FAFSA: Your Questions Answered

College costs continue to rise; you’re likely looking for ways to help ease the financial burden on you and the students in your life. In order for your child to receive financial aid to help pay for college, they’ll have to complete the FAFSA, or the Free Application for Federal Student Aid. This guide will answer your questions about how you can best help your child fill out their FAFSA.
You can find the FAFSA application online at FAFSA.ed.gov. Your child will need a federal student aid ID and password. (If they’ve previously filled out a FAFSA, they should already have those; if this is their first time, they’ll need their Social Security number). One common FAFSA mistake to avoid: Students and parents often mix up their IDs. When starting an application, be sure you have the right info on hand.
Planning ahead and gathering the necessary paperwork in advance will make it easier to complete the FAFSA. Start with this checklist of documents you’ll need. Because the application takes into account everything from citizenship status to financial independence when determining aid, you’ll need items like tax returns and bank statements handy.
With more than 100 questions on the form, pay special attention to these confusing FAFSA questions:
That depends on where your child lives and which schools they would like to share information with. View your state’s deadlines here. But your child shouldn’t wait to apply — colleges often award financial aid on a first-come, first-serve basis. The earlier they submit, the more likely they will be to receive a better financial aid package.
Even if your child hasn’t decided on a college yet, they should be sure to complete and send FAFSA information to the top 10 colleges they are considering. If they change their mind on schools after they complete it, they can simply log onto the FAFSA website and click the link to “make corrections.” From here, they can replace old schools with their new schools.
After completing the FAFSA, your child will receive a Student Aid Report (SAR) summarizing the financial data submitted. Be sure they review the SAR for accuracy and make any changes necessary. The SAR will be sent to the schools they chose. The schools will use it to compile a financial aid package that will include a combination of grants, scholarships, loans and work study jobs that will help your child meet tuition requirements.
Yes, the FAFSA is a complex document, but it is an important part of the financial aid process. Learning how you can help your child fill theirs out correctly could save you thousands. Luckily, your Farm Bureau agent or financial advisor can help with smart budgeting tools and information on tax-advantaged college savings plans to help prepare your family for college. Good luck!