FAFSA

What is FAFSA? 

If you’d like to receive help paying for college, it all starts with the Free Application for Federal Student Aid, also known as the FAFSA. Financial aid offices at colleges and universities — from community colleges to Ivy League institutions — use the FAFSA to determine eligibility for financial aid, including student loans, grants, scholarships, and federal work-study programs. A completed FAFSA form sets the groundwork for a student’s financial aid package and is used to determine the expected family contribution and need-based aid at any given school.Even if you think you make too much money for financial aid, you should still take the time to complete the FAFSA. According to a Discover Loans survey, only 45 percent of parents filled out the FAFSA — even though 74 percent of that same group were worried about having enough money to help their students pay for college.

Create Your FSA ID

The first step in applying for federal aid is creating an FSA ID. This ID enables you to apply for federal financial aid, serves as a legal signature, and makes it easier to add or change information on your application later. Both students and parents should each apply for their own FSA ID. 

You can create your FSA ID at https://studentaid.gov/fsa-id/create-account/launch. You will need to provide an email address, cell phone number, and Social Security number. It is a good idea to create your FSA ID as soon as possible. It will take around 1-3 days for the ID to be authenticated. Set up your ID before you plan on starting the application.

• More information: How to Create Your FSA ID

What Documents Do I Need to File the FAFSA?

When filling out the FAFSA form you will be asked to provide the federal school code for each school you are applying to. Use the Federal School Code Search tool to locate any school’s code. Once all necessary FSA IDs are established and federal school codes found, have the following information ready to seamlessly complete the FAFSA:

• Personal data

• Student Social Security number

• Parent(s) Social Security numbers, if you are a dependent student

• Student driver’s license number, if applicable

• Student Alien Registration number, if not a U.S. citizen

• Federal tax information (via W2 information or tax returns) for the student, student’s spouse, and student’s parents, if applicable

• Records of untaxed income, such as retirement plan withdrawals

• Other financial holdings, such as savings accounts or investments