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It may not be on your list of favorite things to do, but getting your Free Application for Federal Student Aid (FAFSA) filled out and submitted is a must if you want to qualify for federal need-based financial aid like Pell grants, Perkins loans, and Stafford student loans (http://www.nextstudent.com/student-loans/student-loans.asp).
FAFSA Deadlines
The U.S. Department of Education will accept the FAFSA anytime between January 1 and June 30, but your state or school may set earlier deadlines. In fact, the FAFSA website encourages you to apply as soon as possible on or after January 1 to meet college and state aid deadlines.
Some schools, particularly those with a rolling-admissions program, may award their limited need-based grants, student loans (http://www.nextstudent.com/), and work-study financial aid awards on a first-come, first-served basis or have priority deadlines in place. So the earlier you get your FAFSA in, the more you may be able to maximize your federal financial aid award.
How to Get Started
1. Get a paper FAFSA application from your high school counselor or your financial aid office. Or download the online version from the FAFSA website at: fafsa.ed.gov.
2. Go to the FAFSA website and sign up for a PIN number at: pin.ed.gov/PINWebApp/pinindex.jsp. In order to submit your FAFSA online, youll need the PIN to electronically sign your FAFSA application. Youll also need the PIN to make corrections to your information online later, if you need to.
3. Get the documents you need and fill out your FAFSA. The FAFSA will ask you for your previous years tax info, as well as your parents tax info if youre a dependent student. If you or your parents havent received your W-2s or filed your taxes yet, keep going! The DOE allows you to estimate your income and tax information on the FAFSA and then correct it later if you need to. Submit your completed FAFSA by mail or online.
4. About 46 weeks later, you should receive a Student Aid Report in the mail summarizing your FAFSA info. Make corrections, if needed, and submit your SAR for reprocessing.
5. If your application is selected for verification, your financial aid office may ask you to submit tax returns or other documentation. To avoid delays in being awarded your federal grants and college loans (http://www.nextstudent.com/private_loans/private_loans.asp), make sure you meet your schools deadlines.
If youre a FAFSA newbie, getting through the application may seem overwhelming at first, but you can get free help from a number of sources: Set an appointment with your high school counselor, call your financial aid office, or contact the U.S. DOEs Office of Federal Student Aid online at: FederalStudentAid.ed.gov or by calling 1-800-433-3243.
Life After the FAFSA
If it turns out youre not eligible for need-based federal aid, you may be able to get the additional funds you need from nonneed-based federal college loans, like PLUS loans and unsubsidized Stafford loans.
If your education-related costs still exceed your available federal financial aid, both need-based and nonneed-based, you may be able to get the financial assistance you need from private student loans (http://www.nextstudent.com/private_loans/private_loans.asp) . Since federal student loans generally offer more attractive terms than private student loans, though, you should always look into your federal financing options first.
Learn more about Private Student Loans (http://www.nextstudent.com/) and Student Loan Consolidation (http://www.nextstudent.com/).
