It’s that time of Year-No not the Holidays-Financial Aid Time. For every parent who has already done it-you get a break until next year. For all you senior parents, here are some good tips to get started.
Before you begin, make sure you’re applying on the correct site. The official FAFSA website is fafsa.gov and completing the FAFSA is always free. There are many services available online that charge a fee to help you file online. If you are asked to provide credit card information, you are on the wrong site.
One parent and the child will need to apply for FSA IDs in order to log in and sign the FAFSA online. Create the IDs as soon as possible, since you may need to wait up to three days to use your FSA ID after registering. You’ll also need the social security numbers of both parents and the student and the student’s driver’s license number. If the child comes from a single-parent home and lived with one parent the whole year, only the custodial parent will need to provide information.
You’ll need income records for the tax year prior to the academic year for which you are applying, so for the 2016-2017 FAFSA, you’ll need your 2015 tax return. If you haven’t filed your taxes yet, you can still fill out the FAFSA now, estimating 2015 amounts using your 2014 return, and update the FAFSA once you file your 2015 taxes. After you file, you may be able to import your tax information electronically into the FAFSA using the IRS Data Retrieval Tool. Don’t wait until you file your tax return! Financial aid is awarded on a first-come, first-served basis so it’s important to apply early.
You’ll also need records of untaxed income (such as child support, veterans noneducation benefits, and amounts paid to IRAs), balances in all asset accounts (savings and checking account balances, investment accounts, and real estate), and a list of schools the student is interested in attending.
Kate's a practicing Attorney for over 20 years. She is a pet rescuer and a strong supporter of pets Rights. Kate expertise is Real Estate, Probate, Estate Planning, Personal Injury, and Business contracts. Kate is happy to discuss any legal or pet matter you may have and if she cannot help; she is more than happy to point you in the right direction. Kate Forte 17 Good Hill Rd Woodbury Ct 06798 Office 203-598-8847 Fax 203-841-1116