{"id":8851,"date":"2024-12-01T09:57:04","date_gmt":"2024-12-01T09:57:04","guid":{"rendered":"https:\/\/finderica.com\/know-how-to-fill-out-fafsa-form-for-better-chance-at-aid\/"},"modified":"2024-12-01T09:57:04","modified_gmt":"2024-12-01T09:57:04","slug":"know-how-to-fill-out-fafsa-form-for-better-chance-at-aid","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8851","title":{"rendered":"Know How to Fill Out FAFSA Form for Better Chance at Aid"},"content":{"rendered":"\n<div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"lazyload clicker_number\" style=\"position: absolute; height: 1px; width: 100%\" alt=\"ScoreCard Research\" data-count=\"216.98.0.236,216.98.0.236, 108.162.246.96\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\"><\/p>\n<p>Filling out the Free Application for Federal Student Aid, better known as the FAFSA, is a rite of passage for prospective or current college students, whether they\u2019re attending a trade school near home or heading across the country to work on a bachelor\u2019s degree.<\/p>\n<p>And that financial aid is important: The average cost of college per student, per year is $36,436, according to the Education Data Initiative. And the Associated Press reports that some elite schools will cost as much as $95,000 this coming school year.<\/p>\n<p>Some good news in an increasingly expensive educational landscape: Recent major changes to the FAFSA have simplified the process of applying for aid. That means it\u2019s easier than ever to get the financial assistance students need.<\/p>\n<p>The FAFSA form for the 2024-25 school year became available in late December 2023, three months later than it typically becomes available, due to a number of sweeping changes to the process. The exact deadlines vary by state, but it\u2019s best to turn the form in as quickly as possible. Early applicants have better chances for more federal financial aid.<\/p>\n<p>But don\u2019t fret: It\u2019s still not too late to submit your FAFSA even for the 2023-24 school year; the final deadline for that is June 30, 2024.<\/p>\n<p>The new form is now much easier to fill out. In recent years, applicants have been able to use older tax information instead of making estimations and corrections. And for the 2024-25 school year, the FAFSA has shrunk to just 36 questions instead of 108. But even with the modifications, filling out a financial aid application isn\u2019t anyone\u2019s idea of a fun evening at home.<\/p>\n<div class=\"thepe-top-of-post\" id=\"thepe-1297352337\">\n<div class=\"adBorder\" id=\"thepe-14554695\">\n<h3>50 Effortless Methods to Boost Your Income This Week<\/h3>\n<p>If you needed extra money, like, yesterday, you\u2019ve come to the right spot.<\/p>\n<p>Our team has compiled a <a href=\"https:\/\/partners.thepennyhoarder.com\/50-ways-sdyn-prt\/?aff_id=384\" target=\"_blank\" rel=\"noopener\">list of creative ways<\/a> you can fatten your bank account this week.<\/p>\n<p>This is a long list, so don\u2019t get overwhelmed. Go ahead and start now, but be sure to bookmark this post so you can easily return later. We\u2019ll keep it updated as offers changes or expire.<\/p>\n<p><a href=\"https:\/\/partners.thepennyhoarder.com\/50-ways-sdyn-prt\/?aff_id=384\" target=\"_blank\" rel=\"noopener\">Check it out!<\/a><\/p>\n<\/div>\n<\/div>\n<p>That\u2019s why we\u2019re here. Behold: Your ultimate guide to filling out the FAFSA form. We\u2019ll cover what exactly the FAFSA is, why everyone seeking higher education should fill it out, how to complete the (dreaded) application itself and tips to get through the paperwork quickly.\n<\/p>\n<h2><span class=\"tph-toc-anchored-text\" id=\"what-is-the-fafsa-and-why-should-i-fill-it-out\"><\/span>What Is the FAFSA and Why Should I Fill it Out?<\/h2>\n<p>The Free Application for Federal Student Aid (FAFSA) is a form administered by the U.S. Department of Education\u2019s Office for Federal Student Aid. Current and prospective college students can submit the FAFSA form to determine what federal aid \u2014 in the form of grants, scholarships, federal loans or work-study jobs \u2014 is available to them each academic year.<\/p>\n<p>Colleges and universities frequently use data from the FAFSA to determine eligibility for their own scholarships and student assistance programs, too. What that effectively means is that the FAFSA isn\u2019t only for need-based or federal aid, so you should complete the FAFSA annually \u2014 even if you think your parents make too much money.<\/p>\n<h3><span class=\"tph-toc-anchored-text\" id=\"new-fafsa-rules-fafsa-simplification-act\"><\/span>New FAFSA Rules: FAFSA Simplification Act<\/h3>\n<p>Due to new legislation known as the FAFSA Simplification Act, which passed in December 2020, some FAFSA rules are changing. The law aims to drastically simplify the student aid FAFSA form, cutting it from more than 100 questions to 36 \u2014 starting with the 2024-25 school year.