This post provides Part 2 of a two-part blog post on “A Brief Overview of FAFSA® for College Loans”; Part 1 was published earlier this year and is available on the Delta Community blog site.
Attending college is an educational aspiration for many Americans regardless of their age. But the cost of going to an institution of higher learning increases almost every year, and it can be financially unattainable for many who dream of earning a college degree.
Fortunately, for many in need of money for college, there are numerous options of both private and public sources for financial aid. One source of funding for millions of students is through the U.S. government and its Free Application for Federal Student Aid® (FAFSA®), which is explored below.
Because of the extensive amount of information involved with FAFSA®—and because the information is dynamic; it can evolve significantly from year to year (or even more frequently)—this blog post attempts to be current as of the month if was published, but this post is also not comprehensive. This post selectively walks through only some of the early steps of the FAFSA® application process, including creating an account, gathering the right information, and starting the FAFSA® form online. It is recommended for those interested in applying for FAFSA® that they visit its website and carefully, thoroughly and thoughtfully review the authoritative details it provides before taking any actions regarding the form.
What information do you need to collect before applying for FAFSA®, and what other preparations are needed before filling out the form?
First, whether you’re a student, parent or borrower, you must create your own account to apply for, receive and manage your federal student aid. With an account, you will be able to fill out the FAFSA® form online, complete other online forms required to receive aid and then review the federal student aid you’ve received. To create the account, you should have your Social Security number and personal email address handy.
Next, get your Federal Student Aid ID (FSA ID). By creating the account, you will also establish your FSA ID, which is just your account username and password. The FSA ID allows you to access Federal Student Aid websites and complete the FAFSA® form online. While it is important to check whether the process has changed, usually students and contributors (parents or spouses) are required to have an FSA ID to complete and sign the FAFSA® online. Regarding the ID, FSA states on its site that “However, it’s the fastest way to sign your application and have it processed. It’s also the only way to access or correct your information online or to prefill an online FAFSA® form with information from your previous year’s FAFSA® form.”
On Federal Student Aid’s website, it lists these documents and information (which it recommends retaining) that may be needed when preparing to fill out the FAFSA®. Note that this list may be subject to change at any time at the federal government’s discretion:
- Parents’ Social Security numbers for dependent students
- Recent federal tax returns—if you don’t have your most recent returns, you may be able to estimate taxes for the most recent year and you will be able update the form when needed
- Records of child support received
- Current balances of cash and all savings and checking accounts
- Net worth of personal investments, as well as businesses and farms that are owned, partially owned or invested in
- List of schools where you want to apply
The documents needed for applying have changed over time, and they have generally become fewer in recent years, but the FAFSA® site should have the current list of required information. It may be useful to regularly check the site in case document requirements get updated again.
How do you start to fill in the FAFSA® form?
When this post was published, there were three options for obtaining and filing the FAFSA® form:
- Logging in at FAFSA.gov to apply online
- Downloading and completing a FAFSA® PDF, which must be printed out and mailed for processing
- Requesting to be sent a print-out of the FAFSA® PDF form by calling Federal Student Aid at 1-800-433-3243. After getting the form, fill it out and mail it back for processing.
For filling out the form, you can start by:
Where to go for more information on the entire FAFSA® process—and to have questions answered
There is more to FAFSA® than what has been covered here, and there may be future blog posts that could highlight other parts of the form application process, which continues to grow and change.
This post has been a simplified summary of some of the steps for filling out the FAFSA® form and should be considered only an initial guide offering a basic understanding of a few select activities of the application process. Since the process continues to progress (often becoming easier), the FAFSA® site should be considered the authoritative source for reliable, official, up-to-date information to thoroughly review and learn.
For help with questions on the process, please look into these sites:
Curious about how to BALANCE™ your finances when budgeting for college tuition?
BALANCE™ is a financial education and counseling organization that offers free services to Delta Community members. Some of its services include credit report reviews, debt management, and information on budgeting, money management and home buying.
Visit the BALANCE™ website to learn about their education and assistance programs. Members can also speak with certified credit and housing counselors to get personalized guidance.
Want to connect with a Financial Coach about your specific situation? Call 1-888-456-2227 to speak with a Financial Coach today.
Note that the services offered through BALANCE™ are separate and distinct from any business conducted with Delta Community and are not guaranteed by, nor are they obligations of, the Credit Union.
Interested in a no-cost, ongoing, practical financial education?
For more information that may help manage both college and after college finances, check out the free Delta Community Financial Education Center webinars on a range of practical financial topics with actionable advice. You may visit the Financial Education Center's Events & Seminars page to register for its on-demand webinars.
There are more Delta Community blogs for college students and post-college workers:
