The FAFSA, or Free Application for Federal Student Aid, is a form designed to help colleges understand your family’s financial picture and determine if you qualify for federal, state and school-sponsored financial aid.
Federal student aid can cover expenses such as tuition and fees, room and board, books and supplies, transportation, and dependent care. In 2017, for example, the U.S. Department of Education awarded more than $120 billion in grants, work-study funds, low-interest loans and other types of financial assistance.
What do you need to fill out the form?
To complete the form you will need parents’ Social Security numbers, their federal tax returns, their W-2 forms and income records, as well as their bank statements and investment records.
Parents can complete the FAFSA on behalf of the dependent student, or the student can complete it using his or her parents’ financial information.
The U.S. Department of Education allows you to mail the FAFSA or submit it online. To file digitally, you will need a Federal Student Aid Account, or FSA, credential.
Requirements
To complete the Free Application for Federal Student Aid (FAFSA), you will need the following:
Your Social Security number
Your Alien Registration Number (if you are not a U.S. citizen)
Copies of your federal tax returns, W-2 forms, and other proof of income. (Note: You may be able to transfer your federal tax return information to the FAFSA using the
IRS Data Retrieval and Transfer Tool).
Bank statements and investment records (if applicable)
Proof of nontaxable income (if applicable)
An FSA ID to sign the application electronically.
