Before I get into how filling out FAFSA is easier this year, first l want to comment on something that has come up repeatedly when I talk to people about FAFSA.  Many parents feel that they make too much money to qualify for financial aid, so they don’t think they should bother completing the FAFSA.   It’s a good idea to fill out the FAFSA anyway.  Why?  First — because some expensive private universities give financial aid to fairly high income families.  Second– because not only are federal grants (scholarships) determined by the FAFSA, but also federal Work Study job eligibility, federal loans, state financial aid and often the colleges’ financial aid.  Even if the only thing you qualify for is a loan, federal college loans have lower interest and better repayment terms than banks’ education loans.  Filling out the FAFSA starts the financial aid process. It is sent to the colleges and universities that you request.  If you’ve completed the FAFSA and a college accepts your student, they know they need to put together a financial aid package for your student.

Help Filling Out FAFSA

Filling out FAFSA is so much easier this year.  They’ve included help notes next to each section of the online FAFSA that answers typical questions about that section.  The FAFSA is supposed to take one hour to fill out, but that assumes you have all your facts and figures at your fingertips.  The good news is that the online version will save your form if you can’t do it all at once.  I suggest you fill out all the worksheets before tackling the FAFSA so you will have all your facts and figures ready before you start filling it out.  The website for filling out the FAFSA is www.fafsa.gov.

In the Olden Days of Filling Out the FAFSA

I’ll never forget the first time I filled out the FAFSA for my son.  It was 2001 and I left it until the last minute.  In those days when you applied for a  PIN, (something you have to have to use the online version), you had to wait until it came in the mail.  If you lost it, you were out of luck because there was no way of retrieving it. Now you can get them to resend it to you online and you can generate it immediately online here.

Many colleges and some states have deadlines for the FAFSA, and the earliest deadline for a college my son was applying to was fast approaching.  In 2001 filling out something online was not as easy as it is now because my computer and internet providers were a little shaky.  I’d be filling it out and all of a sudden, the browser would just close and I’d have to get back on.  With only the dial up method available, I’d spend precious minutes just trying to get reconnected to the internet.  My frustration was at the max and I finally switched to my husband’s Mac, because it was much more stable.  I think I just barely made the deadline, thanks to prayer and Apple.

Be sure you know your state and college’s deadline and plan accordingly.  Also get the FAFSA in as soon as you can because it can be a first-come-first-served situation.  Colleges and universities do not have an unlimited amount of financial aid and neither do states or the federal government.  You don’t want to get your FAFSA in after the deadline because that puts you at the end of the line for financial aid, and often the money runs out before the end of the line.  Although the federal government provides more than $100 billion in new aid every year to nearly 14 million postsecondary students and their families, even that number isn’t unlimited.   Even if you’re not eligible for federal aid, you may be eligible for state financial aid.  For more information, you can contact your State Higher Education Agency, listed on this website.

Do Your Taxes Before The FAFSA

Some of the facts you have to know to fill out the FAFSA are the student’s and parent’s adjusted gross income.  You get those figures from the income tax returns.  If the student or parent(s) didn’t work for the previous year (in this case 2009) and won’t be filling out an income tax return, that can be indicated on the FAFSA form.  Also, if the student is what the federal government considers an independent student, the parent(s)’ information in not needed.  To see if the student is considered independent you can use this PDF.  However, If the student is dependent, the parent(s)’ tax information, including how much money they made and how much their investments are worth is required.  With a few exceptions, it doesn’t matter if the parents want to give this information or if the child doesn’t even live with the parents – it’s a requirement if the student wants to qualify for federal financial aid.  If the income taxes are not done before the FAFSA is filled out, the gross adjusted income and other facts have to be estimated and corrected later if need be.

More Help Filling Out FAFSA

For more in-depth help in filling out the FAFSA, you can go to this site.  It has a PDF file that answers most questions about the questions.  Some of the financial questions can get complicated, so this is a good resource if you are not sure what financial assets you have to report.  If all else fails, you can call the Federal Student Aid Information Center (FSAIC) at 1-800-4-FED-AID (1-800-433-3243) or contact your financial aid administrator (FAA).

Good luck to all of you filling out a FAFSA.  It’s worth the trouble.

Blessings,

Bonnie