<\/p>\n<p>In addition to the simplified form, there are other significant changes to the FAFSA. For instance, previous drug convictions are no longer a barrier to receiving federal student aid, and male applicants no longer need to register for the Selective Service System (SSS), aka the draft or military conscription, to be considered.<\/p>\n<p>Other big FAFSA changes now confirmed for the 2024-25 school year include:<\/p>\n<ul>\n<li aria-level=\"1\"><b>Student aid index:<\/b> The longstanding \u201cExpected Family Contribution\u201d term has been changed to \u201cStudent Aid Index.  Why? Expected Family Contribution (EFC) seemingly implied that\u2019s what families could be expected to, well, contribute. But that wasn\u2019t the case. EFC was merely an indicator of aid eligibility. Changing it to Student Aid Index should theoretically cause less concern for parents and students when they see their final number.<\/li>\n<li aria-level=\"1\"><strong>Expanded Pell Grant eligibility:<\/strong> As of July 1, 2023, incarcerated students enrolled in a prison education program are now eligible for a Pell Grant. Pell Grants don\u2019t need to be repaid (they\u2019re grants, or gifts, not loans). How Pell Grant size is calculated is also changing for 2024-25. Students will now be able to look up whether they\u2019re eligible for a minimum or maximum grant much more easily. The maximum Pell Grant award for 2024-25 did not change from the previous school year; it\u2019s still $7,395.<\/li>\n<li aria-level=\"1\"><strong>Elimination of advantage for multiple children:<\/strong> Previously, families with multiple children in college at the same time benefited from additional aid. Starting with this round of FAFSA, the number of children a family simultaneously has in college will no longer impact an individual student\u2019s aid calculation.<\/li>\n<li aria-level=\"1\"><strong>Divorced parents:<\/strong> Previously, either divorced parent could fill out the parent portion of a FAFSA. Now, it has to be the custodial parent \u2014 that is, the one with whom the child primarily lives.<\/li>\n<li aria-level=\"1\"><b>Farms and small businesses: <\/b>Another major change will impact students whose families own a small business or farm. The net worth of those entities must now be reported, which could drastically reduce the amount of aid such a student receives.<\/li>\n<\/ul>\n<h3><span class=\"tph-toc-anchored-text\" id=\"key-fafsa-deadlines-and-dates\"><\/span>Key FAFSA Deadlines and Dates<\/h3>\n<p>Tracking FAFSA deadlines can be difficult because the application window for a single school year lasts nearly <i>two <\/i>years. That means, at a given time, there could be two school years for which you can apply for aid:<\/p>\n<ul>\n<li aria-level=\"1\">The FAFSA form for the 2023-24 school year became available Oct. 1, 2022, and is due June 30, 2024.<\/li>\n<li aria-level=\"1\">The FAFSA form for the 2024-25 school year became available Dec. 31, 2023 (it was late to allow for the comprehensive overhauls being put in place) and is due June 30, 2025.<\/li>\n<\/ul>\n<p>To submit an accurate FAFSA for the next academic year before tax season, the format now allows you to use the previous year\u2019s tax data. Students have been able to fill out the 2023-24 FAFSA using their 2021 tax return \u2014 or their parents\u2019 tax return if they were a dependent student and\/or didn\u2019t have to file taxes in 2021.<\/p>\n<p>However, now that the 2022 tax season is behind us, applicants who are just starting their FAFSA should use their most recent tax returns. For the 2024-25 school year, you will be able to use your 2022 tax return for a speedier submission.<\/p>\n<p>When using older tax data for your FAFSA, you can automatically import the required tax information using the <a href=\"https:\/\/studentaid.gov\/resources\/irs-drt-text\" target=\"_blank\" rel=\"noopener\">IRS Data Retrieval Tool<\/a>. Thanks to the new FAFSA simplification law, you won\u2019t need to use this tool in subsequent years because the agency will automatically pull your tax data for you.<\/p>\n<p>One caveat or limitation to using the IRS Data Retrieval tool. Since you\u2019re using older tax data to fill out your financial aid form, there\u2019s a chance your family\u2019s financial situation could have changed since you filed your taxes. If that\u2019s the case, contact your school\u2019s financial aid office to discuss options. You\u2019ll still need to fill out your FAFSA form using the data you already reported.<\/p>\n<p>The deadline for submitting a FAFSA is still June 30 for the previous academic year beginning July 1. For example, though the application for the 2023-24 school year became available on Oct. 1, 2022, you have until June 30, 2024, to submit for aid that year. You\u2019ll have even longer \u2014 until June 30, 2025 \u2014 to complete your 2024-25 FAFSA.