FAFSA Season
FAFSA is a 5 letter F-word that doesn’t sound like much. But if you are going to college and applying to financial aid, it’s a term you are about to get to know…intimately.
FAFSA stands for The Free Application for Federal Student Aid and if you want money for college you definitely will come across this form. In fact, the FAFSA is considered the king of all financial aid forms because it is the gateway to most types of financial aid—be it federal grants or loans.
So let’s help you get acquainted a little better.
The deadline for filling out the FAFSA form for this year is June 30, 2008. You can file the form online at or on paper. Applying online is recommended because the process is both faster and easier. Once it’s filed and processed, you will receive a Student Aid Report (SAR) by email or by post. This report will tell you how much your family is expected to contribute to college costs. Schools use that info to prepare your financial aid package.
That means money for college. So it’s definitely worth it to take the time to fill out the FAFSA application. It should take about an hour or so to do the application online if you have all your necessary documents. (See below for what you need).
FAFSA Tips and Tidbits
- To organize your info, print and complete a FAFSA on the Web Worksheet before you begin entering your information online.
- Make sure you use the most up-to-date version of the form.
- Don’t Skip Anything unless the instructions specifically tell you that you can. If you do not own a business, for example, put down “0″ for any values related to a business. It’s a machine that processes the form.
- Proofread your form and make sure everything has been answered correctly.
- Make sure that you have provided the necessary signatures. If you are applying online, you will be given a pin number, which acts as your electronic signature.
- Make sure you also fill out the college’s supplemental financial aid forms to the FAFSA.
- Make sure you know the deadlines for your separate supplemental financial aid forms. Unfortunately, the deadlines for the supplementals and the FAFSA are usually different.
- You have to submit a new FAFSA application each year. Your finances may change from year to year so make sure you get the most financial assistance that you can!
Documents you need for filling out the FAFSA:
your Social Security Number, your driver’s license (if applicable), your 2007 W-2 Forms and other records of money earned, your (and your spouse’s, if you are married) 2007 Federal Income Tax Return, your parents’ Federal Income Tax return (if you are a dependent student), your 2007 untaxed income records (Social Security, Temporary Assistance for Needy Families, Welfare, Veterans benefits records), your current bank statements, your current business and investment mortgage information, business and farm records, stock, bond and other investment records and your alien registration or permanent resident card (if you are not a U.S. citizen).
Check out the key FAFSA terms if you want to know more.
This entry was posted on Tuesday, April 29th, 2008 at 10:57 am and is filed under FAFSA. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
April 29th, 2008 at 11:13 am
I came across your blog on Technorati. Nice site layout. I will stop by and read more soon.
Mike Harmon
May 29th, 2008 at 1:01 pm
[…] They are responsible for giving out government grants and loans to students. When you fill out your FAFSA form it goes to the Department of Education. So they are kind of like the big boss of financial […]
June 17th, 2008 at 2:21 pm
[…] College-Specific Awards: Colleges often have scholarships that you can get through your college financial aid package, which is offered to an applicant who has been granted admission. You can get these scholarships by having a particular GPA, or going for a specific major etc. You are eligible for these scholarships simply by applying to the college and filing the FAFSA. […]