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Saving for College
FAFSA Guide
by Chris Parry (Write for us!)
(Click on the links within the article to get definition of that word)
Finding financialaid to send your child to
college may seem like an overwhelming process. One of the most important
steps you can take, though, in ensuring your child gets all of the help he or she deserves while trying to pay for
college is to complete the FAFSAform during the senior year of high school. The FAFSA, or the Free Application for
Federal Student Aid, is one of the most important forms you will need to be familiar with before your child leaves
for college. There are many types of aid your student can become eligible for simply by completing this form. Understanding
the basics of the FAFSA, though, is essential before you start this process.
Where Do I Begin?
One of the first things you should do before you begin to complete the FAFSA is to check the deadlines. The form
is completed on a yearly basis, but most schools have differing deadlines, as aid is offered on a first come,
first serve basis, and so getting the form completed on time is essential to the status of your student's aid.
States also have FAFSA deadlines, so checking in to be sure you are meeting all applicable deadlines is necessary
for successful receipt of aid.
Another important, though not completely necessary step in the FAFSA process is filing your income taxreturn. Completing
the information needed
for an incometax return will help you prepare the information needed to complete the FAFSA. While
it is not required that an income tax return be prepared to finish the FAFSA form, you will have to have some
fairly extensive income information to complete the form, so it will save you a bit of time if you do both together.
When you get ready to fill out the FAFSA, there are a couple of filing methods. It is important that you decide which
one is right for you before you get started. Most high school counselor's offices and college financial aid offices
have paperversions of the FAFSA. Simply plug in your information, sign, and mail. This method usually takes four
to six weeks of processing time before you receive a reply indicating as to how much aid you qualify for. You can
also choose to file your FAFSA online. This method is much quicker and more accurate. As a result, the processing
time with this method tends to only be two weeks. It is important to note, though, that some states require additional
forms if you choose to file online. You can electronically sign your application with a PIN from
the Department
of Education. You can obtain your PIN before you begin the process from their website.
When you actually begin the application, be sure to read all of the instructions carefully. While many questions seem
rather basic, many others may use terms you are wholly unfamiliar with. As a result, some critical reading and
contacting the appropriate parties when you don't have enough information to answer the question is one of the
most important steps you can take to completing the FAFSA correctly.
Completing the FAFSA is a substantial step you can take to ensuring your child has enough aid to pay for college. Be
prepared, and you will put your child on the path to enlightenment.
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