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FINANCIAL PLANNING:

  1. RETIREMENT
  2. INSURANCE
  3.     COLLEGE      
  4. TAX
  5. ESTATE

QUESTIONNAIRE

WHAT IS A CFP®

FASFA

While the deadlines and number of forms required for financial aid differ from school to school, there is one application you must complete to request financial aid for any school in any state. It's called the Free Application for Federal Student Aid (FAFSA). The FAFSA is used to determine the amount of your Expected Family Contribution (EFC) and your eligibility for federal and state financial aid.

To be eligible for federal and state financial aid programs, most college and university programs, and many scholarships, you must complete a FAFSA. You should file the FAFSA as soon as possible after January 1. Many programs with limited funds give priority to eligible students based on the FAFSA filing date.


Get the Form

There are currently three ways to access and complete the FAFSA:

  • You can go to FAFSA on the Web at http://www.fafsa.ed.gov to complete and submit your application online.
  • Or you can download FAFSA Express. It's a free software program that you download, run on your PC, and then electronically transmit your complete FAFSA form to the Department of Education.
  • If you prefer the traditional method, you can pick up a current FAFSA at most high schools, college financial aid offices, and public libraries.
Gather the Information You'll Need

The FAFSA requires a significant amount of personal and financial information about your family. Having the following records available will help speed the process:
  • U.S. income tax returns for the fiscal year just ended. You'll need both your return and your parents' if you are a dependent student. If you haven't yet prepared your tax return, estimate your income.
  • Records of untaxed income: Social Security benefits, aid to dependent children, child support, welfare, pensions and veterans benefits.
  • Business & investment records: stocks, bonds, mutual funds, CDs.
  • Current bank statements and mortgage information.
  • Records of medical expenses not covered by health insurance.
  • Social Security numbers.
Fill Out the Form

Making a mistake on the Free Application for Federal Student Aid (FAFSA) can seriously delay the processing of your application. So be diligent as you complete your form. Here are some valuable, timesaving tips for filling out your FAFSA.

  • Income Reporting

    • Use the U.S. Individual Income Tax Return Form 1040, NOT the W-2, for reporting income and taxes paid.
    • In the case of a family with divorced parents, the parent with whom the student lived the most during the past 12 months is responsible for filling out the FAFSA. This may not necessarily be the one with legal custody.
    • If a single or divorced parent marries, the income and assets of the new spouse must be entered on the FAFSA.
    • A legal dependent is a person for whom you provide and will continue to provide more than half of their support, which includes money, housing, food, clothing, loans, gifts, medical care and college.

  • Avoiding Common Errors

    • The #1 mistake when filing a FAFSA is leaving a question or field in the form blank. If the answer is zero or does not apply to you, put in a zero or mark "N/A".
    • Read the instructions carefully.
    • Pay close attention to how you write numbers, especially Social Security numbers and school codes. Are they legible?
    • Double-check your answers.
    • Proofread the application before submitting.
    • Be sure that both the student and parent sign the form. If you submit an electronic signature, make sure you receive a confirmation.
Get Help If You Need It

If you have questions or need help completing the FAFSA, start with the Department of Education. Its web site has detailed instructions about Completing the FAFSA and how to report unusual circumstances. You can also call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243). If you have technical questions on submitting an electronic form, call 1-800-801-0576 (TDD: 800-551-5806).

Also check with a high school guidance counselor or a college Financial Aid Administrator. Often schools sponsor "FAFSA Night" where seasoned experts are available to answer your questions. Professional educational consultants will complete the form for you and provide guidance, but they charge a fee for their service.

Submit the Form

Before you submit the FAFSA, double check the answers. Sign the form, make a copy of it, and file it in a safe place. This applies to electronic forms also. Print a copy for your records and make sure you get a confirmation of an electronic signature.

There are three ways you can submit your FAFSA.
  1. By mail directly to the Department of Education's Central Processing Center.
  2. By FAFSA Express. If you downloaded this free software, you can transmit the completed form via modem to the Department of Education.
  3. By FAFSA on the Web. Complete and submit your form through the Internet.
Often you can significantly speed up your application processing if you submit your application online at FAFSA on the Web. If you choose to electronically submit the form but not the signatures, you still need to print, sign and send in your signature page by mail right away.

Follow Up

After submitting your FAFSA, it is a good idea to check its status. To find out if it has been processed, call the Department of Education at 1-800-4FED-AID. After providing your Social Security number and date of birth, the service will tell you whether your FAFSA has been processed. Or you can visit FAFSA on the Web.

Several weeks after submitting the FAFSA, look for your Student Aid Report in the mail. It will contain your Estimated Family Contribution (EFC). If you don't want to wait several weeks to find out what that number might be, use our EFC Calculator and your FAFSA information to predict your EFC.

Source: U.S. Department of Education, www.ed.gov.

 

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