“What information should I have on hand to fill out my FAFSA Application?”
-Aaron B., Costa Mesa, CA
Aaron,
Fantastic question. The documents you need can sometimes seem overwhelming, or you may not even be sure where to get them. However, you can usually complete the application with the following documents and estimate certain answers when appropriate:
- · Your most recent income tax return (and your parents’ return if you are a dependent)
- · Your W2 from the past year (and your parents’ W2s if you are a dependent)
- · Your current bank statements
- · Your current investment records (if any)
- · Records of any untaxed income you may have received
- · Your Driver’s License (if you have one)
- · Your Social Security Number
- · If you are not a U.S. citizen: your alien registration or permanent resident card
As you can see there is specific information you will need before you can begin filling out the form. This is where the frustration for applicants can begin, especially if you are doing this on your own.
One way to simplify this issue is to have a professional advisor help you complete the form. It’s really similar to paying someone to help with your taxes. If you can provide the basic information (like a W2) they will know how to estimate the other information necessary to complete the application. The other added perk (which was my favorite part) was they explained to me in detail what the documents were and how to get them. I knew I had a 401K at my last company, but I had no idea how much I had paid into it but I knew it wasn’t a lot. It really helps to have an expert walk you through the process. Especially if you can be a little unorganized (like me) and lose these documents along the way.
I do want to mention that although having an expert to help you through it, if you are not aware of the types of income you received last year (but I imagine MOST people want to keep track of the money they earn) then this information will not magically appear on your form. The benefit of an advisor is really having someone to discuss the application with, and determine through a series of questions what forms you will need and then they help walk you through how you can get them.
Once you have these documents, you can complete the form with an advisor or own your own and submit it to the federal processor. Once you sign the form itself, you can expect a response (via email) within 3-5 of your general aid eligibility.
Tags: fafsa application