The FAFSA is an annual eligibility assessment form to help U. S. college-bound, or already enrolled, students at all levels, who are applying for various federal financial aid programs. FAFSA asks questions regarding the student's financial status, including contributions from family and certain assets such as savings. The form must be filled out completely, or renewed with updated information, annually as close to January 1 as possible. Information in the form will be used when applying for work-study program, Pell grants, PLUS loans and Stafford loans, among others. The FAFSA information may even be used by state and/or local financial aid programs.
To obtain the form on line, go to:
www.fafsa.ed.gov/
…where you will be guided in collecting the information you will need to determine your eligibility and to fill out the form. Be sure to visit the FAQ section where many common questions are answered:
http://www.fafsa.ed.gov/faq001.htm
Perhaps the most important information to have ready is your most current IRS tax return (even if you haven't filed yet), bank information (checking and savings), securities held and anything that might be considered a financial asset. And you should make an effort to fill out the FAFSA and turn it in as soon as possible because some federal financial aid programs are filled on a first come, first served basis.
The FAFSA itself is free, but if you feel you need help answering the questions, you should consult with school advisors, or as an absolute last resort, professional services. It is of utmost importance that the form be filled out completely. To help you, download the free on-line tutorial, "Free FAFSA Guide for FREE tips on completing the FAFSA form":
http://www.fafsaonline.com/financial-aid-application/fafsa-application/
Remember: the sooner the better
And: be detail oriented and answer all questions
