One of the most important steps you'll need to take in the financial aid application process is applying for the Free Application for Federal Student Aid, or FAFSA. The Department of Education starts accepting the FAFSA Jan. 1 of each year, which just so happens to be tomorrow. So start your new year off right by filing that financial aid document, or filing a renewal FAFSA if this isn't your first time. State financial aid deadlines fall as early as February, so it's best to get a head start and know how much funding you can expect come next fall.
Both the FAFSA and renewal FAFSA are available online through Federal Student Aid, an office of the U.S. Department of Education. Completing the FAFSA online will speed up processing and leave less time for you to worry about how much financial aid you'll be receiving. Remember that it doesn't cost anything to fill out your FAFSA - the FAFSA is free - and some agencies will charge you for filling the application out for you. Once you complete the online form, you’ll be able to check its status, make any corrections as needed, and print your Student Aid Report once that is ready. (Your Student Aid Report summarizes what you've filled out on your FAFSA, and provides you with an Expected Family Contribution, or the total you and your family would be expected to come up with to fund your education.) If you aren’t comfortable filling out your FAFSA online, you can submit a paper form, but it does take longer to process than the online form.
In order to complete your FAFSA, you'll need the following:
- your Social Security number
- your driver’s license number (if you have one)
- your bank statements and records of investments (if you have any)
- your records of untaxed income (if you have any)
- your most recent tax return and W2s (2008 for the 2009-2010 FAFSA)
- all of the above from your parents if you are considered a dependent
- an electronic PIN to sign the form online
We have a number of resources available to those filling out their FAFSAs and preparing to apply for federal aid. Browse through our site so that you know exactly where to begin, what to expect, and how to file the application successfully, because if you do make mistakes you may delay the processing of your FAFSA. Happy New Year!
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