Here's what you need to know about filling out the FAFSA if you'll be attending school for the first time or returning for another year of coursework in the 2023–24 academic year.
The FAFSA® is a free online application for college financial aid. Your federal student aid package for one year of college is created using it by the colleges. This package may include work-study opportunities, federal student loans, grants for higher education, as well as state and local financial aid. Financial aid is not the same as student loans, but in order to qualify for a federal student loan, you must first complete the FAFSA® form. It is convenient to complete the FAFSA® online, and it can facilitate your quest for financial help.
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Here are some of the things you need when applying for the FAFSA:
If you are considered a dependent, you will also be required to give the information listed above for your parents. Make an effort to compile all of the necessary information in advance so that you may finish the application in a single session.
The earliest you can file the FAFSA® for the 2023-2024 academic year.
The federal deadline for filing the 2022-2023 FAFSA®. States and colleges have their own FAFSA deadlines. Be sure to check the FAFSA® deadline for each college you’re applying to. You can check your state's deadline on the federal student aid website.
The FAFSA application process consists of a few simple stages.
You must create an FSA ID for yourself and, if you're a dependent student, have your parents create one as well in order to begin the application online. When you're ready to submit your application, you log in with your FSA ID and electronically sign it. To create your FSA ID, you'll need your Social Security number, full name, birthdate, and either a phone number or email address. You and your parents must use different email addresses to create your own FSA IDs since each email address can only be associated with one FSA ID. If you're a returning student to the application, enter your previous FSA ID and select "FAFSA renewal." This will extract some data from the application from the previous year.
You will need to provide your Social Security number, birthdate, and driver's license in the personal information area. Additionally, there is an area for schools where you may list up to 10 institutions to whom you wish the FAFSA data sent. You can edit this list later if you change your mind about which colleges you wish to apply to. Consider including at least one public school on the list as well.
Check your state's regulations because some states demand that a state school be first on the list in order for you to be eligible for state funding.
The financial data needed to establish your aid eligibility must be entered next on the application. You will enter financial data for the 2021 tax year for the 2023–24 year. You might be able to use the IRS Data Retrieval Tool to add financial data from your tax return to the FAFSA application, which will make your life a little bit easier.
You can submit an application by paper using the Federal Student Aid website, the myStudentAid mobile app, or the printable PDF version of the FAFSA. Search for a confirmation screen after submitting the application online to ensure that it was successful.
The FAFSA Simplification Act underwent more revisions when Congress passed the Consolidated Appropriations Act of 2021 in December 2020. They consist of the following:
Your online application will be processed in three to five days, while a paper application will take seven to ten days to be processed. You'll receive a Student Aid Report (SAR) after your application has been processed that details your anticipated family contribution (or Student Aid Index, with the most recent changes). The schools on your list will receive this information and use it to determine how much financial help to award you. You will receive an electronic or print offer once they have finished creating your financial aid package; this normally happens in the spring.
The Free Application for Federal Student Help (FAFSA®) could make it appear as though you are obtaining money from the government, but in reality, it is only a paperwork and process to get federal student aid; it is not a loan. If you receive federal student loans as part of your financial aid award, you would have to repay them.
No. Income is significant because tax returns are considered in the application. However, there are other factors, such as the number of dependents you have and how many of them are at college. Every year, the FAFSA® application should be your first priority whether you or your student is enrolled in a higher education school regardless of your income.
Read more: What Matters Most on the College Application?
When it comes to college, there are many choices to be made. The most crucial question is how you intend to pay for everything. You can evaluate possibilities and determine how to close the financial gap if the award money is insufficient by submitting your FAFSA application as soon as possible to receive financial assistance offers sooner rather than later.
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