VSTUDENT ERSION
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Introduction
Section 1: Preparing to Complete the FAFSA
Understand What FAFSA Is: 1.
The Free Application for Federal Student Aid (FAFSA) is a form that determines a student's eligibility for federal financial aid, including grants, work-study, and loans.
Gather Important Documents: 2.
Social Security Number (SSN) or Alien Registration Number (if not a U.S. citizen)
Driver’s license number (if applicable)
Federal tax returns, W-2s, and other records of money earned (for the student and parents if applicable)
Bank statements and investment records (if applicable)
FSA ID: Create an FSA ID (Federal Student Aid ID) for both the student and a parent if you’re a dependent student This is used to electronically sign the FAFSA.
Determine Dependency Status: 3.
Most students under 24 will be considered dependent and will need their parents' information unless they qualify as independent (e.g., married, veteran, orphan, etc.).
Section2:Completingthe FAFSAStep-by-Step
Create Your FSA ID:
Visit fsaid ed gov to create an FSA ID Both the student and one parent (if dependent) will need their own FSA IDs Access the FAFSA Form: 2
Go to fafsa gov or use the myStudentAid mobile app to start the application
Choose the correct application year: If attending school from July 1, 2024 – June 30, 2025, fill out the 2024-2025 FAFSA
Student Demographics: Enter personal details such as name, date of birth, and SSN
Ensure everything matches your official records
School Selection: You can list up to 10 schools that you’re interested in attending The schools you list will receive your FAFSA information
Dependency Status: Answer questions to determine if you are a dependent or independent student
Parent Information: (If dependent) Provide your parents’ information, including marital status, SSNs, and tax information Use the IRS Data Retrieval Tool (DRT) to import tax information directly if eligible
Financial Information: Enter financial details such as income, assets, and any untaxed income for both students and parents Use the IRS DRT whenever possible for accuracy
Sign and Submit: Both the student and one parent (if dependent) must sign the FAFSA with their FSA IDs Review all information carefully before submitting
Confirmation: Once you submit, you will see a confirmation page Save this page for your records It includes your Estimated Family Contribution (EFC) and a link to your Student Aid Report (SAR)
Section3:After SubmittingYourFAFSA
Review Your Student Aid Report (SAR): 1.
Within 3-5 days after submitting the FAFSA online, you'll receive your SAR via email. Review it for any errors and make corrections if needed.
Corrections and Updates: 2.
If you made a mistake or if your financial situation changes, you can make corrections at fafsa.gov.
Follow Up with Your Schools: 3.
Check with the financial aid offices of the schools you listed to ensure they received your FAFSA information and see if they need additional documentation.
Apply Early: 1.
The FAFSA opens on October 1 every year. Some financial aid is awarded on a first-come, firstserved basis, so apply as soon as possible. Use the IRS Data Retrieval Tool (DRT): 2.
The IRS DRT allows you to import your tax information directly into the FAFSA, reducing errors and speeding up the process. Double-Check Everything: 3.
Small mistakes can delay your financial aid. Ensure names, dates, and numbers are entered correctly.
Don’t Assume You Won’t Qualify: 4.
Many students mistakenly believe they won’t qualify for aid. Even if you don’t receive federal grants, your FAFSA may be required for state or institutional aid.
Section 5: Common Mistakes
to Avoid
Missing the FAFSA Deadline: 1.
Federal, state, and school deadlines may differ. Check all deadlines and complete the FAFSA as soon as it opens.
Not Using the Correct Tax Year Information: 2.
Use the prior-prior year’s tax information (e.g., 2022 tax info for the 2024-2025 FAFSA).
Entering Incorrect Information: 3.
Double-check SSNs, birthdates, and financial information.
Not Signing the FAFSA: 4.
Both the student and parent (if applicable) must sign using their FSA IDs.
Section 6: Resources and Help
FAFSA Help Center: Call 1-800-4-FED-AID (1800-433-3243) for assistance.
Live Chat: Visit studentaid.gov for a live chat feature for FAFSA-related questions. YouTube Tutorials: Watch official FAFSA tutorials on the Federal Student Aid YouTube channel.
TRIO Program Support: Reach out to your TRIO advisor or financial aid counselor for additional guidance.
Conclusion
Understanding student loans and how to manage them is crucial for making smart financial decisions about your education. Remember that scholarships, especially those available through Imagine Scholarships, are a valuable resource that can significantly reduce the amount you need to borrow. By using this guide, you’ll be better equipped to navigate the world of student loans and take advantage of scholarship opportunities to fund your college journey.
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