your FAFSA information to all of the schools you are applying to. Doing this as fast as possible will help the entire process ease along—your financial position will be determined faster this way, and you can know earlier what your fiscal outlook will be.
– By Zoe Willard
