pay the way FAFSA guide
The
7-Step
FAFSA Process
When students and their parents are asked to share their biggest concerns about college and the application process , there ’ s usually one answer that stands out : money . How are they going to pay for college , and how much debt are they going to be left with afterward ?
Each year , the US Department of Education ’ s Federal Student Aid Office provides over 10 million students across the country with almost $ 150 billion in grants , loans , and workstudy funds to help them pay for college . How can you make sure you get your part of that $ 150 billion ? The single most important step is filling out the FAFSA , or the Free Application for Federal Student Aid .
All high school seniors are eligible to fill out the FAFSA for the following academic year starting on October 1 . You ’ ll want to file yours as early as possible . The federal deadline is technically not until June 30 , but financial aid is often awarded on a first-come , first-served basis .
Even if you don ’ t think you ’ ll qualify for federal aid , don ’ t skip filing your FAFSA ! Many schools require it for admissions and scholarships regardless of whether or not you actually receive federal funding , and it ’ s also necessary to have on hand in order to qualify for certain federal loans .
You ’ ll need to re-submit your FAFSA with updated information every year you ’ re in college .
According to the National College Attainment Network , the high school Class of 2021 left $ 3.75 billion in federal student aid funds unclaimed by not completing the FAFSA .
Filing the FAFSA
Filling out and submitting your FAFSA online is the most popular ( and easiest ) option . You can also print out the forms and mail them in if necessary . Before sitting down to complete the process , you ’ ll need a few things for both you and your parents :
• Social security numbers , birthdates , and emails
• Driver ’ s license numbers
• Federal income tax returns and / or W-2s
• Records of untaxed income and investments
TIP : If you don ’ t have all the information you need when you sit down to complete the FAFSA , you can still start the process and fill in the blanks later before submitting it .
12 | Winter 2022 www . potentialmagazine . com