Filing your FAFSA® is the first step in securing a chance to receive thousands of dollars for college. Student aid funds are available on a first-come, first-serve basis. This means that the sooner you file your FAFSA®, the higher your chances of receiving the highest amount of financial aid.
Be sure to apply for FAFSA® on October 1st, 2019 by using our FREE, simpler and faster version. Don’t forget, you have to file for FAFSA® each year you are in school to make sure you get your financial aid!
The one thing your parents should do before you file the FAFSA®?
The one thing your parents should do before you file the FAFSA® is gathering their important documents. Gathering all the required documents can be super stressful but we’ve got you covered.
These are the important docs you and your parents will need when completing the FAFSA® form:
- Alien Registration Number
- Social Security Number (SSN)
- Federal income tax returns, w-2s, and/or other records of income earned from two years prior to the FAFSA® year your applying for.
- Bank statements, and records of assets
- Records of untaxed income
Make sure the tax returns documents are readable and one of the 1040 forms. If your parents didn’t file their taxes due to disability, unemployment, or other factors, you can click on “Didn’t file taxes” in the application.
In this case, your parents will need to go to irs.gov to retrieve a transcript that basically confirms they didn’t file their taxes. You will then need to bring this document to your school as proof of your family’s financial situation.
Why does the FAFSA® need this?
Well, your federal student aid eligibility is dependent on your family’s income. If your family makes less than $100,000 a year, then you may qualify for more money than a family who makes more than that. Not having the right financial docs can lose you thousands in aid.
My parents don’t want to enter their info online. Now what?
To make the process a bit easier, sit down with your parents and explain how important these documents are in assisting the family with financial aid. If they are still opposed to the idea, ask them to enter the information on their own.
If you need another adult on your side to help them understand, think about asking a school advisor or another trusted adult in your life.
You’ve got your docs! What’s next?
We know how scary the college admission process is and recognize that the financial aid process is no different. By gathering all the required documents ahead of time, you and your family will have a much smoother financial aid process.
Now that you have everything required to complete the application, you’re ready to start. Don’t forget to file your FAFSA® with Frank when it opens on October 1st!