Financial aid can help students with significant need for money attend school and pursue education. There are many types of financial assistance available, but the first step always seems to be the filing of the Free Application for Federal Student Aid. This form will determine one’s eligibility for school grants and other types of financial aid.
In order to benefit from the Federal Student Financial Aid, you must foremost fill out and file your FAFSA application. Aside from checking your financial status, it will also determine the type of dependency you have. While most students seem to be dependents of their parents, adult, graduate or married students may be considered differently. You can visit the FAFSA official website to determine your dependency status. Furthermore, you can seek guidance from the guidance counselor or the financial aid department of your chosen school.
There are several requirements and information that you need to supply when you fill out the FAFSA form. Requirements include your Social Security number, driver’s license (if you have one), and your W-2s from the previous year. If you are single who remains to be a dependent of your parents, you will need their tax returns. If you have any untaxed income, you will need to present records from the previous year, such as for your Social Security income. If you are married, you will need the federal tax returns for you and your spouse. Most likely, bank statements are also needed to show your financial status. Any forms of investments or business income need to be declared honestly as well. If you are not a citizen of the United States, it may be necessary for you to provide your residential information.
After you have gathered all of the necessary information mentioned above, the next step is to fill in the FAFSA application. You can get the application form from your high school, college, or straight from the FAFSA website. Bear in mind that you need to honestly and accurately supply all needed information so as not to jeopardize your application. Be prepared to give information such as your name, address, Social Security number, financial details, etc. Online application for the FAFSA can only be possible if you and your parents have applied for and received a PIN to access the document. Otherwise, you will need to sign a paper copy of the FAFSA and mail it. You can apply for a pin at www.pin.edu.gov if you wish to sign the document online.
The FAFSA application will be used to determine you Expected Family Contribution, which consequently determines your ability to fund your schooling. The result of your application will be directly mailed to your chosen school wherein school authorities will contact you about the loans or grants that you have been offered once you qualify for a financial aid.