Essential Things You Should Know About FAFSA. There are various financial aid programs for college students. Some of these aids are scholarships, grants, loans, student allowances, tuition payment plans, work-study programs, and fellowships.
Financial aid for college students is given either by the federal government, state government, educational institutions, or private individuals. However, you may not get any financial aid without FAFSA.Â
FAFSA is an application you have to fill out to get any financial aid. This application is mostly used by federal and state agencies to know if you need college financial aid. The FAFSA application can be filled out online via your computer or mobile phone.Â
Educationdata (2023) states that 60% of students apply for federal financial aid using FAFSA. Also, Statista (2024) showed that over 17 million student applicants submitted a FAFSA in the United States of America (USA). In this article, I will show you the essential things you should know about FAFSA.
Contents
What is FAFSA?
Free Application for Federal Student Aid (FAFSA) is a financial assistance form that assesses if a student needs grants, work-study funds, or federal student loans. FAFSA is a form that you must fill out before starting college.Â
Qualifications to Fill out FAFSA Form
Below are a few qualifications you need to meet before you can fill out a FAFSA form:
- You must be either a U.S. national, a U.S. citizen, or an eligible non-U.S. citizen.
- Have a GED or high school diploma.
- Excellent academic performance.
- You must not be a federal student debtor.Â
- Must be ready to start a degree or certificate program.
- You must have a valid A-number or social security number.Â
Steps to Fill out FAFSA
Once you know that you have met all the requirements for student financial aid, you can go ahead and fill out the FAFSA form. Here are the six major steps to fill out the Free Application for Federal Student Aid Form:
- Get a FAFSA ID.
- Gather information about FAFSA-required documents.Â
- Answer the parent-related and student-related questions.Â
- Fill in your financial details.
- List the schools you want to apply to.Â
- Proofread and submit your Free Application for Federal Student Aid Form.
1. Get a FAFSA ID.
The first step to filling out a FAFSA form is to create a Flexible Spending Account (FSA). Your FSA ID is the password and username you will use to login to the Department of Education website. With these details, you will have access to information about federal financial aid even in years to come.
However, parents, spouses, or even step-parents who will give information on your FAFSA form will have to create an FSA ID. Both student and parent FSA IDs are needed if you are under 24 years old and are pursuing a bachelor’s degree, certificate, or associate degree.Â
However, professionals and graduate students are seen as independent by FAFSA. You can find a link to create a FSA ID on the Federal Student Aid website. To create an FSA ID, you will need a social security number, your official name, and your date of birth.
2. Gather information about FAFSA required documents.Â
You need to gather information about what will be needed to fill out the Free Application for Federal Student Aid (FAFSA) form. Some of the required documents include:
- Social security card.
- Your tax information.Â
- Your current bank statements.
- A driver’s license.Â
3. Answer the parent-related and student-related questions.Â
As part of the essential things you should know about FAFSA, you will answer parent-related and student-related questions when filling out the form. You will answer questions like:
- What year are you starting college?
- What is your marital status?
- Are you under legal guardianship (parents or someone else)?Â
Once you have answered all the questions, you will be notified, either as a dependent or independent student. If you are notified as an independent student, you will be allowed to fill out the FAFSA form without your parents’ information.
On the other hand, if you are notified as a dependent student, you will need to fill out your information as well as your parents’ financial information.
4. Fill in your financial details.
Filling in your financial details is the next step on the FAFSA form. The FAFSA uses tax information from two years ago to avoid estimates on the form. For instance, a family filling out the FAFSA form for the 2023–2024 academic year will use the 2021 tax return.Â
Here, you will provide details about your parent’s finances and yours. You will be asked if you have received any public assistance like Medicaid or SNAP, Earned Income Tax Credit (EITC), or filled out Form 1040 or 1040-NR.
Also, you will fill in your tax status, adjusted gross income (AGI), and your family size.
5. List the schools you want to apply to.Â
As part of the essential things you should know about FAFSA, you will list out the schools or colleges you want to apply to when filling out the form. The schools you will mention are schools that will receive your FAFSA form.Â
On the FAFSA form, you can add up to 20 schools. You can also search for the school by its location or unique code.
6. Proofread and submit your Free Application for Federal Student Aid Form.
You must proofread your Free Application for Federal Student Aid Form very well before submitting it. Double-check the information you have entered in the form. Check for errors (like grammar and spelling) and correct them, before you submit the form.Â
As a dependent student, you will be required to sign the FAFSA form either manually or digitally with your FSA ID before you submit.Â
What Happens After You Submit a FAFSA Form?
After you have submitted your FAFSA form, you will receive a confirmation message through mail. You will receive:
- Estimated Student Aid Index (SAI): This is an estimated index that the colleges you applied to will use to assess your financial needs.
- Data Release Number (DRN): This number is your file number. You can use this number to update any information, like phone number or address, on your FAFSA form.
From there, the colleges you applied to will take about three to five days to process your FAFSA. Hence, you can now expect either:
- A financial aid award letter,
- A contact to verify your information, or
- To accept or reject your financial aid
Conclusion
Free Application for Federal Student Aid (FAFSA) is a financial aid assessment form. This form gives financial aid providers insight about you and if you need financial assistance. There are essential things you should know about FAFSA, like its qualifications and steps to fill out the form. Check out the article above to learn more about FAFSA. Good luck.Â