Seniors…it’s time to prepare for the FAFSA!
The FAFSA (Free Application for Federal Student Aid) is the application for state, federal and college-specific financial aid. Follow these steps to prepare for the FAFSA and the financial aid process:
Contact the college(s) you applied to and ask for their FAFSA priority filing date (typically March 1 to April 1).
Complete your 2015 taxes early as the FAFSA requires current tax information.
Create an FSA ID for you and one for a parent at fsaid.ed.gov. You’ll need the FSA ID to access your FAFSA and other Federal Student Aid websites. For instructions, review this brief handout or video.
Gather these student and parent items:
- 2015 federal income tax forms and, if applicable, Schedule K-1 (Form 1065)
- 2015 W-2 forms
- Student’s driver’s license number
- Social Security numbers
- Birth dates
- Date parents were married, separated, divorced or widowed
- Current cash, savings and checking account balances
- Current investment values (stocks, bonds, mutual funds, CDs, etc.) excluding your home and retirement accounts
- Value of business (if more than 100 employees)
- Value of investment farm (Do not include the value of a family farm that you or your parents live on and operate.)
- 2015 child support (paid and/or received)
- 2015 Workers’ Compensation
- Other untaxed income in 2015 such as housing/food/ living allowances for military and clergy
- Alien Registration Number for eligible non-citizens
Be prepared to indicate on the form if anyone in your household received federal benefits such as Supplemental Security Income, SNAP, TANF, Free or Reduced Price Lunch, or WIC.
Complete the FAFSA at fafsa.gov before your college’s priority date.
Expect a Student Aid Report (SAR) acknowledging that your form was processed.
Expect Financial Aid Award Notifications in the spring from the colleges you listed on your FAFSA. The notifications will detail the financial aid assistance the colleges are offering (could be a combination of scholarships, grants, work-study, and student loans).
Check out these free FAFSA tools and resources
Visit “FAFSA Tools” at EducationQuest.org where you’ll find:
- College Funding Estimator – estimates your FAFSA results
- FAFSA Checklist – provides a list of items you need to gather before you complete the FAFSA
- FAFSA Tutorial – explains each FAFSA question
- FAFSA Demo and IRS Data Retrieval videos – walk you through the FAFSA process
If you are filing a FAFSA for the first time and want free personal help, call the EducationQuest location nearest you to make an appointment. Kearney: 308-234-6310 or 800-666-3721; Lincoln: 402-475-5222 or 800-303-3745; Omaha: 402-391-4033 or 888-357-6300, or Scottsbluff: 800.303.3745, ext. 6654.
Free webinars will help you prepare for the FAFSA
You and your parents can learn about financial aid and the FAFSA from the comfort of your home by participating in a free EducationQuest Financial Aid Program Webinar.
Wednesday, December 16 – 7:00 pm (CT)
Webinar link: http://eqf.org/1P9LFv4
Monday, January 11 – 7:00 pm (CT)
Webinar link: http://eqf.org/1LYxtnE
Wednesday, January 13 – 7:00 pm (CT)
Webinar link: http://eqf.org/1LYyjRj
To join a webinar, click on the link under your desired date. The password is college.
January “To Do” List
Seniors:
__ Attend a Financial Aid Program in your area and register to win a $500 scholarship!
__Complete your taxes early as you’ll need that information for the FAFSA.
