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May 28, 2005
As students prepare for college one acronym stands out throughout their collegiate days: FAFSA. Most students know that those letters represent the form you have to fill out to receive financial aid and many even know that it stands for the Free Application for Federal Student Aid. What we often do not know is how to fill it out. Where do I start? And what do I need to get started?
The most important thing to remember is that you are filing a free application. As I started to research the FAFSA, I entered www.fafsa.com in my Web browser. My search located a site showing users how to file your application; however, it is not free. More alarming was the bold disclaimer across the top of the page: Please note that this site is not affiliated with the U.S. Department of Education or the FAFSA on the Web site.
The site charges $79.99 for first time applicants and provides electronic completion, submission, and tracking of your application. I found the actual FAFSA site through the U.S. Department of Education.
The free, federal site provides similar options: Fill out a FAFSA for submission and/or check the status of a submitted FAFSA. At this point in my research, the benefit of paying $79.99 for a free application eluded me. The government site posted this bold warning:
Filling out the FAFSA, and applying for student financial aid is free. You should be wary of mailings or Web sites that offer to submit your application for you, or to find you money for school if you pay them a fee. Some of them are legitimate, and some are scams. But generally any information or service you pay for can be had for free from your school or from the U.S. Department of Education.
What do you need to get an honest start?
Make sure you are applying through a valid source. The U.S. Department of Education provides information, instructions, and the application at no cost to the applicant. Gathering all the information you need will simplify your application process. The things you need include:
- Social Security Number
- Driver's license
- W-2 forms for previous year
- Federal Income Tax Return for previous year
- Your parent's Federal Income Tax Return (if you are a dependent student)
- Untaxed income records for previous year
- Current bank statements
- Current business and investment information
- If you are not a U.S. citizen you will need your alien registration card.
This sounds like an exorbitant amount of information, but having it ready before you begin will save time and headache.
How do you apply?
Once you have gathered all of the above, your application process will be much easier. The most important factor you must consider at this point is the deadline. The deadline for the 2004-2005 school year is June 30, 2005. You may apply as early as January 1, 2004. The U.S. Department of Education strongly urges you to apply early.
Deadlines for aid from your school, state, or private sources tend to be much earlier. Applying early helps insure that you will obtain aid from as many sources as possible. It is important to apply early to make sure you leave enough time for your school to receive your information and to make any necessary corrections. To actually receive aid, your school must have your correct, complete information before your last day of enrollment in the 2004-2005 school year.
Remember you can complete and submit your FAFSA online. This is the fastest way to apply. Applying online requires that your information is complete and correct before submission. This way, if you have made any errors or left any required fields incomplete, it will be brought to your attention and you will be able to make changes before your application is submitted.
The Free Application for Federal Student Aid homepage is www.fafsa.ed.gov. Additional information may be obtained from FederalLoanHelp.com and OneStudentLoan.com.
© 2004, American Collegiate Financial Services, Inc. All rights reserved.
