How to file the FAFSA with the Financial Aid King
There comes a time in everyone’s life where they will ask for FAFSA help. Ok, maybe not everyone, but at least those who are interested in going to college. The Financial Aid King has over 30 years of experience in the field and has made it his life’s work to help simplify the FAFSA filing process. Because despite what you may have heard, filing the Free Application for Federal Student Aid (FAFSA) does not have to be difficult.
Receiving the FAFSA Help You Need: The How-To Guide for filing the FAFSA
Not sure you believe the King? Well, then, keep reading for instructions on how to file the FAFSA and see how easy it can be.
Total Time Needed:
30
Minutes
Total Cost:
0
USD
Required Tools:
Things Needed?
Steps for filing the FAFSA:
Step One: Preparing to file the FAFSA
As Ben Franklin once said, “By failing to prepare, you are preparing to fail.” But, how do you prepare to file the FAFSA? Simple. You gather the documents and information you need to answer questions and complete the form. To make this process a bit easier, the Financial Aid King created a checklist that helps organize all of this information, such as social security numbers and Federal Income Tax Returns. Additionally, this document is where you will store important data, such as college codes and your FSA username and password.
What’s that? You have never heard of an FSA username and password? The Financial Aid King has! Before you file the FAFSA, you will need to create your personalized login information. Your FSA username and password will also serve as your signature on the FAFSA (when you reach the end). So, it is important – nay – imperative you do this step first. While creating your FSA username and password, you will also answer questions about yourself (such as first and last name) and come up with challenge questions for if (when) you forget your FSA username and password. Visit fsaid.ed.gov to get started — the King will wait. (Both students and parents have to complete this step.)
Ok, you’ve created your FSA username and password as well as your challenge questions. Now, write them down on the Financial Aid King’s Checklist and store it somewhere safe.
Step Two: Filling out the basics
Now that you have your login information all set, you can finally start the application at FAFSA.gov. But first, do you have a beverage? (Cold or hot will do.) Do you have a snack? (The King prefers a nice charcuterie board, but will settle for Cheetos.)
Ok, now that you have brain fuel, you can get started!
At first, you will answer basic questions, such as first name, last name, social security number, email address, etc. Once that information is saved, you will move on to selecting the colleges where you would like to receive financial aid packages. Note: Only when you are accepted into a college will you receive a financial aid package. You can look up colleges by code — The College of Saint Rose code is 002705 — or you can look them up by name and location. The FAFSA will allow you to apply for financial aid from up to 10 colleges.
Once you select your colleges, you will answer questions about living on-campus or off-campus. Then, you will move onto step three of filing the FAFSA or stop here (if you run out of snacks like the King often does). If you choose to stop here, make sure you have your “save key” written down (on that checklist), so you can pick up where you left off.
Step Three: Claiming dependency status
Most undergraduate students who file the FASFA fall under the “dependent” category, meaning you will include your parents in the FAFSA filing process. But there are exceptions. To file your dependency status, you will answer questions such as, “Are you a graduate or undergraduate student?” “What year were you born?” “Are you a veteran, orphan, or ward of the court?” or “Are you married, and do you have children?”
How you answer these questions will determine if you are dependent or independent. If you are a dependent, your parents will provide information on the FAFSA, such as the social security number and tax information. The King understands that at age 17 or 18, you are pretty independent. But, there are just some things that you still need your parents for — like filing the FAFSA or laundry advice.
Click here to learn more about why you need to include your parents in this process.
Step Four: Financial details and tax information
This is the King’s favorite part of the FAFSA! During this section, you fill out the parent and student financial information. But, to make things easier, you can use a tool called the “IRS Data Retrieval.” The IRS Data Retrieval will pull in any pertinent and relevant tax information from the appropriate tax forms and automatically populate it on your FAFSA form. The only reason not to use this tool is if you or your parents have not filed taxes.
Then you will move on to the parent and student asset section.
Here’s the information you WILL need to include:
1. Your cash savings and checking
2. Stock market investments
3. Second-home/property value (worth or owed against it)
4. Value of your business if over 100 employees
5. Value of farm (if you do not live on the farm)
6. 529 Plan
Information you do not have to include:
8. Your home value (place of residence)
9. Retirement fund assets
10. Value of business you own with under 100 employees
11. Value of farm your own if you live there
Step Five: Signing and submitting the FAFSA
The King is proud of you — you’ve come so far! (Remember when you didn’t know what an FSA username and password was?) But you’re not done yet. To put the finishing touches on your FAFSA, you must provide both the student and parent’s signature (in the form of your usernames and passwords). Ok, now you’re in the home stretch. All you have left to complete is your state application. Yup! Your state should have a student aid form (more opportunity for free money!). For example, New York State has the NYS TAP Application.
Step Six: You are done filing the FAFSA!
You can’t see the King, but he’s dancing now. Watch this video to celebrate!
Now you wait for that dough to roll in! Again, you will receive financial aid packages from the colleges you get accepted to. In the end, you may be comparing several financial aid packages, and that’s a whole new ball game (and blog post to read). Congratulations!
TL;DR? Check out this video series on how to file the FAFSA with the Financial Aid King. These short videos will walk you through the experience from start to finish!