The FAFSA requires accurate information regarding your student's identity and your family's financial situation, so there are several documents that you should have on hand before completing the forms. You will need your student's driver's license number (if he has one), along with his social security number, alien registration number or permanent resident card number, depending on his U.S. citizenship status. Additionally, you will need information from the current and previous years' W-2 and 1099 forms for the student and each of his providers; the current and previous year's income tax returns; any additional records of untaxed income from the previous year (from welfare, disability, Social Security, etc.); current bank statements; and current business and investment records. Any documentation that indicates unusual family circumstances or financial hardship, such as loss of employment or out-of-pocket medical bills, should also be kept handy. Finally, if filing the FAFSA online, you must visit the Federal Student Aid PIN website at pin.ed.gov to request a code to serve as your electronic signature on the form.
Federal, state and school financial aid deadlines for the FAFSA vary from anywhere between February and October, but it is best to submit your FAFSA as soon as possible after January 1. The best financial aid packages are compiled during the earlier assessments, so the sooner you submit, the better. Schools will usually determine a package that meets the entire financial need, but the best packages will consist of fewer loans -- meaning more free money.
You do not have to wait until you file the current year's income taxes before you submit the FAFSA. Instead, use your records to estimate the relevant information for the FAFSA, and submit. You can return to your FAFSA online after it has been processed and finalize that information by clicking "Make FAFSA Corrections" on your form. In any case, you should file the current year's income taxes as early as possible to finalize your FAFSA.
The FAFSA allows free filing options on paper and online. Filing online will make completing the forms faster and easier, and you can find options for automatic transfer of your necessary tax return information to the appropriate fields on your online FAFSA form on the FAFSA homepage under "Announcements." Additionally, filing online results in faster processing and response providing the Student Aid report, which details the family's expected contribution and the types of federal aid your student qualifies for. If you mail the application, however, make sure that you sign the form, make a copy for your records, use the envelope provided and send the application via regular first-class mail.