October 1st is the month where our Free Application for Free Student Financial Aid opens for the next school year. Yes, it’s open, and now is the time to apply. So, make time in that busy schedule to gather information needed or schedule an appointment at your financial office for help. But we all know that getting into with financial aid office is a hassle and may end up being more time-consuming. No worries, this article is to lend a happy hand of what one needs to know to apply.
The Shop Is Open
First, know have a FASFA ID or if this is the first time then create an account on the FASFA website. Once you login to an account, then that is when the real process begins.
Time to get personal and to pull out your Social Security Number. For international students, it is required to have an Alien Registration number. This will be used to create your profile and start the process of the application.
Moving on to entering your driver’s license, but it is not necessary to have to complete the application. So, don’t panic if you do not have one.
Prepare for the headache that is on the way because now it’s time to put in the tax information. Grab your 2019 tax information and fill out the information or transfer your IRS information from the IRS website. FASFA recently change the rules on requiring people to have an earlier tax form which was enforced in the 2017-2018 FASFA.
After asking the IRS for permission to link your tax information into your FASFA application or typing in the needed information, here we are to another part of the application. We are filling untaxed income that may or may not apply to you.
Wondering if the untaxed income applies to you? Then there are things to consider which are child support information, veteran benefits, and or interest information. None of those things apply then skip this part of the application.
We’re almost done, so another item needed is a record of any money that is in a checking or savings account and any scholarships or other financial assets that are assisting on tuition fees and college expenses.
The final item on the checklist is knowing what colleges and universities that you want to send this application to. And after all those steps the application is complete.
Now, during this time of year, many students face uncertainties or are unable to access tax information because most students are considered dependents unless they are attending post-graduate studies. This means many students will need their parents’ information to complete the FASFA. Students can be considered independents but under strict guidelines that are provided on FASFA website.
Lastly, apply early as possible because there are more chances of receiving MAP grants and Pell grants which no one has to pay back. College is stressful enough without worrying about finances. Take the time to do some research and prepare for any expenses that will come up.