Tips for filing FAFSA
February 24, 2012
The cost of getting a college degree can cause some people to put their dream of pursuing one on hold.
According to the College Board, the average tuition for the 2011-2012 school year at a four-year, public college or university is $8,244 for in-state residents and $12,526 for those who live out-of-state. The average tuition at private, four-year colleges and universities is $28,500.
The good news for those who want to pursue a college degree is that there are various ways to help pay for it. Grants for parents, college scholarships, work-study arrangements and loans can make the financial challenges that college presents virtually disappear.
However, those who want to take advantage of federal financial aid programs have to complete a form called the FAFSA, which stands for Free Application for Federal Student Aid.
"Financial aid offices use information from the FAFSA to determine whether you are eligible to receive federal grants, loans, or work-study funds. States and schools also use the information from the FAFSA to determine whether you qualify for additional aid. In fact, some schools won't consider a student for the school's merit scholarships until the student has submitted a FAFSA. So be sure to fill out a FAFSA even if you think you won't qualify for federal aid," advises the Federal Student Aid website.
While government forms can be confusing to fill out, there are many online resources that help answer questions about completing a FAFSA. Check out FAFSA.ed.gov to get started.
The first step for filing is to get all of the necessary documents you'll need together. These include your tax return, W-2, investment information, bank statements and Social Security numbers.
Individuals can even opt to transfer financial data from their IRS tax forms over to automatically populate their FAFSA.
Experts say not to worry if you haven't filed your 2011 taxes yet. Simply use your 2010 information to get started and then go back and update everything later.
It's also important to know your state's deadline. Deadlines vary by state and are available on the FAFSA website at FAFSA.ed.gov. If you plan to go to college in the fall, your state financial aid deadline is probably going to be between March and May; and your college financial aid deadline could be as early as February.
Check your school's website or contact the financial aid office for information on the college's deadline.