<\/p>\n<p>However, funds are awarded on a first-come, first-served basis \u2014 and state and college deadlines are typically much earlier, often the spring before the school year begins (i.e., more than a year before the federal deadline) \u2014 so it\u2019s in your best interest to complete the FAFSA as soon as possible.<\/p>\n<p>* <a href=\"https:\/\/studentaid.gov\/apply-for-aid\/fafsa\/fafsa-deadlines\" target=\"_blank\" rel=\"noopener\">State deadlines for FAFSA<\/a><\/p>\n<h3><span class=\"tph-toc-anchored-text\" id=\"a-note-on-student-loan-forgiveness\"><\/span>A Note on Student Loan Forgiveness<\/h3>\n<p>Student loan forgiveness continues to be a hot topic in politics. Although President Biden announced major student loan forgiveness legislation in 2022, the Supreme Court officially struck that down a year later. For now, it remains unclear if and when student loan forgiveness may impact graduates and how it could affect future college students who are preparing to take out their first student loans. Never bank on student loan forgiveness when taking out a new loan, as it can\u2019t be guaranteed.<\/p>\n<p>In light of the Supreme Court ruling, the White House has issued new actions aimed at providing debt relief and support for student loan borrowers. <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/06\/30\/fact-sheet-president-biden-announces-new-actions-to-provide-debt-relief-and-support-for-student-loan-borrowers\/\" target=\"_blank\" rel=\"noopener\">You can learn more about President Biden\u2019s current plans here.<\/a><\/p>\n<figure id=\"attachment_153087\" style=\"width: 1200px\" class=\"wp-caption alignright\"><img loading=\"lazy\" fetchpriority=\"high\" loading=\"lazy\" fetchpriority=\"high\" decoding=\"async\" class=\"lazyload size-full wp-image-153087\" src=\"https:\/\/www.thepennyhoarder.com\/wp-content\/uploads\/2021\/09\/FASTFA-final.jpg\" alt=\"A woman does school work on her laptop while laying on her bed.\" width=\"1200\" height=\"800\"><figcaption class=\"wp-caption-text\"> Getty Images<\/figcaption><\/figure>\n<h2><span class=\"tph-toc-anchored-text\" id=\"preparing-to-fill-out-the-fafsa-form\"><\/span>Preparing to Fill Out the FAFSA Form<\/h2>\n<p>Getting your financial aid squared away might seem like a lot, but we\u2019ve broken down each step so it\u2019s as manageable and non-threatening as possible. Here\u2019s what you should familiarize yourself with before filling out the FAFSA form.<\/p>\n<h3><span class=\"tph-toc-anchored-text\" id=\"find-your-states-deadline\"><\/span>1. Find Your State\u2019s Deadline<\/h3>\n<p>When is the FAFSA due? While the federal deadline for submitting your 2024-25 FAFSA is June 30, 2025, states have their own aid deadlines. Given that the FAFSA became available significantly later for the 2024-25 academic year, states may be more lenient, but you should always review your state\u2019s guidelines.<\/p>\n<p><a href=\"https:\/\/studentaid.gov\/apply-for-aid\/fafsa\/fafsa-deadlines\" target=\"_blank\" rel=\"noopener\">Check the deadline<\/a> for your state of residence and note any special rules for award programs.<\/p>\n<h3><span class=\"tph-toc-anchored-text\" id=\"gather-your-documents-and-materials\"><\/span>2. Gather Your Documents and Materials<\/h3>\n<p>This is not a time to leisurely go through the process of applying for aid. You need to know all the FAFSA requirements and have paperwork ready before you start. For example, let\u2019s say you wait until actually applying to gather your documents. If you idle too long on the FAFSA webpage while trying to hunt down your parent\u2019s Social Security number, you may get booted out for inactivity and have to reload and start again.<\/p>\n<p>Gather your materials before you log in to avoid that stress. Bits of financial information you should have handy include:<\/p>\n<ul>\n<li aria-level=\"1\">Social Security numbers for you, your parents or your spouse. (Note: If you\u2019re a dependent student and your parents do not have Social Security numbers, they can\u2019t fill out their portion online. They will need to use physical forms.)<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">If you\u2019re not a U.S. citizen, then use your Alien Registration Number.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">A copy of last year\u2019s tax return, in case you can\u2019t import your tax data using the IRS Data Retrieval Tool.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">The amount of income you earned last year, regardless of whether you paid taxes or not.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">Your driver\u2019s license number, if you have one.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">The amount of money you received outside of work or bills paid on your behalf in the previous year. (For instance, if your parents don\u2019t claim you as a dependent but they still send you some cash to put toward your rent, you would want to know that yearly amount for your FAFSA. If anyone contributed to a 529 savings plan for you in the previous tax year, be prepared to have that amount available, too.)