What do you need to do to prepare to fill out the 2017-18 Free Application for Federal Student Aid (FAFSA)? Now’s the time to figure this out because, for various reasons, it’s best to complete this form, which becomes available October 1, ASAP.
Hopefully you know by now whether parental as well as student data needs to go on the FAFSA. Next, make sure you have the following for each person whose data will be reported via your student’s FAFSA:
(1) FSA ID: The Federal Student Aid Identification Number (FSA ID) is the username and password you and your student can use to access government websites containing personal, private federal financial aid data. You’ll need it to fill out and electronically sign your FAFSA on the Web — the fastest and easiest way to complete a FAFSA. If you don’t already have your FSA ID, you’ll get it about 3 days after requesting it, so apply now!
(2) Key Personal Numbers: The FAFSA needs your student’s social security and driver’s license numbers. If parental data goes on the FAFSA, you’ll also need the social security number of each parent whose data is reported. If the student and/or parent isn’t a U.S. citizen but is eligible for federal student aid, you’ll need their Alien Registration Number.
(3) 2015 Tax Information: The 2017-18 FAFSA will use 2015 federal tax return data. To have the IRS load these numbers right onto your FAFSA, complete the IRS Data Retrieval Tool link in your FAFSA on the Web. This is the most accurate, easy, rapid, and secure way to load these numbers. Otherwise, you’ll need copies of all your 2015 federal tax forms.
(4) Asset Information: The FAFSA asks for the net worth of assets — your student’s assets and, if he or she is a dependent student, the net worth of his or her parental assets. The 2017-18 FAFSA needs these values as of the date it’s completed.
(5) 2015 Untaxed Income Data: In 2015, did any untaxed income go to the student or parent(s) who’ll fill out the FAFSA? If so, gather up the documents you need to determine untaxed income amounts, because you’ll need to itemize these figures on your 2017-18 FAFSA.
The 2017-18 FAFSA becomes available on the web at midnight October 1. Take these and you can fill it out in less than 30 minutes. So get ready!
Coming September 29 — “Last Minute FAFSA Q & As.”
College Affordability Solutions has the expertise needed to coach you on completing the FAFSA. Call (512) 366-5354 or email collegeafford.com for help.