Who: Anyone heading to college, but especially high school seniors and their parents.
What: The FAFSA (Free Application for Federal Student Aid) is the prerequisite for almost all financial aid for any higher education institution.
Where: There’s a whole website devoted to it: www.fafsa.ed.gov.
When: For high school seniors, the FAFSA must be submitted as soon as possible after January 1st.
Why: The FAFSA is based on your (and most likely also your parents’) tax information and determines your financial aid eligibility for college. Everyone should fill out a FAFSA as it is generally required for private and federal aid of all types. It’s one of the most important documents you need to fill out before college (and again each year while you are in school).
How: www.fafsa.ed.gov has all of the information you need to successfully submit your first FAFSA. Take some time and familiarize yourself with the site, the process, and the FAQs.
The Skinny: The FAFSA requires a lot of information but is easy to complete if you are prepared. Gather the information you need, and browse these worksheets so you will be ready to fill out the FAFSA.
1. Go to www.pin.ed.gov and apply for a PIN. You’ll need a PIN to sign your online FAFSA, so secure this first.
2. It’s easiest to fill out the FAFSA once you (and your parents, if you are providing their information) have filed your current income tax return, but you can submit your FAFSA without your tax information and supplement the form once you have it. Consider the FAFSA an incentive to get your taxes filed ASAP!
3. Gather important documents and numbers like your Social Security Number, driver’s license (if you have one), and information on your income, savings, investments, and assets. If you are providing parental information on your FAFSA, you will need the same info for your parents as well.
4. Find the federal school code for the schools you are applying to. You can select up to 10 schools. You can always add or delete schools, so don’t worry if you haven’t made any final college decisions, just get your FAFSA submitted and update it later.
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