<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">The names of the schools you\u2019ve applied to or plan to apply to. It\u2019s easy to search for these schools within the <a href=\"https:\/\/finaid.org\/fafsa\/tiv\/\" target=\"_blank\" rel=\"noopener\">online system<\/a>, but you\u2019ll want to have a shortlist of names ready. You can list up to 10 schools; if you\u2019re applying to more than 10, you\u2019ll have to add the extras after you submit your initial form.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">Your Federal Student Aid (FSA) ID and password if you\u2019re a returning FAFSA applicant. Otherwise, we\u2019ll cover below how to create an FSA ID for first timers.<\/li>\n<\/ul>\n<p><b>Note: <\/b>If filling out the 2024-25 FAFSA, you may not need all of this information. Some will be available through the direct data exchange with the IRS.<\/p>\n<h3><span class=\"tph-toc-anchored-text\" id=\"brace-yourself-with-the-federal-student-aid-estimator-tool\"><\/span>3. Brace Yourself With the Federal Student Aid Estimator Tool<\/h3>\n<p>Use the Federal Student Aid Estimator tool to get an early estimate of your federal financial aid. The <a href=\"https:\/\/studentaid.gov\/aid-estimator\/\" target=\"_blank\" rel=\"noopener\">calculator<\/a> doesn\u2019t reflect your actual aid eligibility \u2014 you have to go through the full process for that \u2014 but you\u2019ll answer the same types of questions as you will when you sit down to fill out the real deal.<\/p>\n<p>If you or your parents are unfamiliar with the FAFSA, this is an easy way to get your feet wet without being afraid you\u2019ll mess something up. The process takes about 10 minutes to complete, and you\u2019ll need your basic tax and income information to get the best estimation.<\/p>\n<h3><span class=\"tph-toc-anchored-text\" id=\"first-timers-do-the-fafsa-on-the-web-worksheet\"><\/span>4. First Timers, Do the FAFSA on the Web Worksheet<\/h3>\n<p>If this is your first FAFSA rodeo, the <a href=\"https:\/\/studentaid.gov\/help\/fafsa-worksheet\" target=\"_blank\" rel=\"noopener\">FAFSA on the Web Worksheet<\/a> gives you a preview of the questions you\u2019ll need to answer when you fill out the online form.<\/p>\n<p>We recommend printing it out and doing the practice form in pencil. Then, have it handy when you do your online application, as the \u201cnotes\u201d sections may help you navigate any tricky questions.<\/p>\n<p>Completing \u2014 or at least previewing \u2014 this form can help you determine exactly what tax documentation you\u2019ll be expected to provide for yourself, your spouse or your parents.<\/p>\n<p><b>Note: <\/b>This only applies to 2023-24 applications. This is not applicable for 2024-25 applications, since the process has been simplified.<\/p>\n<h3><span class=\"tph-toc-anchored-text\" id=\"sign-up-for-your-fsa-id\"><\/span>5. Sign Up for Your FSA ID<\/h3>\n<p>If this is your first time filling out a FAFSA form, you\u2019ll need to sign up for a <a href=\"https:\/\/studentaid.gov\/fsa-id\/create-account\/launch\" target=\"_blank\" rel=\"noopener\">Federal Student Aid ID<\/a>, which helps you access and submit your financial aid information online.<\/p>\n<p>Back in the day, circa 2015, you used your Social Security number and a PIN to sign in. Now you create a username and password. An FSA ID allows you to log into the <a href=\"https:\/\/studentaid.gov\/\" target=\"_blank\" rel=\"noopener\">federal student aid website<\/a>, apply for aid, save your progress and sign your FAFSA form electronically.<\/p>\n<p>To <a href=\"https:\/\/studentaid.gov\/fsa-id\/create-account\/launch\" target=\"_blank\" rel=\"noopener\">create an FSA ID<\/a>, you\u2019ll need your Social Security number, a mobile phone and an email address.<\/p>\n<p>If your parents\u2019 financial information will be included on your FAFSA, they\u2019ll need to individually sign up for an FSA ID too. The Social Security Administration verifies the information provided for FSA IDs. If your parents do not have an SSN, they can\u2019t create an FSA ID or electronically sign documents. Instead, they\u2019ll need to print out the relevant sections of the FAFSA document and physically sign them. In the portions of the form that request an SSN, they should use the number 000-00-0000.<\/p>\n<p>Don\u2019t toss your FSA ID login info aside once you complete the process this year; you\u2019ll log in next year to autofill your previous year\u2019s data and prompt you through the renewal process.<\/p>\n<h3><span class=\"tph-toc-anchored-text\" id=\"set-expectations-about-your-student-aid-index\"><\/span>6. Set Expectations About Your Student Aid Index<\/h3>\n<p>Starting with the 2024-25 school year, parents and students no longer have to worry about the Estimated Family Contribution (EFC). Instead, you\u2019ll see a number called the Student Aid Index (SAI). While there are some small changes to the formula, Student Aid Index is essentially a rebrand of the EFC.