How to fill out my FAFSA and avoid mistakes
How to fill out my FAFSA by Schoolwork.org
The procedure for filling out a Federal Application for Student Aid (FAFSA) can sometimes be an intricate process. However, the following highlights should guide you through the procedure. Note: the FAFSA does not matter if you are seeking a private student loan.
Why should you fill out a FAFSA?
Any student who is in need of a college student loan, work-study or even a grant, needs to first apply for federal financial aid. This is an essential way to maximum your benefits. Financial aid is not only for students who need federal help, but it is also used in some states to honor college-bound students.
Filling on paper and Online
You can fill out a FAFSA form in one of two ways. You can visit FAFSA online at http://www.fafsa.ed.gov or you can call 1-800-4-FED-AID and obtain a paper copy to fill out to submit.
If you decide to use the online method, be sure to obtain a PIN number in December so that by January 1 you will be able to finalize the form. Online submissions are preferred to paper submissions because online processes are fast and easy. This reduces the processing time by almost a half.
FAFSA deadline
It is very important to meet the deadlines on the FAFSA. Federal Aid is awarded on a first come, first served basis.
Beginning in February, colleges tend to prioritize there financial aid. Therefore, it is encouraged that you submit your applications immediately after January 1.
Essential forms that are required to fill FAFSA
Ascertain that you have these materials before filling out a FAFSA: driver’s license, W-2 forms [PDF] and, if you have earned money from other ventures, up-to-date bank statements, income tax returns, and all records of other untaxed incomes.
You also must have records of your stocks, mutual funds, bonds and other types of investments. You should also have your current mortgage information and business records, if available.
How to avoid mistakes
If you come across a question that does not relate to you, do not leave it blank on the form, just write N/A. Do not use a W-2 form to report any taxes or income paid to you. A 1040 federal tax return is highly recommended.
Make sure you use your real name that is on your Social Security card when applying. Fake names or nicknames are prohibited. Finally, you must sign the application. If you are filling as a dependent, your parent(s) must also sign.
What to expect after submission
Within three to four weeks of your submission, you should receive a Student Aid Report—SAR. In this report, you will be expected to declare your Family contribution on the FAFSA.
You will also be given the opportunity to correct any wrong information on the report. After this, a financial aid supervisor at your college will compose a personal financial aid statement and you will receive an award letter. This will probably arrive in the month of March.
The award letter will contain the appropriate amount that you should expect to receive. If you are still not sure or you are having difficulties with the FAFSA form, feel free to contact your college financial manager/supervisor. You can also contact the U.S Department of Education at 1-800-4-FED-AID.
Tags: fafsa, student-loans