Visit the Department of Education Free Application for Federal Student Aid. You'll be eligible for loans and grants by completing this application. If eligible, you'll federal and state grants will receive in your financial aid package. How fast you receive your loans depend on how quickly your school's financial aid office receives your information.
Use the worksheets online to make sure you're eligible for financial aid. The Dependency Status worksheet determines how much aid you receive. Also, if you're dependant student you will need to enter your parents' tax information on the FAFSA application.
Search for school codes. You'll need the codes so the university you attend or the schools you've applied to receive your information.
Apply for the Personal Identification Number (PIN) at the Federal Student Aid website. Having a PIN allows you to electronically sign your application and check your records later.
Check the federal and state aid application deadlines. You want to make sure you're applying within the dates to receive aid. Federal deadlines are July 1st to June 30th of the following year.
Fill-out the Free Application for Federal Student Aid (FAFSA). This is where you'll enter your tax information, driver's license and banking information. At any time you can save the application and complete it later.
Electronically sign your application. This where you use your PIN applied for earlier.
Review the completed application before you submit it. You may catch any errors that could stop your application from being accepted. Print a copy for your records. After submitting, you'll receive a conformation page.
Click the "View and Print Your Student Aid Report" to check the status of your application. You don't want to assume the FAFSA has been accepted when it hasn't. You'll need your PIN to access your status.
View your Student Aid Report (SAR). You'll receive an email informing you how to access your SAR. This is the information your college will use when determining your loan amount. You'll also find your Expected Family Contribution (EFC). This is the amount of money you or your parents may have to pay towards your education.