<\/p>\n<p>The Expected Family Contribution was always a misnomer: Parents saw the number and assumed their families were expected to contribute an amount that was potentially much higher than they could afford. While the formula for the Student Aid Index hasn\u2019t changed much, parents might feel less pressure when they see the number.<\/p>\n<p>Aside from the rebrand, the biggest change from EFC to SAI is the range. The lowest EFC a family could get was $0, but families can now earn an SAI as low as -$1,500, which accounts for college expenses that are not traditionally published in a school\u2019s cost of attendance.Also noteworthy? The old formula used to give breaks to families with multiple kids in college. The updated SAI does not provide such relief.<\/p>\n<p>When you see the EFC or SAI number, remember that along with <a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/grants\/pell\" target=\"_blank\" rel=\"noopener\">Pell Grants<\/a>, work-study jobs and federal student loans, you may be eligible for merit awards or other scholarships to help you pay the remaining portion.<\/p>\n<p>Whether you\u2019re looking at an EFC or SAI, is not a definitive number of what you will owe. We repeat: Do not panic.<\/p>\n<h2><span class=\"tph-toc-anchored-text\" id=\"how-to-fill-out-the-fafsa-form-step-by-step\"><\/span>How to Fill Out the FAFSA Form, Step by Step<\/h2>\n<p>If you\u2019ve completed the preparation steps above, the FAFSA form itself will be manageable. Still, it\u2019s good to know what to expect. Here, we\u2019ll break down the infamous FAFSA application form itself \u2014 and, hopefully, you\u2019ll find that it\u2019s not so intimidating after all.<\/p>\n<p>The <a href=\"https:\/\/studentaid.gov\/aid-estimator\/\" target=\"_blank\" rel=\"noopener\">FAFSA Web Worksheet<\/a> and last year\u2019s FAFSA application will drastically help you set expectations for the 2023-24 FAFSA. If you\u2019re filling out the FAFSA for 2024-25, let out a great big sigh of relief. The new form only has 36 questions.<\/p>\n<p>The 2023-24 FAFSA application, on the other hand, is about 10 pages long and contains more than 100 questions. But once you have it in front of you, you\u2019ll notice that several pages are dedicated to instructions and definitions. Only about six pages contain questions. Even better, you won\u2019t need to answer every single question. There are separate sections for parental information that won\u2019t be required for everyone.<\/p>\n<h3><span class=\"tph-toc-anchored-text\" id=\"overview-of-fafsa-steps-for-2023-24-school-year\"><\/span>Overview of FAFSA Steps for 2023-24 School Year<\/h3>\n<p>Here is a basic overview of the seven application steps. We\u2019ll dive even deeper into how the subsections break down below.<\/p>\n<ul>\n<li aria-level=\"1\"><b>Steps 1-3 <\/b>concern the student applicant\u2019s financial situation.<\/li>\n<li aria-level=\"1\"><b>Step 4<\/b> asks for parents\u2019 financial information. (Independent students get to skip this part.)<\/li>\n<li aria-level=\"1\"><b>Step 5<\/b> asks about the student\u2019s household, if you\u2019re not a dependent.<\/li>\n<li aria-level=\"1\"><b>Step 6<\/b> asks for the names of the schools you\u2019re planning to apply to and the associated <a href=\"http:\/\/www.finaid.org\/fafsa\/tiv.phtml\" target=\"_blank\" rel=\"noopener\">FAFSA school codes<\/a>.<\/li>\n<li aria-level=\"1\"><b>Step 7<\/b> is where you sign. If you\u2019re filling out the online form with your parents, they\u2019ll have to use their FSA ID to sign, too.<\/li>\n<\/ul>\n<p>The form is color-coded, and the seven steps are divided in two main categories: student (you) info and parental information. Here\u2019s a closer look.<\/p>\n<h3><span class=\"tph-toc-anchored-text\" id=\"student-thats-you-information-questions-2023-24-school-year\"><\/span>Student (That\u2019s You) Information Questions (2023-24 School Year)<\/h3>\n<p>Questions related to you and the schools you want to attend are non-linear and scattered throughout the FAFSA form. That\u2019s because, depending on how you answer the first batch of questions, you may be able to skip over several other questions and sections.<\/p>\n<p>Here\u2019s what you, as a student, may be required to answer.<\/p>\n<p>Steps 1-3 of the FAFSA ask about your financial situation, basic demographics and marital status. Based on your answers here, you\u2019ll determine if additional information is needed from a spouse (if you\u2019re legally married) or your parents (if you\u2019re younger than 24 and financially dependent on them).<\/p>\n<p>If you are considered a dependent student, you\u2019ll need to provide demographic and tax details on your parents, next. If you\u2019re an independent student, you can proceed to step 5 to input your own tax and income info.