The FAFSA asks students to submit financial information about themselves and their spouse or parents (called “contributors”). Who exactly must contribute depends on the student’s FAFSA dependency status (whether the student is required to report their parents’ financial information and thus considered “dependent” or whether the student is considered independent for FAFSA purposes), tax filing status, and marital status.
If you haven’t done so already, go to the Federal Student Aid website and create your FSA account, and ask your contributors to do the same. During registration, each contributor will be asked to create an FSA ID, which they’ll use to access the FAFSA form. According to the Federal Student Aid office, contributors without a Social Security number can create an account, obtain an FSA ID, and access the FAFSA form.
Contributors must also consent to allowing the Federal Student Aid office to download their tax information from the Internal Revenue Service and to share that information with your colleges. Even if a contributor has not filed a federal tax return with the IRS, he or she must provide this consent. Failing to provide consent will make the student ineligible for federal financial aid.
It’s important to keep three financial aid deadlines in mind: the deadline set by your state, the federal deadline, and the deadline for every college on your list. Many colleges have priority financial aid deadlines, which means you need to submit your FAFSA form by that date to give yourself the best chance of receiving the most money. You’ll find these deadlines on CollegeData’s college profiles, but always double check them with the college’s financial aid office and website.
The Federal Student Aid Office will be releasing updates related to the new FAFSA form and financial aid on Facebook, Instagram, and other social media channels. Follow them to stay in the information loop. Information will also be posted to the Federal Student Aid website regularly. In addition, you can download a paper version of the FAFSA here.
The percentage of students who receive enough financial aid to cover all of their college expenses is relatively low, but it varies depending on the type of institution, family income, and financial need. In addition to federal financial aid, there are several other sources of aid that may be available to help cover college costs, including state financial aid, institutional aid, student loans, work study and campus jobs, and scholarships. Now is the time to find and apply for scholarships to supplement any financial aid you may receive. Use CollegeData’s Scholarship Finder to explore thousands of scholarships totaling more than $5 billion.
Finally, remember that it is important to complete the FAFSA form, even if you don’t think you or your family will qualify for financial aid. Some colleges use the FAFSA to determine eligibility for merit scholarships and other awards. At the very least, you may qualify for an unsubsidized federal student loan. For more information on scholarships and paying for college, visit CollegeData’s Pay Your Way and Scholarship Central blogs.