Whether you’re preparing to send a child to college or heading there yourself, it is the time of year when you need to begin diligently planning in order to be ready. While it may seem early when students won’t begin classes until August, time can get away from you quickly, and there is a really important step you must take to prepare.
That step? Filing the FAFSA. The Free Application for Federal Student Aid, or the FAFSA, is a form that is a requirement to be eligible for financial aid when attending a college or grad school. If you want to potentially receive grants, or will need to apply for student loans, you absolutely have to file a yearly FAFSA. Additionally, some scholarships require it as well, making it a critical step in preparing to go to college.
In the state of Indiana, the deadline to file a FAFSA for the upcoming school year is April 15th, coinciding with the tax deadline. It is important to remember, however, that individual institutions may have their own internal deadlines, so be sure to ask your school of choice what the FAFSA application deadline is there.
But what do you need to have available to fill out the FAFSA?
- Your Social Security Number
- Your Parents’ Social Security Numbers (If you are a dependent)
- Driver’s License Number (If you have one)
- Alien Registration Number (If you are not a U.S. Citizen)
- Federal Tax Information – If you are a dependent, this is the tax information from your whole family, not simply your own.
- Records of untaxed income (eg. Child support, earned interest, veterans noneducation benefits)
- Information on savings and checking account balances, as well as investment and real estate information for yourself and your parents if you are a dependent
The process itself is simple, and if you have access to that information, should not take you a terribly long time to complete. Once you’ve done it the first time, your FAFSA profile will save your information to be input in upon your return to re-submit the form the next year (because you have to fill it out every year you plan to attend school).
One important thing to note: There is no cost to complete the FAFSA. If you’re beginning an application process and are being asked for a credit card or to make a payment, you’re not at the correct site. You should start the process at www.studentaid.gov. Always make sure that you check carefully when you begin inputting your personal information, to insure that you are at a legitimate site.
Over the course of filling out the FAFSA, you’ll have to indicate where you want it sent. If your child is not yet committed to a specific school, you’ll want to list every potential school they are considering, to make sure that they receive the necessary information ahead of any deadlines. If you neglect to do this and your child’s school of choice is not in the loop, it could be a costly mistake.
All in all, there is not anything scary about the FAFSA. Just remember to check with your school to make sure you meet the necessary deadlines, gather all your necessary information before you begin, and verify that you are on the legitimate website. If you do those things, you’ll have it completed in no time!