<\/p>\n<p>Step 6 is also for students. In this section, you\u2019ll list the top colleges that you want to attend and receive financial aid for. You can use the college\u2019s institution code, which is indexed in an <a href=\"https:\/\/finaid.org\/fafsa\/tiv\/\" target=\"_blank\" rel=\"noopener\">easily searchable database<\/a>. In lieu of a code, you can list the college\u2019s full name and address.<\/p>\n<p>The final step, step 7, is where you sign and date the form, attesting that the information you provided is true.<\/p>\n<p>Key documents you\u2019ll need to answer questions for the student section include:<\/p>\n<ul>\n<li aria-level=\"1\">Social Security or Alien Registration number<\/li>\n<li aria-level=\"1\">Tax forms and income documentation including non-taxable income (if independent); and tax information for your spouse (if legally married)<\/li>\n<li aria-level=\"1\">A list of schools that you wish to attend and receive aid for (plus their institutional codes or full names and addresses)<\/li>\n<\/ul>\n<p>If you\u2019ve compiled these documents beforehand, you can probably blast through the student questions in 15 minutes or fewer.<\/p>\n<figure id=\"attachment_153055\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"lazyload size-full wp-image-153055\" src=\"https:\/\/www.thepennyhoarder.com\/wp-content\/uploads\/2021\/09\/how-to-fill-out-fafsa-2.jpg\" alt=\"a father looks at a laptop with his teenage daughter\" width=\"1200\" height=\"800\"><figcaption class=\"wp-caption-text\"> Getty Images<\/figcaption><\/figure>\n<h3><span class=\"tph-toc-anchored-text\" id=\"parental-questions-2023-24-school-year\"><\/span>Parental Questions (2023-24 School Year)<\/h3>\n<p>Depending on how you answered the student questions in step 3, you may be considered a dependent student, i.e., you rely on your parents for some form of support.<\/p>\n<p>If you answered no to <b>any<\/b> questions in step 3, you and your parent(s) will need to complete step 4. This step requests parental information related to taxes, income, demographics and more.<\/p>\n<p>Given the nature of these questions, it\u2019s best you fill these out together (even though the FAFSA form poses them to you \u2014 e.g. \u201cWhat is your parents\u2019 state of legal residence?\u201d)<\/p>\n<p>At the end, step 7 will require them to separately sign anyway \u2014 either electronically through their own separate FSA account or physically if they don\u2019t have a Social Security number. So it\u2019s best to have them nearby.<\/p>\n<p>Key documents you\u2019ll need to answer questions for the parental section include:<\/p>\n<ul>\n<li aria-level=\"1\">Parents\u2019 Social Security numbers (if applicable; otherwise use 000-00-0000)<\/li>\n<li aria-level=\"1\">Tax returns and income documentation for both parents<\/li>\n<li aria-level=\"1\">Untaxed income documentation for applicable retirement plans, government benefits programs, child support, etc.<\/li>\n<\/ul>\n<h3><span class=\"tph-toc-anchored-text\" id=\"overview-of-fafsa-steps-for-2024-25-school-year\"><\/span>Overview of FAFSA Steps for 2024-25 School Year<\/h3>\n<p>Because the new FAFSA is dramatically simplified, the steps to fill it out are much less involved, though you and your parents will still have to enter in some information. Here\u2019s a simple breakdown of the steps:<\/p>\n<ol>\n<li aria-level=\"1\">Log in to your account or, if it\u2019s your first time, select \u201cStart New Form\u201d on the FAFSA website.<\/li>\n<li aria-level=\"1\">List the colleges and\/or careers schools you are applying to (up to 20 schools).<\/li>\n<li aria-level=\"1\">Answer questions to determine dependency status.<\/li>\n<li aria-level=\"1\">Report your parents\u2019 and\/or spouse\u2019s information, as required.<\/li>\n<li aria-level=\"1\">Provide financial information with the Financial Aid Direct Data Exchange through the IRS. (You\u2019ll have to provide consent.)<\/li>\n<li aria-level=\"1\">Sign and submit.<\/li>\n<\/ol>\n<h3><span class=\"tph-toc-anchored-text\" id=\"after-you-submit-your-fafsa-form\"><\/span>After You Submit Your FAFSA Form<\/h3>\n<p>Congratulations! You did it.<\/p>\n<p>In a few days, you\u2019ll receive a Student Aid Report (SAR) that summarizes your FAFSA data and confirms you\u2019ve completed your application correctly. For the 2023-24 school year, you\u2019ll see your EFC listed on your SAR. Again, don\u2019t panic at this number. It\u2019s an estimation. For 2024-25, you\u2019ll see the SAI.<\/p>\n<p>You\u2019ll also be able to review your Student Aid Report for any mistakes and correct them online through your FSA account.<\/p>\n<p>When the colleges you\u2019ve applied to send your acceptance notices (fingers crossed!), you\u2019ll also get a financial aid award letter, either in the same package\/email or a few days afterward. Your school of choice may have additional questions about your FAFSA responses, but in that case, the financial aid office will contact you directly.