I truly wonder each year if the FAFSA form becomes available in October because it is also the same month as Halloween. Both things can be pretty scary.
That’s why I’m dedicating this month to pulling back the curtains, turning on the lights, unmasking the…. well, you get the picture, on the “who, what, when, how and why” of the FAFSA process.
Who needs to do it?
Pretty much any student who is a U.S. citizens or eligible non-citizen who is interested in exploring the opportunity for need-based aid.
I say “student” because “technically”, it is the student’s form, not the parents’. No doubt it will be the parent(s) who does most of the work but the student must get their own FSA ID to start the process. The FSA ID is the electronic signature and what is used to sign the form. If a parent wants to sign or needs to do so (i.e.: if the student is under 18), they need to get their own FSA ID. Here is a video on how to create your FSA ID and a link to the page. It takes a few days between applying for the FSA ID and getting it so plan for that based on when you want to complete the form.
Why do we need to do it? What if I don’t qualify for financial aid?
You need to do it in order to have any chance of getting any financial aid or qualifying for federal student loans. Here are a few other reasons:
1. Some colleges require the form to award merit aid
2. It is a way for a student to be considered for federal work study.
3. Your financial situation could change, so it’s good to have a form in the system that you can easily update
Okay, I’ll do it. What do I need to have ready?
1. Your student’s FSA ID and yours if you plan to sign
2. Your social security numbers
3. Your driver’s license number
4. Your 2020 federal income tax returns, W-2’s and any other records of money earned. (Note: You may be able to transfer your info into the FAFSA using the IRS Data Retrieval Tool)
5. Records of untaxed income (if applicable)
6. Records of your assets: bank statements, investment statements (stocks, bonds, real estate that isn’t your primary residence)
7. The list of colleges your teen is applying to
When is it due?
In general, the earlier the better as financial aid is distributed on a first come, first serve basis. Specifically, it needs to be completed by the deadline set by the college. Most of the deadlines are the same as the application submit date so if you on or before that date, you’re good. But definitely check as some colleges may have early deadlines based specifically on being considered for scholarships.
How do I get help if I need it?
The FAFSA website is easier to use that one would think. The form can be found here and this is where you go to create an FSA ID.
Plus, many universities and non-profit organizations put out “how to” videos that are easy to find. Just go on YouTube and google “2022 How to complete the FAFSA”. That’s how I found this video.
The more you know and understand about the process, the greater the opportunity to go from “trick” to “treat”!