If you plan on sending your child to college, you’ve probably given some thought to financial aid. When you think of financial aid, the FAFSA may come to mind first.
Already know what FAFSA is? Skip ahead to the next paragraph.
The FAFSA, or Free Application for Federal Student Aid, must be submitted for your child to apply for federal and state financial aid for college, such as federal grants, work-study programs, and student loans. This application must be submitted each year that your child will require financial assistance. College admissions officers recommend that you complete the FAFSA application even if your child may not need financial aid. Some private scholarships at certain colleges even require the submission of the FAFSA application. Each school that you have listed on the FAFSA will receive your financial information after you’ve completed the form.
When it comes to preparing your child for college, it’s important to understand the FAFSA process and the steps you should take when submitting it. Here are the things you should keep in mind when submitting the FAFSA with your child.
Submit the FAFSA Early
While this isn’t common knowledge, financial aid is awarded on a first-come, first-served basis in some states, specifically when it comes to Federal Supplemental Educational Opportunity Grants (FSEOG grants) and federal work-study programs. Because of this, it’s important to find out your prospective or current college’s priority deadline and submit your FAFSA application before it.
While filing after the priority deadline won’t impact your child’s eligibility to receive federal student loans, they may end up taking out more in student loans due to missing out on other federal aid and even money from the institution. You can start the FAFSA application here. Find out some other important reasons why completing the FAFSA early is critical.
Create Your Federal Student Aid (FSA) ID
The U.S Department of Education replaced the Federal Student Aid PIN with the FSA ID in 2015. Your FSA ID will be the username and password you will use to access certain federal student aid websites, including fafsa.gov, studentloans.gov, and even the myStudentAid mobile app.
If your child is a dependent student and submits the FAFSA online, both you and your child will need to create an FSA ID. An FSA ID is required to sign the online FAFSA application, and you and your child cannot share an FSA ID since it serves as a signature and must be unique to each person. You can create your FSA ID here.
Use the FAFSA on the Web Worksheet
Before your child files the FAFSA online, it’s smart to check out the FAFSA on the Web Worksheet. This worksheet consists of the questions you’ll see on the FAFSA so you can know the information your child will need when filling it out.
Keep in mind that the FAFSA on the web worksheet is not part of the FAFSA application and will not be submitted – it’s simply a helpful guide for knowing what to expect on the FAFSA so you can organize your information. The questions are listed in the same order as they appear on the website and the app.
Gather Your Documents
When filling out the FAFSA, your child will be asked for basic personal information as well as information about your family’s financial situation. Depending on your situation, you and your child may need the following documents while filling out the application:
- Your child’s driver’s license and Social Security card
- Income tax returns from the prior-prior year
- W-2 forms and other records of money earned
- Current bank statements
- Records and documentation of other untaxed income received such as welfare benefits, Social Security income, veteran’s benefits, AFDC, or military or clergy allowances
- Records of stocks, bonds, mutual funds, and other investments
- Current mortgage information
- Business or farm records (if applicable)
Most of the above-mentioned steps can be completed before October 1st, which is the earliest your child can submit the FAFSA for the following academic year. By being prepared, you can help ensure that your child’s FAFSA will be filed on time so he can get as much aid as possible for your family’s financial situation. For more information on the FAFSA, check out our blog, “What is FAFSA? And Why You Should Care,” and watch our quick video, “FAFSA 101: What You Need to Know About Paying for College.”
While financial aid and grants are certainly helpful methods of paying for college, sometimes they don’t cover the complete cost of school, meaning that additional expenses will need to be covered out-of-pocket or through student loans. When considering applying for federal or private student loans, it’s important to look at the details to determine which type of student loan will be best for you and your child’s future.
If you need assistance in working through your options, contact ELFI. We have years of experience devoted to helping students realize their college dreams, so don’t wait – give us a call today.*
*Subject to credit approval. Terms and conditions apply.