|Cliché:||Pave the way.|
|POCS Reality:||The college-bound can prepare for financial success.|
If you are college-bound, you are going to want to file a FAFSA. After you get your financial aid award, you may even do a happy dance. That’s because filing a FAFSA provides eligible students with grants, loans and a job from the Federal Work-Study program. FAFSA is a pre-requisite for state financial aid programs, many colleges require it for institutional awards and some private outside scholarships want it to verify need.
There are 3 major reasons why families dread filing FAFSA:
- It’s complicated Recent changes make filling the FAFSA much easier. If you file online like most do, there are helpful tips and pop-up explanations. There’s a plethora of free info in libraries and online but consider the source before relying on any advice.
- It’s time consuming Many of the questions are biographical and should be a snap to answer. For the financial questions, having your documents at your finger tips can provide quick access to answers.
- Doubt eligibility Skyrocketing college costs concern families at all income levels and even the affluent can receive financial aid. Some financial aid is based on financial need and some is based on merit (student’s talent- academic, artistic, musical, athletic, leadership abilities). Colleges can give institutional awards to discount their tuition and encourage students they want to attend. However, they may want to see the FAFSA, first.
Now, don’t you want to file your 2012-13 FAFSA? Before you put on your dancing shoes, here’s what you need to get started:
- Social Security number
- driver’s license number (if any)
- 2011 W-2 forms and other records of money earned
- 2011 federal income tax returns (or estimates based on last year’s)
- 2011 untaxed income records
- Business and investment records except for small businesses
- Current bank statements and investment records
- alien registration number (if you are not a U.S.citizen)
- For online filers (see below filing help) a Federal Student Aid PIN
- Dependent students need their parents’ info, too
- Call the Federal Student Aid Information Center 1-800-4-FED-AID (1-800-433-3243 hearing-impaired TTY line at 1-800-730-8913.
- Email the Federal Student Aid Information Center FederalStudentAidCustomerService@ed.gov.
- Online filers can get a PIN before or during FAFSA filing to sign and make corrections electronically.
- Use the FAFSA4caster to estimate your eligibility for federal student aid.
- For online filers, there’s a FAFSA on the Web Worksheet to preview questions.
- The IRS Data Retrieval Tool is available beginning February 1, 2012 to online filers who have completed their 2011 IRS tax return. They will be able to use FAFSA on the Web to electronically view their tax information and transfer it into the FAFSA.
Get more: Sign up for POCSmom’s free, new for 2012, monthly College Prep Insights newsletter. January issue is all about getting $$$ for college.
POCSmom’s College Prep DIY Insight: The best FAFSA prep is previewing the questions before filing your FAFSA.