College Financial Aid: FAFSA Filing Begins Jan. 1

PHOTO courtesy of U.S. Department of Education

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ARLINGTON, VA — Getting ready to attend college next fall at George Mason, UVA or William & Mary? Whichever college you have your eyes on, know that Friday is the first day that families can fill out the Free Application for Federal Student Aid, also known as FAFSA. It’s not just for high school students graduating this year. If you are currently enrolled in college and seeking financial aid, you must fill out the FAFSA every year. Also, some aid is “first come, first served,” so the earlier you fill it out, the better.

Check out this video to learn how the Free Application for Federal Student Aid (FAFSA) gives you access to grants, loans and work-study jobs that can help fund your education. Visit http://StudentAid.gov/FAFSAto learn more.

7 Things You’ll Need Before Filling Out the FAFSA

1. Your FSA ID*

On May 15, 2015, we changed the way you log into the FAFSA. You now need an FSA ID, instead of a PIN, to log in and sign your FAFSA online.

Anyone who plans to fill out the 2016–17 FAFSA should create an FSA ID as soon as possible. In some situations, you may need to wait up to 3 days to use your FSA ID after registering. If you want to avoid FAFSA delays, register for an FSA ID now.

If you are required to provide parent information on your FAFSA, your parent will need to register for an FSA ID too. Because your FSA ID is equivalent to your signature, parents and students each need to create their own FSA IDs using separate e-mail addresses. Parents should not create an FSA ID for their child and vice versa.

2. Your Social Security number*

You can find the number on your social security card. If you don’t have access to it, and don’t know where it is, ask your parent or legal guardian or get a new or replacement social security card from the Social Security Administration. If you are not a U.S. citizen, but meet Federal Student Aid’s basic eligibility requirements, you’ll need your Alien Registration Number.

3. Your driver’s license number

If you don’t have a driver’s license, then don’t worry about this step.

4. Your tax records*

Use income records for the tax year prior to the academic year for which you are applying: so if you are filling out the 2016–17 FAFSA, you will need 2015 tax information. If you haven’t filed your taxes yet, don’t worry! You can still fill out the FAFSA now. Just estimate the amounts using your 2014 tax return and make sure to update your FAFSA once you file your 2015 taxes. After you file, you may be able to import your tax information electronically into the FAFSA using the IRS Data Retrieval Tool.

5. Records of your untaxed income*

This includes variables that may or may not apply to you, like child support received, interest income and veterans non-education benefits. Parents can find specific details here. Students can find details here.

6. Records of all your assets (money)*

This includes savings and checking account balances, as well as investments like stocks and bonds and real estate.

7. List of the school(s) you are interested in attending

Two-thirds of freshmen FAFSA applicants list only one college on their applications. Don’t make this mistake! Be sure to list any school you’re considering, even if you haven’t applied or been accepted yet. The schools you list on your FAFSA will automatically receive your FAFSA results electronically. They will use your FAFSA information to determine the types and amounts of financial aid you may receive. If you add a school to your FAFSA and decide not to apply, that’s OK. The school likely won’t award you aid until you’ve been accepted anyway. You can list up to 10 schools on your FAFSA. If you’re applying to more than 10 schools, you can add more later.

TIP: To be considered for state aid, several states require you to list schools in a particular order (for instance, you might need to list a state school first). Find out whether your state has a requirement for the order in which you list schools on your FAFSA.

*If you’re a dependent student, you will need this information for your parent(s) as well.

There are also changes coming to FAFSA in 2016 that you might have heard about.

On Sept. 14, 2015, President Obama announced significant changes to the Free Application for Federal Student Aid (FAFSA®) process that will impact millions of students, starting with students graduating from high school in 2017. Starting in 2016, students will be able to do the following:

• Submit a FAFSA® Earlier: Students will be able to file a 2017–18 FAFSA as early as Oct. 1, 2016, rather than beginning on Jan. 1, 2017. The earlier submission date will be a permanent change, enabling students to complete and submit a FAFSA as early as October 1 every year. (There is NO CHANGE to the 2016–17 schedule, when the FAFSA will become available January 1 as in previous years.)
• Use Earlier Income Information: Beginning with the 2017–18 FAFSA, students will report income information from an earlier tax year. For example, on the 2017–18 FAFSA, students (and parents, as appropriate) will report their 2015 income information, rather than their 2016 income information.

These changes will have several important benefits:

• Earlier information: Students and families will get a reliable understanding of their aid eligibility as early as the fall – the same time many high school students are searching for, applying to, and even selecting colleges.
• Simpler applications: More students and families will be able to complete their FAFSAs using information retrieved electronically directly from the IRS a few months after they and their parents file their 2015 tax returns, reducing the number of applicants who need to estimate income or taxes paid, only to correct their application later.
• More students receiving Pell Grants and other aid: Over the next several years, the simpler FAFSA filing process could encourage hundreds of thousands of additional students to apply for and claim the aid they are eligible for – and enroll in college.
• Reduced burden on colleges: In recent years, colleges and universities have spent as many as 3 million total hours each year verifying FAFSA information, including income and other tax return data. These colleges and universities will be able to avoid much of the burden of verifying tax return information when students apply using data retrieved directly from the IRS.

Editor’s note: “7 Things” was written by Nicole Callahan, a Digital Engagement Strategist at Federal Student Aid, U.S. Department of Education.