People ask all the time: “How do I apply for financial aid, and where is the best place to start?” To apply for financial aid, you will need to complete the Free Application for Federal Student Aid (FAFSA). You use the FAFSA to determine your eligibility for federal, state, and college-sponsored financial aid, which includes grants, loans, and work-study programs. You can submit the FAFSA online at www.fafsa.gov.
The Starting Point
It all starts with the FAFSA. If you want to receive any type of federal financial aid, the FAFSA is a requirement. For nearly every school, it’s a requirement, since it is a helpful (although not perfect) measure of a family’s financial standing. There are certainly nuances to the FAFSA, and it takes time, but it is the clearest way to standardize the financial standing of families.
What’s Needed
To complete the FAFSA, you will need to provide the following information:
- The student’s personal identification information, such as name, date of birth, and Social Security number – along with the same information for the parent(s) of the child applying.
- Contact information, including your mailing address, email address, and phone number
- Financial information, such as your income, assets, and other resources
- You can utilize a tool called the IRS Data Retrieval Tool. While there are some things that need to be verified, this can cut down on the time it takes to complete the FAFSA.
- Education history, including the high school that the student has attended and the intended program of study
- Information about the colleges the student is considering attending.
- This can also be looked up on the site (each school has a federal code – and these codes can be found directly on the FAFSA).
You may also need to provide documentation to verify the information you provided on the FAFSA. This could include tax returns, W-2 forms, and other financial documents. It’s a good idea to gather all of the necessary documentation before you begin the application process to make it easier to complete the FAFSA. In the event there does not appear to be discrepancies, you will not need to provide this information, but it’s important to complete this accurately. This video will provide you a step by step completion of the FAFSA.
The Student Aid Report
Once you have completed the FAFSA and submitted it, you will receive a Student Aid Report (SAR) that summarizes the information you provided. The schools you list on the FAFSA will receive the SAR and the financial aid offices at those schools will use the information to determine your eligibility for financial aid and create a financial aid package for you.
It’s important to note that the FAFSA is just the first official step in the financial aid process. You may be required to provide additional documentation or to complete additional forms as part of the financial aid application process – and much of that will depend on the specific school you’re applying to. Check out the link to completing the FAFSA going step by step here.
Conclusion
The FAFSA can be daunting at first. But with proper preparation and dedicating the time to understanding how it works you will find success. It’s not easy, especially for a first-timer, but if you focus on the details, you will be able to complete the form. It’s the first step to properly apply for financial aid. Contact me with any questions!
