Description: Fafsa login is involved in this passage. If you want to take advantage of government programs like Pell Grants, Stafford Loans, Perkins Loans, and Federal Work-Study to fund your college education, you need to fill out the FAFSA. This passage shows you how to fill out this important document to get the most financial aid you qualify for.
I’m Jennifer, junior editor at gobankingrates.com, today we’re talking about the Free Application for Federal Student Aid also known as the FAFSA, the FAFSA is available to part-time and full-time students.
The types of financial aid available through the FAFSA are Pell Grant, state grant, Perkins loan, Stafford loan and the federal work-study program, financial aid is awarded on a first-come first-served basis.
States often have their own priorities deadlines, for example California’s state deadline is on March 2nd, if you miss the state deadline, don’t worry, the federal deadline isn’t until June 30th, so you still have time to submit your application.
There are three options to submit the FAFSA, the first is to go to www.fafsa.ed.gov, you can submit your application online, the second option is also to go to the website and download a PDF document, you can submit the FAFSA there, the third option is to contact 8004-FED-AID and request a paper document.
When completing the FAFSA online, make sure you’re on the FAFSA website, not a third party website, third party websites often charge a fee in order to complete the application on their site, this application is a free application for federal student aid.
Before filling out a FAFSA, you’ll need to have a few documents on hand, the first is your social security card, if you don’t have your social security on hand, make sure you’ve memorized the number by heart.
The second is a driver’s license, if you have one, you’ll also need your w-2 form and your most current federal income tax return, any bank statements and investment records will also be helpful when filling out the FAFSA.
Filling out a FAFSA is straightforward but there are some questions, what is considered an asset?
The FAFSA will ask you to list all assets to be used on educational expenses, equity on stocks, bonds, college savings accounts, businesses, farms and a second home and all considered assets. What’s not considered an asset is your primary home as retirement accounts like a 401k.
If I qualify for Federal Work-Study, are my wages taxable?
Work-study earnings are taxable for federal and state taxes, however, if you work part-time and are enrolled in school full-time, you may be exempt from the FICA tax, which is funds allocated to Social Security and to Medicare.
I haven’t filed my tax yet, should I wait to file my FAFSA?
Ideally you shouldn’t wait to file your FAFSA, financial aid is awarded on a first-come first-served basis, there is an option when filling out the form to state that you have not filed your taxes but intent to file.
By choosing this option, you’ll be able to still submit your application on time by the priority deadline and get the maximum Awards available to you, then once you have filed, you can go back into your FAFSA application and make the corrections.
Can I file my FAFSA as an independent?
The government requires that you list your assets and your parents assets when filling out the FAFSA form, in order to claim yourself as an independent and avoid listing your parents assets on the form, you have to meet certain qualifications.
You may file the FAFSA as an independent, if you are 24 years old or older, if you are an orphan or were a ward of the court until 18 years old, if you are an emancipated minor or an unaccompanied youth at risk for homelessness on or after July 1st of the current year, if you are a veteran of the US Armed Forces.
You are an independent if you are a graduate student or professional student, if you are married or have legal dependents like children and if you have unusual circumstances as deemed by a financial aid administrator.
If you don’t meet any of these qualifications, you still need to provide your parents financial information for the FAFSA, even if you don’t live with them or have filed your own taxes. For more information on student loans, visit gobankingrates.com. Thank you for reading and good luck on filling out your FAFSA.