Applying for Financial Aid?
Get to Know FAFSA!

If you’re planning to attend college and you need financial aid, then it’s time to get to learn about the Free Application for Federal Student Aid—or FAFSA. FAFSA is a free process to apply for financial aid for undergraduate and graduate school—and it’s the gateway through which students and their families can access the millions of dollars in grants, federal loans and tax breaks for which they may be eligible.

Follow these tips to give yourself the best chance of getting the aid you seek:

Prepare before you apply.

• Review the FAFSA website, so you know what to expect each step of the way.
• Find out which documents you'll need to submit as part of the application and gather them in advance.
• Learn about specific financial aid programs and requirements at the schools to which you plan to apply.

Start promptly.

• Start the application process as close to the January 1 opening date as possible to accommodate potential snags in the process.
• Remember that with some aid programs, access to funds is first-come, first-serve.

Be attentive to detail.

You need to know:

• The limitation on the number of schools for which a person can apply for aid (10)
• Which assets to report
• The requirement that parents and student each have a unique FAFSA login and personal identification number (PIN)

Meet all deadlines and program requirements.

• Keep the deadline dates straight—and remember that financial aid deadlines can vary by state and by institution.
• Provide everything the application, and the institution, request.

Ask for help.

Seek answers from:

• A school counselor
• The financial aid office at the institution to which you’re applying
• FAFSA, through its
  • Online chat room (look for the link to “Live help” on the FAFSA website)
  • Telephone hotline at 1-800-4-FED-AID (1-800-433-3243)
  • Email

Source: Financial Planning Association