It's FAFSA Time Again!

You've just re-entered the "real world" after a relaxing holiday vacation with friends and family. You'd much prefer to ease your way into 2009, but the thought of filling out the FAFSA looms over your head like a dark cloud. It's tempting to put it off, but the old saying "there's no time like the present" has never been truer.

Ok, you've resigned yourself to the fact that it's time to get down to business, but where do you start? In the past, most people received FAFSA forms from their high school or college, but in this technological age, more and more students are opting to fill out their paperwork online. Since you're reading this blog post, we're guessing you are one of them.

Everything you need to fill out your FAFSA can be found at http://www.fafsa.ed.gov/   but we'd be more than happy to give you some quick tips and best practices to help make filling out your 2009-2010 FAFSA a smooth, headache-free process.

Before You Begin

Before you begin filling out your FAFSA, make sure you have everything you need:

• Social Security cards (yours and your parents', if you're a dependent student)
• 2008 W-2 forms indicating money earned for the year.
• Your 2008 Federal Income Tax Return. You can fill out your FAFSA prior to receiving your Income Tax Return; estimate your return amount on the FAFSA form. You can always file a correction when you know the exact amount.
• Your 2008 untaxed income records, including Social Security, welfare, and/or veteran benefits. 
• Your current bank statements and other 2008 investment records.

Make sure you are conscious of application deadlines. Check http://www.fafsa.ed.gov for more information and a number of free worksheets to help you fill out your FAFSA.

Filling Out FAFSA

When filling out your FAFSA online, you can create a username and password for your form. This allows you to go back and fill out sections as you gather your information. You must provide verification that your information is valid and that you are the person filling out you form. You can do this in one of two ways:

1. Apply for a PIN on http://www.fafsa.ed.gov. The PIN acts as your electronic signature.
2. Print off, sign, and mail the signature page.

FAFSA Status

You can check the status of your FAFSA one week after submission if you signed your form with a PIN online, or 2 to 3 weeks if you printed and mailed the signature page. You can make corrections to your FAFSA online using your PIN, including adding or deleting schools you want to receive your Student Aid Report (SAR). You can view and print your SAR online.

Student Aid Report (SAR)

Before you know it, you will receive your Student Aid Report (SAR). This report summarizes the data you entered on the FAFSA and indicates your office Expected Family Contribution. The schools you listed on your FAFSA will also receive this form, and will work to put together an award package for you. You will begin to receive award letters from schools in March.

Conclusion

Whew! You've filled out your FAFSA, received your SAR and are now patiently (or impatiently, as the case may be!) waiting for award letters from your preferred schools. Once you receive the letters, you'll need to decide which school to attend. For us, that's another topic for another day. See you next month!

Resources

http://www.fafsa.ed.gov – Your source for comprehensive information on your Free Application for Federal Student Aid (FAFSA).