FAFSA: Why You Need it, How to Start
The FAFSA is extremely important. It opens the door to $80 billion in federal money, plus financial aid from states and colleges. If you want help paying for college, it's vital. You can't afford to ignore this form.
Here's what you need to know about the Free Application For Federal Student Aid.
Most financial aid, of any type, requires FAFSA. You need to complete this form to be eligible for most forms of financial aid. Many colleges and states use a student's FAFSA information to award their own grants and scholarships. In fact, many schools require the FAFSA as part of their scholarship application. Specifically, FAFSA opens the door to:
- Need aid, such as government funded Pell grants, which you don't have to repay and are awarded for financial need
- Merit aid, like grants and scholarships, which you don't have to repay and are awarded by colleges for student accomplishments
- State sponsored financial aid
- Student loans, which you must repay
- Federal work study programs
Start the application in the fall. File it in January.
You can begin work on the FAFSA at any time, although you cannot submit it until Jan. 1 of your senior year. Cappex recommends working on FAFSA during the fall.
Why start so early? FAFSA takes time. Your FAFSA PIN, which serves as your signature online, may take weeks to receive. The application is eight pages long and requires you to reference a host of forms and information — including driver's license, your family's tax returns, bank statements and Social Security numbers — that take time to gather.
You don't have to do all the work at once. FAFSA allows you to save your work for up to 45 days.
With the forms finished, you will be ready to submit it shortly after Jan. 1. The FAFSA deadline to file typically won't be until mid-summer, but if you wait until then you may have missed other deadlines. Many colleges and states have their own deadline for receiving FAFSA that relates to their financial aid programs — they may need your FAFSA by March 1.
How to file. The best way to file FAFSA is online. Start with the "FAFSA on the Web" form which clearly outlines everything you need to file. Completing this worksheet will save you time once you start the actual FAFSA.
You will need your FAFSA PIN to submit and save your work. You can complete part of the application, save and continue working later, but we recommend finishing the form. Once you enter all of your information, double-check your work and print out a copy to keep for your records. Once your FAFSA is filled you can log on and check the status at any time.
For more information, to apply and to download all FAFSA forms necessary, visit www.fafsa.ed.gov.