Getting Ready for the FAFSA

If there's a high school senior in your family, there may be a FAFSA in your future. The Free Application for Federal Student Aid (FAFSA) is the building block of most financial assistance programs.

Many aid packages will use the FAFSA. All federal financial aid, including the Pell Grant, Stafford Loan and work-study programs, will require one.

Many colleges also ask for the FAFSA in applications for other forms of financial assistance. If you're interested in financial aid, it's hard to avoid the FAFSA! Fortunately, the process doesn't have to be complicated.

Parents have to provide information for the FAFSA, including details on your income and financial situation. It may take a while to complete, so be sure to allow a lot of time. The good news is that the form is free and readily available.

Paper copies of the FAFSA can be found at your child's school, or at colleges and universities. Many libraries will have a copy. If you would like a hard copy and can't find one, call 1-800-4-FED-AID.

You can also apply online at http://www.fafsa.ed.gov.

Should you apply online or via a mailed application? One advantage of the Web application is that it will check for simple errors as you complete it. In other words, you may be less likely to make a mistake on the online form.

You should also get your Student Aid Report (SAR) faster if you apply for the FAFSA online. However, how you apply will not affect the amount of money you're eligible for.

The FAFSA is also available in Spanish.

Before you start, you'll want to gather your information. Be sure you have the following handy:

Your Social Security number
Your federal income tax return
Your W-2 forms
Records of other untaxed income -- Social Security benefits, or welfare or veteran's benefits, for example
Current bank statements and statements for stocks, bonds and other investments
Business or farm records
Your alien registration card (if you are not a U.S. citizen)

If you apply online, you'll need a PIN number to electronically "sign" your application. Note that parents can hold separate PIN numbers from their dependent children. You'll use the same PIN every time you complete a FAFSA. If you have more than one child applying for financial aid, you'll only need one PIN. You can apply for a PIN at www.pin.ed.gov.

As you complete the FAFSA, keep in mind that many applicants are selected for verification. Verification means you'll have to supply documents to corroborate the information you provide. Some applicants are selected randomly for verification, while others are selected because their data was incomplete or inconsistent. Be sure to save all information you use on the FAFSA in case you are selected for verification.

You can name up to six schools on the FAFSA. Your financial information will be sent to those schools. The SAR has instructions for sending your information to more than six schools.

Be sure to track deadlines! You can find information on relevant deadlines here: http://www.fafsa.ed.gov/before003a.htm.

After you submit your FAFSA, you'll receive a SAR. Each school you named on the FAFSA will also receive a copy of this document.

If you need any assistance as you work through the FAFSA, help is available. Call 1-800-4-FED-AID if you have questions. If you're hearing impaired, you can call the TTY line at 1-800-730-8913.

Have fun with the FAFSA!