| 1. |
You should
submit your FAFSA as early as possible, but no earlier
than January 1, 2007. Each college has its own individual
deadline. Don't miss the deadlines.
|
| 2. |
If your 2006
tax forms will not be completed before the earliest
college deadline, you should estimate. Consider using
your 2005 tax returns and 2006 year-end paystub to
get estimated figures. It is much better to use estimated
tax information than to miss a deadline. |
| 3. |
When reporting
net worth, FAFSA questions #44 & #45 (student) and #88 & #89
(parent), report the current value minus debt owed. |
| 4. |
While
you do not have to include the total value of your
protected retirement savings on question #88 (investment
net worth), you must provide your annual contribution,
as well as any other untaxed income, on line #85.
For small business owners, #89, do not include the
value of a small business that the student or parents
own that has 100 or fewer full-time equivalent employees.
|
| 5. |
Do not leave
any items blank on the FAFSA form. If the appropriate
response is zero, then enter zero. Blanks could delay
the processing of your financial aid information.
|
| 6. |
On the FAFSA
form, the yellow section is to be
completed by students and the purple section
is to be completed by parents. It is especially
important to make sure your social security number,
date of birth, and e-mail addresses are accurate
and in the appropriate sections. |
| 7. |
Because the
FAFSA has limited room for school choices, the student
should put his/her top choices on the FAFSA first.
Once the student receives his/her Student Aid Report
(SAR), the other schools may be added.
|
| 8. |
When reporting
parent information (questions #56 - 89), it is important
to include information from the parent that the student
lived with 51% of the time. In question #57, parents
must indicate the month and year they were married/remarried
or divorced/separated. If the custodial parent is
remarried, then all income and asset information
from the new spouse must be included. Remember: Filing
the form does not obligate parents to pay. |
| 9. |
To apply online,
go to www.fafsa.ed.gov.
Both the student and one parent must register for
a personal identification number (PIN), at www.pin.ed.gov.
Your PIN will be e-mailed to you within 3 days or
mailed to you within 2 weeks. Be sure to keep it
in a safe place as it serves as your electronic signature
and is yours for life.
|
| 10. |
Applying for
financial aid may require additional forms, for example,
the CSS
Profile. You may also have to provide
copies of your income tax returns or bank statements
to the colleges. Make sure you submit
all required documents by the colleges' deadlines
and respond to correspondence from the financial
aid offices immediately.
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