FASFA Requirements

Financial aid is a prerequisite for many students to attend college.

Financial aid can mean the difference between going to the school of your dreams and only going to school in your dreams. The first step to applying for federal student aid is the Free Application for Federal Student Aid. By understanding the information needed before you begin, you can make the process quicker and easier.

Documents

To fill out the FAFSA, you need documents that prove your identity and eligibility for federal aid. This includes your Social Security card, driver's license and alien registration or permanent registration card, if you are not a U.S. citizen. While you are not required to submit copies of these documents, it is important to get the information correct, so it is better to copy from the card than to rely on your memory.

Financial Records

To demonstrate financial need, the FAFSA form asks for information from your tax records from the year prior to the school year you are applying for. For example, for the 2011 to 2012 school year, the FAFSA form requires information from your 2010 taxes. You need your 1040, information about any untaxed income, current bank statements, any business or investment information and any foreign or U.S. possession tax returns.

The Parents

If you are applying as a dependent student, then you need information about your parent's finances. Generally, this includes students under 25 who are unmarried. For parental finances, you need tax information, information on businesses or investments and figures from any foreign holdings. As this can be a sensitive subject for some applicants, make sure that your parents understand that without this information, you may not be eligible for aid, and education costs could be much higher.

Odds and Ends

Once you have gathered all of the information, you can begin the online FAFSA form, which takes about 30 to 45 minutes to complete. The form gives specific requirements as to the information it needs. For males, the form also ensures that you have registered with the selective service, if over 18, and for all applicants the form asks if you have any drug-related convictions. This information is also used to determine your eligibility for federal student aid.

References

• Free Application for Federal Student Aid: What Documents do I Need to Fill out a FAFSA?