The FAFSA (Free Application for Federal Student Aid) is the standard form used by all schools to determine the amount of federal aid a student will receive. The application opens on October 1 each year and closes the following June 30. The FAFSA calculates the EFC (Expected Family Contribution), what the government considers a reasonable amount the family should be able to contribute to the student's educational costs whether or not a parent wants to contribute to their child's education.
It is important to know that the earlier you file, the more funding you may receive as some grants are given on a first come, first serve basis. Also, each state and college has their own deadline for when you need to file, and these often fall around the time the college applications are due. While the FAFSA is primarily used to determine federal funding, some schools also use it to determine the distribution of their own institutional aid. Therefore, it is often recommended that all students fill out the FAFSA and do it early, whether or not they think they will be eligible for federal aid.
The FAFSA needs to be filed prior to each year the student plans on attending college. It is completed using prior-prior tax year data for the student and parent(s). So if you are filling it out for the 2019-2020 school year, you will use 2017 tax information. If you have not filed your taxes, you can estimate your income and update the application as needed. Before you begin, it is helpful to gather the materials you will need to complete the application:
An FSA ID to sign electronically (you can apply for this special username and password online via fsaid.ed.gov or other U.S. Department of Education websites and the student and one parent, the custodial, for each dependent will need separate IDs)
Your Social Security Number
Your Federal Income Tax Returns, W-2s, and other records of income earned (Note: You may be able to use the FAFSA's IRS Data Retrieval Tool which transfers the data directly from your completed tax returns to your application)
Bank statements and records of investments (if applicable)
Records of untaxed income such as child support or interest income
List of schools you are applying to
Ensure that the information you have entered is accurate and complete to prevent any delays in the processing of your application. Make sure you have added any schools to which you are considering applying to the FAFSA application so that they receive the information. If any financials need adjusted or schools need added, you can go back in and update the application later. If your family's financial situation has changed for the current year and the tax information you must use for the application does not properly reflect it, it is important that you contact each of the colleges and inform them of your current situation.