<\/p>\n<p>Some schools may ask you to independently verify some of the information you provided on your FAFSA, so it\u2019s a good idea to keep the documents you used to answer the FAFSA questions handy.<\/p>\n<h2><span class=\"tph-toc-anchored-text\" id=\"fill-out-the-fafsa-fast-with-these-tips\"><\/span>Fill Out the FAFSA Fast With These Tips<\/h2>\n<p>Here\u2019s how to cut down on the time it takes to fill out the FAFSA.<\/p>\n<ol>\n<li><b> Get your documents ready. <\/b>To complete the FAFSA, you will need to reference tax forms, income documentation, addresses, emails, your driver\u2019s license number and Social Security numbers (yours, your spouse\u2019s and\/or your parents\u2019); remind your parents to compile all their paperwork on untaxed income and other important financial information. Gathering these documents will be the most time-consuming part. You don\u2019t need to wait until the FAFSA form is released to do so. If you have them in order early, you can easily have your FAFSA completed Oct. 1, the day it\u2019s released.<\/li>\n<li><b> Decide on your schools early.<\/b> The FAFSA requires you to list at least one school that you want to attend and request financial aid for. Given that, it\u2019s important you have in mind your top schools before you sit down to complete the FAFSA. To speed up this process even further, you can collect the <a href=\"https:\/\/finaid.org\/fafsa\/tiv\/\" target=\"_blank\" rel=\"noopener\">schools\u2019 institutional codes<\/a> beforehand as well, so that you don\u2019t have to input the addresses of several colleges.<\/li>\n<li><b> Get your family to create their FSA IDs before filling out the FAFSA.<\/b> Assuming you and your parents meet the requirements (in short, you all have Social Security numbers), creating separate FSA IDs for everyone involved as soon as you can is one of the most time-saving actions you can take. Having an FSA ID allows you to fully complete the FAFSA form online and electronically sign it. Once it\u2019s signed and sent, the Federal Student Aid office can begin reviewing it immediately. Otherwise, you will have to physically sign the FAFSA form and snail mail it to the Department of Education, which could take days or even weeks to process.<\/li>\n<li><b> Plan a date and time to complete the FAFSA that works for you and your family.<\/b> It\u2019s likely either your parents or your spouse will be involved in the FAFSA form process. To ensure everything is submitted in a correct and timely fashion, it\u2019s best if you can wrangle everyone in the same room (or video call!). That way, you can all work on the relevant sections at the same time and tackle any questions as they come up. (Pizza is optional but highly encouraged.)<\/li>\n<\/ol>\n<p>If you\u2019re properly prepared and take these steps, you should be able to knock out the entire FAFSA process in as little as an hour.<\/p>\n<h2><span class=\"tph-toc-anchored-text\" id=\"frequently-asked-questions-faq-about-the-fafsa\"><\/span>Frequently Asked Questions (FAQ) About the FAFSA<\/h2>\n<p>Here are the answers to your frequently asked questions about the FAFSA.<\/p>\n<div class=\"irc-faq-container\" itemscope=\"\" itemtype=\"https:\/\/schema.org\/FAQPage\">\n<div class=\"irc-faq-section\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\">\n<div class=\"irc-toggle-section\">\n<p>Who Should Apply for the FAFSA?<\/p>\n<\/div>\n<div class=\"irc-answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\">\n<div itemprop=\"text\">\n<p><span style=\"font-weight: 400;\">Any current and prospective college students should complete the FAFSA, even if they don\u2019t think they\u2019ll qualify. Many colleges use the information from the FAFSA to determine eligibility for merit-based scholarships and other financial aid. Currently enrolled college students should fill out the FAFSA each year to account for any changes in income, dependency or marital status. After you complete the FAFSA form the first time, it becomes much easier to do so subsequently. <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"irc-faq-section\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\">\n<div class=\"irc-toggle-section\">\n<p>What Are the FAFSA Deadlines?<\/p>\n<\/div>\n<div class=\"irc-answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\">\n<div itemprop=\"text\">\n<p><span style=\"font-weight: 400;\">The FAFSA became available on Oct. 1, 2022, for the 2023-24 academic school year. The federal deadline to submit the FAFSA for that academic year is June 30, 2024. However, many states set their own deadlines, which could be much sooner. And federal aid is earmarked on a first-come-first-served basis. So applying earlier is always better.