02.06.2024 By Amanda Woods

America Saves Guide To Filling Out FAFSA

As high schoolers and their families look ahead to what the future holds, the excitement about what's next is unparalleled! Whether it's a university, community college, or trade school, planning for the next adventure can be a truly thrilling time. However, some may also feel a bit of apprehension when it comes to the financial preparation required for the cost of education. But don’t worry! There are resources available, like FAFSA, that can ease the burden and make the journey toward higher education a smoother one.

As high schoolers and their families look ahead to what the future holds, the excitement about what's next is unparalleled! Whether it's a university, community college, or trade school, planning for the next adventure can be a truly thrilling time. However, some may also feel a bit of apprehension when it comes to the financial preparation required for the cost of education. But don’t worry! There are resources available, like FAFSA, that can ease the burden and make the journey toward higher education a smoother one.

FAFSA, or the Free Application for Federal Student Aid is an important step for students and their families to take so they are able to access financial aid for their education. By completing the FAFSA, students and their families will be able to determine their eligibility for a variety of federal financial aid options, including federal grants, subsidized and unsubsidized federal loans, and federal work-study programs. In addition to Federal aid options, many states and colleges use the information provided in the FAFSA to determine eligibility for their own grants and scholarship opportunities.

If you’re not sure how to get started, we’re here to help! Read on for some tips for tackling FAFSA, and getting well on your way to understanding how to financially prepare for that next step!

Start Early.

We know that this is a busy time for families, but when it comes to completing your FAFSA, it’s better to get started as early as you can. The FAFSA application opens each year on October 1st, so mark your calendars so you’re ready to jump right in. This will be beneficial because some financial aid funds are limited, so applying early will give you a much better chance of receiving those dollars. Starting early will also give you the peace of mind of knowing that you’re proactively taking the steps you need to make your goal of higher education a reality. 

Know What You Need To Be Prepared.

To begin, gathering all of the necessary paperwork will help make your experience of completing the FAFSA an easier one. It might help to think of this process as a family affair because working together to gather all of the necessary documents and information will be helpful. The documentation you’ll need includes Social Security numbers, federal income tax returns, W-2 forms, bank statements, and records of any untaxed income. 

This is also a great time to create a Federal Student Aid ID (or FSA ID). For this process, both the student and at least one parent will need to create an FSA ID - basically, anyone involved in the application process will need to have their own login information. To create an FSA ID, visit https://studentaid.gov/fsa-id/create-account/launch.  

To learn more about what you’ll need to complete the FAFSA, check out this helpful resource from Federal Student Aid.

Complete the FAFSA.

After gathering all of the necessary information, as well as creating your FSA ID, it’s time to complete the application. When you’re ready to complete the application, take your time and read the prompts thoroughly to be sure you’re providing the information being requested. If you run into any trouble, don’t worry! Federal Student Aid offers a FAFSA Help resource to support you through this process, as well as offering a variety of prompts throughout the application that may help clarify any confusion.

Be sure you’re using the official FAFSA website to avoid potential scams or unnecessary fees. 

Know Your Deadlines.

According to Federal Student Aid, there are a few different deadlines that you should have on your radar as you work through your FAFSA - Your college deadline, the federal deadline, and your state deadline. As Isaih Ellis mentioned during the America Saves #ThinkLikeASaver Town Hall on Education, starting early is a great idea, as this will give you plenty of time to complete the processes prior to these deadlines. It’s important that you don’t miss the deadline, because there is no grace period here. Unfortunately, if you miss the deadline you will no longer be eligible for the funds for that year. To learn more about each deadline, check out this Federal Student Aid resource.

Review Your Offer.

After you complete your application (in a few days to a few weeks), you will receive your Student Aid Report (SAR). Federal Student Aid recommends you review this information to ensure that no mistakes were made during the application process. After your college has reviewed your information, you’ll receive your award letter that details your offer of financial aid. 

It’s important to take the time you need to review your award offer and make sure you understand the types of funds you’re being offered. Included in your award offer could be grants and scholarships - funds that you won’t need to pay back, or loans - money that will need to be repaid. Knowing the difference between the two, and considering the impact of the funds you’re accepting is a great way to navigate this process in a proactive and financially confident way. 

From here, you’ll decide what funds to accept, choosing what makes the most sense for you and your next steps! To help you with this decision, check out this resource that will help support you through this important choice.

Know When To Renew.

Keep in mind that this is a yearly process! Each additional year that you’ll need financial aid, it’s important that you renew your FAFSA application. Mark your calendar to make sure you know when to renew your aid for the upcoming year.

We know it can seem like a big process, and it is! But by understanding the application process, you’re taking an important step toward making your dreams of higher education a reality. Be sure to check out the America Saves #ThinkLikeASaver Town Hall on Paying For Education playlist for more information about your adventure!

 

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