FAFSA 101

It's FAFSA season again.

Filling out the FAFSA form is the most important thing a college student can do to start recieving money for school. Fafsa, or free application for federal assistance, is used to determine that amount of federal aid a student is eligible for. Based on a series of questions including your income, your parent's income, and household size, an EFC is calculated. EFC is the expected family contribution or how much your family can pay towards the student's education. Funding comes in the form of federal grants, loans, scholarships, and work study programs.The amount of aid one recieves is based on the school and available by first come first served. FAFSA must be renewed every year and available on January 1st.

What you need to apply

You will need a lot of information in order to complete the FAFSA including your social security number, your parent's social security numbers, Your parents W2 and other income information. If you worked, you will need your W2 as well. You will also need your parent's tax return information and any income information from personal investments, assets, or businesses.

First come, first serve

While the FAFSA form is available on January 1st, many people do not file taxes until later. Students will need to know the amount their parents will get back in taxes in order to complete the FAFSA. Applying online allows you to input as much of the information you can and saving the information. Schools will give out funds based on a first come, first serve basis. Know your school's personal deadline in order to receive the most amount in federal aid.

Accuracy is key

 It is important to input the correct information when filling out the FAFSA form in order to receive the most amount of funds. Fill out the form with your parents in order to have the right information you will need from them. They'll need to have filed and know the amount they've earned in the previous year. Most schools require verification, so ask your parents for copies of their payroll information or anything you may need to fill out the form. The online form allows you to correct any mistakes and save the file with your registered PIN.

The FAFSA is important for every student to apply in order to receive federal funding from school. A student can not receive financial aid from their school without filling out the form. This application must be renewed every year and is on a first come, first served basis. Accuracy is very important when completing the form as schools may asked to verify information before releasing funds. If your have any questions, contact your financial aid officer or visit http://www.fafsa.ed.gov/.