Are You Ready for Some FAFSA? The Free Application for Federal Student Aid Available Oct. 1 Determines Financial Aid Eligibility
Sallie Mae Offers a Playbook of Tips to Help Families Win the FAFSA Game and Maximize Access to More Than
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“It’s that time of year to celebrate the return of fall and football, and for college-bound families, the FAFSA,” said
- Get your season tickets in advance. Complete the FAFSA as a high school senior — and every year in college, even graduate school. Filing a new FAFSA each year is the only way to remain eligible for federal student aid, and the amount of aid can vary year-over-year.
- Review the playbook before the game. Before beginning the application, both parents and students should create a username and password — a Federal Student Aid ID — and gather
Social Security numbers, driver’s license numbers, bank statements, 2016 tax returns, and W-2 forms. Having this information ready beforeOct. 1 can expedite the process. - Don’t miss the opening kick-off. Some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds, so the earlier families fill out the FAFSA, the better the chance to be in line for that aid. Additionally, families who complete and submit the FAFSA soon after
Oct. 1 may receive financial aid award letters from schools earlier. Award letter timing varies by school, so families should check with financial aid offices and school websites for more information. - Go for the two-point conversion. Take advantage of the
IRS Data Retrieval Tool to import and convert tax information directly into the FAFSA. After some critical changes were made to address privacy and security issues, theIRS Data Retrieval Tool is scheduled to be back online byOct. 1 . More applicants and parents will be eligible to use the tool this year as amended tax return filers can now utilize it to transfer theirIRS tax return information from their original tax return into the FAFSA form. - Watch out for trick plays. The only way to fill out a FAFSA is at fafsa.gov. Filing the FAFSA is always free so watch out for sites that charge fees or make promises that sound too good to be true. Students can reduce the risk of identity theft by keeping their Federal Student Aid ID confidential and any suspected fraudulent account activity should be reported immediately.
- Don’t be a Monday morning quarterback. Completing the FAFSA earlier means families can receive critical information like the Student Aid Report (SAR) sooner. The SAR provides both basic information about student eligibility for federal student aid and answers to the FAFSA questions. The SAR also includes the Expected Family Contribution (EFC), which provides a clearer picture about eligibility for financial aid as families begin applying to colleges. Families who complete the FAFSA online typically receive their SAR within three to five days.
Go for the extra point!
- Make your final draft picks. Families should list at least one school on the FAFSA. Some state aid is based on the order of how schools are listed, so families should consider listing state schools first to be in line for state aid. Additional information, including state deadlines for completing the FAFSA, is available at studentaid.ed.gov/sa/fafsa.
To watch Sallie Mae’s “Beginner’s Guide to FAFSA” video, get additional details about completing and submitting the FAFSA, and download the College AheadSM Mobile App to keep track of important deadlines, visit salliemae.com/fafsa.
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