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The FAFSA form for the 2024-25 school year became available on Dec. 31 2023, with a federal deadline of June 30, 2025. This form reflects additional changes from the FAFSA Simplification Act.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"irc-faq-section\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\">\n<div class=\"irc-toggle-section\">\n<p>How Long Does It Take to Fill Out the FAFSA?<\/p>\n<\/div>\n<div class=\"irc-answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\">\n<div itemprop=\"text\">\n<p><span style=\"font-weight: 400;\">If you are well prepared with the information requested on the FAFSA form, it can take as little as one hour to complete and submit. There are several key things you can do before you sit down to fill out the form itself. These steps \u2014 like gathering your demographic, tax and income documentation early \u2014 will drastically cut down on the time it takes to complete the FAFSA. <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"irc-faq-section\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\">\n<div class=\"irc-toggle-section\">\n<p>What Did the FAFSA Simplification Act Change?<\/p>\n<\/div>\n<div class=\"irc-answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\">\n<div itemprop=\"text\">\n<p><span style=\"font-weight: 400;\">The FAFSA Simplification Act changed a lot; its key goal was to make the FAFSA quicker and easier to submit. The new law, which passed in December 2020, ultimately cut the FAFSA form down to 36 questions, expanded eligibility for need-based grants and reduce the burden for supplying tax documentation from the IRS. <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><i>Former SS staff writers Adam Hardy and Lisa Rowan contributed to this report as did current freelance writer Timothy Moore. <\/i><\/p>\n<div class=\"thepe-bottom-of-post\" id=\"thepe-385971218\">\n<div class=\"adBorder\" id=\"thepe-914476816\">\n<h3>The 5 Dumbest Things We Keep Spending Too Much Money On<\/h3>\n<p>You\u2019ve done what you can to cut back your spending.You brew coffee at home, you don\u2019t walk into Target and you refuse to order avocado toast. (Can you sense my millennial sarcasm there?)<\/p>\n<p>But no matter how cognizant you are of your spending habits, you\u2019re still stuck with those inescapable monthly bills.<\/p>\n<p>You know which ones we\u2019re talking about: rent, utilities, cell phone bill, insurance, groceries\u2026<\/p>\n<p>Ready to stop paying them? <a href=\"https:\/\/partners.thepennyhoarder.com\/spending-too-much-sdyn-prt\/?aff_id=384\" target=\"_blank\" rel=\"noopener\">Follow these moves\u2026<\/a><\/p>\n<\/div>\n<\/div>\n<p>        <!-- ACF Financial Disclaimer --><\/p>\n<p>        <!-- End ACF Financial Disclaimer --><\/p>\n<p>        <!-- \n\n<div class=\"single-social-share-bottom text-center\"> --><br \/>\n                    <!-- <\/div>\n\n --><\/p>\n<p>        <!-- Newsletter Signup Form --><\/p>\n<hr>\n<hr>\n<div class=\"newsletter-signup-wrapper-for-digioh\">\n<div class=\"col-xs-12 newsletter-wrap flex-row\">\n<div class=\"container flex-container\">\n<div class=\"col-xs-12 new-newsletter-form\">\n<p class=\"text-subheading\">Ready to stop worrying about money?<\/p>\n<p class=\"text-get-daily\">Get the SS Daily<\/p>\n<p class=\"email-privacy-policy-blurb-white\">\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p>        <!-- End Newsletter Signup Form --><\/p><\/div>\n<p><script type=\"text\/javascript\" id=\"wp-fcapi-js-before\">\n\/* <![CDATA[ *\/\n!function(f,b,e,v,n,t,s)\n{if(f.fbq)return;n=f.fbq=function(){n.callMethod?\nn.callMethod.apply(n,arguments):n.queue.push(arguments)};\nif(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\nn.queue=[];t=b.createElement(e);t.async=!0;\nt.src=v;s=b.getElementsByTagName(e)[0];\ns.parentNode.insertBefore(t,s)}(window, document,'script',\n'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\nfbq('init', '263664193816679');\n\/* ]]> *\/\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.thepennyhoarder.com\/save-money\/how-to-fill-out-fafsa\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Filling out the Free Application for Federal Student Aid, better known as the FAFSA, is a rite of passage for prospective or current college students, whether they\u2019re attending a trade school near home or heading across the country to work on a bachelor\u2019s degree. And that financial aid is important: The average cost of college<\/p>\n","protected":false},"author":1,"featured_media":8852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[221],"tags":[1543,2298,1718,3210,266],"class_list":{"0":"post-8851","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-debt","8":"tag-aid","9":"tag-chance","10":"tag-fafsa","11":"tag-fill","12":"tag-form"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8851"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/8852"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}