For anyone looking to pursue education at the college level, it’s important to know about upcoming deadlines. This post will go over the Free Application For Federal Student Aid (FAFSA), including what it is, how it works, and how to apply for one. The FAFSA is one of the most important steps a prospective student can take, so take a look below to learn more.
FAFSA Overview
Almost 85% of first-year undergraduate students get some form of financial aid. And the first form they always complete is the FAFSA. This form allows you to apply for student aid and loans, in addition to other grant and scholarship opportunities. Completing the FAFSA online is the easiest way for most people.
The application deadline for the 2022-2023 school is June 30, 2022. So even though you still have a few months to apply, you shouldn’t wait around. Some of the financial aid available through FAFSA is awarded on a first-come-first-served basis. Now that you know the basics, let’s take a look at how to apply for it.
Completing The FAFSA
You will need a few basic forms of ID when applying: Your Social Security number, driver’s license or non-driver ID card, an Alien Registration Number for non-US citizens, and a copy of your Federal income tax returns. FAFSA uses your tax return information from two years prior, and you will also need W-2s, bank statements, and other tax records.
If you’re completing the FAFSA online, you will be asked to create a Federal Student Aid (FSA) ID. This ID includes your username and password, and will also be used to fill out a loan counseling form and the Public Service Loan Forgiveness Tool on the website. FAFSA requires you to supply privacy questions to protect your account, and it’s important to use a strong password given that your financial information is stored there.
Sections of the FAFSA
It’s good to know ahead of time what you’ll be asked when filling out the FAFSA. There are six sections within the application, and here’s a basic breakdown of each of them.
Demographics
Students will fill out their information such as full legal name, date of birth, educational background, and gender.
Target Schools
Students can choose up to 10 schools to receive their FAFSA information. Students can also remove schools from their list at any time to make room for other schools.
Dependency Status
The filing status you choose on the FAFSA will dictate whose income needs to be reviewed when considering their overall financial need. For students that file as dependents, the income of their parents or legal guardians will be reviewed. If a student files as an independent, only their financial and personal information will be considered.
Begin The Journey
Higher education opens up many opportunities in the professional world, and it’s important to find out if you qualify for any financial aid. So take that first step by completing the FAFSA.
