FAFSA Season: 3 Week Checkpoint
FAFSA season is upon us, and to keep us all on our toes, the U.S. Department of Education has made several changes to the filing process this year. These changes include the launch of a mobile-responsive IRS Data Retrieval Tool, synchronization of fafsa.gov and the myStudentAid mobile app, and more. You can check out the full list of updates HERE, and find a comprehensive FAFSA Completion Guide focused on the most common pain points HERE.
In other FAFSA news, the Department of Education has launched a FAFSA demo site where you can go to complete a sample FAFSA. The site has been updated to include the 2020-21 FAFSA questions, and you can check it out HERE.
Before you kick off your FAFSA journey, be sure to prep accordingly with this guide on the 7 things you need before filing. Guide included HERE.
Finally, our friends at Credible have put together the epitome of a cheat sheet when it comes to prepping for the FAFSA and getting to the bottom of any commonly asked questions. Check it out HERE, and godspeed.
Finally, it’s important to remember that filling out the FAFSA form does not need to be overwhelming or confusing. We’ve included some simple steps below that we hope will make the process smooth and headache free:
1. Create (or remember!) your FSA ID
An FSA ID is your Federal Student Aid Identification. You will need to create a username and password that will then give you access to US Department of Education websites. If you’re returning to conquer the FAFSA yet again, you’ll just login with your login from the prior year(s).
2. Gather Documents
You’ll need the following documents to make sure you’re able to fill out the FAFSA in one sitting:
Your Social Security Number
Your parent’s Social Security numbers (if you are a dependent student)
Your driver’s license number (if you have one)
Your Alien Registration number (if you are not a US citizen)
Federal tax information or tax returns for the past two years. You’ll need your parent’s and your own if you are a dependent student, or your spouse’s if you are married.
Records of any untaxed income including: child support, alimony, interest income and veterans non-education benefits.
Information on your current assets including checking and savings accounts, stocks and bonds, real estate ( not including the home you live in.)
3. Fill out the FAFSA application
Head on over to www.fafsa.gov and click on ‘Start a New FAFSA’.
Here are the following steps you will take:
Fill in your personal information including your name, social security number and other identifying details.
You will list colleges and schools to receive information from your FAFSA form. You can list up to 10 schools if you have not decided which institution you’d like to attend yet, or just include the school you currently attend.
You will have to determine your dependency status, whether you are a dependent or independent student.
If you are a dependent student you will report your parents’ financial information
If you are independent, you will report your own
Sign and submit!
Have any individual questions? We want to help! Reach out to us at info@a-m.money for additional insight on the FAFSA, or questions on our work.