The new FAFSA application is out! Students starting the spring semester should follow the necessary steps of filing their FAFSA in order to manage and handle all school funds. This blog will guide you with the necessary steps, starting with this important timeline below:
What you can expect from the new FAFSA:
- A review of family financial information
- Determines eligibility of need based funding
- Takes approximately one hour to file
- Can be saved and completed within 45 days
- Requires an e-signature using a PIN
Important documents you will need on hand when filing for FAFSA:
- Social Security card
- Drivers license (if any)
- 2011 W-2 forms and other records of money earned
- Your (and spouse’s if married) 2011 Federal Income Tax Return
- Parents’ 2011 Federal Income Tax Return (if you are a dependent student)
- 2011 untaxed income records
- Current bank statements
- Current business and investment mortgage information, business and farm records, stock, bond and other investment records
- Alien registration or permanent resident card (if you are not a U.S. citizen)
It is crucial that when you are preparing for verification of your FAFSA, you keep all gathered forms organized and be prepared for requests from colleges. You also need to know your EFC (Expected Family Contribution – a measure of your family’s financial strength and is calculated according to a formula established by law) from the FAFSA.
In preparation for the next lending season, students and parents may also want to attend one of the FREE College Planning Webinars listed below:
Please note that schools require students to complete the FAFSA before they certify private student loans. For complete details and information on the new FAFSA and financial aid details, click here.
Stay tuned for registration details about our upcoming February 27th FREE Consumer Seminar – Crash Course in Financial Aid and Student Loans, if you have additional questions about the FAFSA, Student Loans, Student Loan Consolidation, and Financial Aid.
Article Source: Ken O’Connor/custudentloans.org
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