Tips for Filling out Your FASFA What is a FASFA application? Why should you fill one out? And what can you expect afterwards? These are all extremely valid questions for those who may be in need of a little financial assistance when it comes to paying for an education.
What Is It? The Free Application for Federal Student Aid (FASFA) is a form that is used by the U.S. Department of Education to determine your (EFC) Expected Family Contribution by figuring out what you need based on financial information like your regular income, assets, etc. If you are a dependent student then you will also need your parents to fill out information on your FASFA form. The form is then submitted and processed and the results are electronically transmitted to the financial aid offices of the schools you include in your application.
Why Should I fill it out? Filling out your FASFA is a great way to get the financial help and support you need in order to complete your educational goals. Maybe you have enough for tuition but you need help when it comes to rent, books, and food. Maybe you have all your rent and extra expenses figured out but you need a little more in order to complete your tuition payments. Whatever your situation, filling out your FASFA can help you to financially support your lofty education goals; whether you want an art degree, a business degree, or even an accounting degree.
Do’s for Filling out your FASFA
Do fill out your FASFA quickly. You do not want to miss any state financial aid assistance deadlines. Do have a parent (the correct parent) complete the FASFA. When parents are divorced or separated, make sure you have the correct one fill out the FASFA form. The parent who is responsible for filling out the form is the one who has lived with the student for the majority of the year. Do ask questions and ask for help. The FASFA form can seem a little daunting and difficult to understand at times so do not be afraid to ask questions and ask for help. You can ask friends and family who have already completed the FASFA or you can call the government’s toll-free number (800) 433-3243. Do correct your mistakes. If you make a mistake on your FASFA form, do not stress out, simply return to your online form and click on “Make FASFA Corrections.” Correcting mistakes is simple and should not cause you stress or anxiety.
Don’ts for Filling out your FASFA
Do not mention vehicles, boats, furniture, or any other household possessions as assets.
Do not wait until the last minute. You may miss important FASFA deadlines. Do not mention money that you may have in 401 (k) plans, retirement accounts, and other retirement plans.
Needed Documents There are a number of documents and important pieces of information you will need to include in your FASFA application. Some of these documents include:
Social Security number Driver’s license number Federal Tax information or tax returns Records of untaxed income
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