Colleges and universities use the family debt and income information reported on FAFSA to gauge a student's eligibility for federal and state student loans, grants and work-study programs.
FAFSA stands for the Free Application for Federal Student Aid, a form distributed by the U.S. Department of Education and filled out by prospective college students and their parents. Colleges and universities use the information reported on the FAFSA to determine a student's eligibility for grants, loans and work-study programs, based on financial need. To fill out these forms, a student will need to know his and his parents' income, assets and debts, along with specific information reported on tax forms.
The Application
To obtain a copy of FAFSA electronically, go to the FAFSA website. There, the student can fill out the form online and file it electronically, or print out a paper copy, fill it out by hand and mail it to the address on the form. Filing electronically is the fastest and preferred method of submission since it incorporates online prompts that help filers avoid mistakes. A student filing online will need a personal identification number, PIN, available from the Department of Education's PIN website. To obtain a paper copy of FAFSA through the mail instead, call the Federal Student Aid Information Center. Once the form arrives, fill it out and mail it back.
When to Submit
Students cannot file their forms any earlier than the January 1 preceding the school year for which they are applying for aid. However, the Department of Education urges students to submit their forms as soon after January 1 as possible -- preferably no later than early February. Students and families are encouraged to use pay stubs and other records to estimate income and debt numbers rather than wait for tax forms to be completed. The final numbers can be changed later, if necessary. Fully completed documents must be on file at the student's college no later than the last day of the school year for which the student applied for financial aid, and submitted to the federal government no later than June 30 of that school year.
Student Information
To fill out the form, a student will need his Social Security number and driver's license number, as well as any pay stubs and income tax and W-2 forms. If the student is married or has children, he will need information about the spouse's income and debts, and any child support payments he makes. The FAFSA will also ask if the student is an emancipated minor or under someone's legal guardianship, whether he served in the military or if he was homeless for any part of the preceding year.
Parent Information
In addition to Social Security numbers and other identifying information, the FAFSA asks for parents' highest completed levels of education, since some scholarships are based on this information. It also inquires about any assistance from other federal aid programs, such as food stamps, and the number of students in the household who will be college students during that school year. Many of the questions relate to information on parents' W-2 or tax forms, bank statements, records of investments and records of any unreported income or debts.
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