What is FAFSA?

Administered by the U.S. Department of Education, FAFSA (Free Application for Federal Student Aid) is an application designed to help college and university students locate federal and state financial aid resources. Eligibility towards receiving financial assistance through FAFSA is dependent upon one's EFC (Expected Family Contribution). Financial aid provided through FAFSA consists of grants, scholarships, work-study programs, and federal student loans.

Required Documents

For the FAFSA form, you will need to provide the following tax documents:

• Federal tax information, tax documents, or tax returns, including IRS W-2 information, for you (and your spouse, if you are married), and for your parents, if you are a dependent student:

• IRS Form1040

• Foreign tax return or IRS Form 1040-NR

• Tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau

• Records of your untaxed income, such as child support received, interest income, and veterans non-education benefits, for you, and for your parents if you are a dependent student

• Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate (but not including the home in which you live); and business and farm assets for you and for your parents if you are a dependent student

Assets to Document

Asset net worth is the current value of your assets minus what you owe on those assets.

What assets are necessary to document on the FAFSA:

• Money, which includes current balances of any cash, savings, and checking accounts

• Non-retirement investments, like brokerage accounts, real estate (beyond your primary residence), CDs, and/or stock options

• Trust funds

• Businesses you own

• College savings accounts, which include 529 plans and other college savings plans, such as Coverdell savings accounts (Note: Savings plans are reported as an asset of the account owner, not the beneficiary.)

• Uniform Gifts to Minors Act (UGMA) and Uniform Transfer to Minors Act (UTMA) accounts for which you are the owner

• Stocks, bonds, certificates of deposit, etc.

Assets that are NOT necessary to document:

• Equity you own in your primary residence

• Life insurance policies

• Retirement plans, like a 401(k), non-education IRAs, annuities, and others

• UGMA and UTMA accounts that are not owned by you

• ABLE accounts

• Cars, computers, furniture, books, boats, appliances, clothing, and other personal property

Website Link

https://studentaid.gov/h/apply-for-aid/fafsa