If you or a child plans on attending college for the 2021-2022 school year (i.e. next fall) the most important step is to start the process early for financial aid. The first step is to complete the FAFSA, which is the government form used to determine how much financial aid the student may qualify for.
Who Should Complete The FAFSA?
High school seniors planning on attending college next fall or students who will return to school next year. The FAFSA must be completed annually so if you completed it before do not forget to complete the FAFSA this year.
When Should I Complete The FAFSA?
The FAFSA is available on October 1st, so complete the application as close to this date as possible.
Just A Few Reasons To Complete The FAFSA ASAP:
- More Money – Studies have shown those who file early qualify for more federal and school aid than those who file late
- Simplify the Process – The financial aid process is tedious and takes effort. Get this out of the way to focus on college applications or scholarship searches and applications
- Better to Understand Your Options – Once the FAFSA is completed it is much easier to review and compare school acceptance offers
- Give yourself more time – The earlier you complete the process the more aid you potentially will qualify for. For example, many scholarships have early deadlines and will look at your FAFSA, so don’t miss out on opportunities for more college aid
How Do I Complete The FAFSA?
Go to FAFSA.GOV and click on the link to start if you are new or returning. See below for reference:
What Information Is Needed To Complete The FAFSA?
You will want to have tax returns handy to make the process simpler. Below is a summary of some basic info you will need:
Included Assets
- Checking and Savings
- Investments
- Brokerage Accounts
- Stocks, Bonds, & Mutual Funds
- CDs
- Real Estate (Other Than Primary Residence)
- UTMA/UGMA Accounts
- College Savings Accounts (Reported As The Asset Owner)
Excluded Assets
- Home Equity
- Small Businesses (Owned and controlled by family)
- Qualified Retirement Plans
- Life Insurance
- Personal Possessions
Do Not Procrastinate! Completing the FAFSA can be overwhelming and causes many people to procrastinate. Complete the application on October 1st (or as close to it as possible) so that you do not have to worry about it and can focus on other areas to help you qualify for more financial aid! As always, do not hesitate to reach out to us with any questions and watch our upcoming webinar for more helpful tips for the FAFSA and qualifying for more financial aid!
