Parents: File the FAFSA

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Parent Resources for Education Preparation (PREP)^SM

File the Free Application for Federal Student Aid (FAFSA)

First Things First: File your FAFSA!

After all the college applications and essays, standardized tests, and scholarship applications, filing another form is probably the last thing your child wants to do. But if your family wants federal financial aid, which is often available on a first come-first-served basis, submitting the Free Application for Federal Student Aid (FAFSA) should be at the top of your to-do list!

Before your child can receive any financial aid from the federal government, he or she has to submit a FAFSA. If your child is a dependent, his or her FAFSA must include your tax-related and financial information as well. The Department of Education uses this information to determine your family’s eligibility for federal student aid programs. Many states and schools also use the results from the FAFSA to award aid from their nonfederal programs.

Filing has become easier thanks to the U.S. Department of Education's online application FAFSA on the Web. This is the preferred method of filing because answers are reviewed electronically before the application is submitted, leaving less chance for delays caused by errors. You or your child can also save your application information and complete it at a later time from any computer with Internet access. If you cannot file online, get a paper FAFSA form from your child’s high school guidance counselor or any college financial aid office.

If the form seems intimidating, get help from a guidance office or the FAFSA website. Beware of any company that says it will process your form for a fee. After all, the first "F" in FAFSA stands for "FREE!"

Once your FAFSA is complete and filed, check with the colleges to which your child applied to find out whether there are any additional forms required for state or institutional aid eligibility.

Then What?

After you file for federal aid, you’ll receive a Student Aid Report (SAR), which itemizes the federal assistance for which your child is eligible. You’ll likely find one or more Stafford Loans— the most common student loans — on the list. Stafford Loans are low-interest, federal loans for students, which carry liberal repayment terms.

There are annual borrowing limits on Federal Stafford Loans, so there will probably be a gap between the total federal aid package awarded and your child’s cost of attendance. If you have a dependent, undergraduate student, look into Federal Parent PLUS Loans. A creditworthy parent can borrow from $100 up to the cost of attendance for every child in college.

Tip
You should complete the FAFSA even if you think your child is ineligible for federal aid. You may be eligible for nonfederal aid from state and private institutions.

FAFSA 411
1.	Organize the documents you need, including the student’s and parents’ Social Security Numbers, driver's licenses, income tax returns, bank statements, and investment records.
2.	Check your eligibility for federal student aid.
3.	To meet the federal financial aid deadlines, apply as early as possible beginning January 1 of each year.
4.	Visit www.fafsa.ed.gov for more information, including a worksheet to guide your application before you submit the real thing.
5.	Remember, it’s .gov when typing the FAFSA URL.

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