Like income tax forms, the FAFSA requires information from several different sources. Before you sit down to fill out the form, it's best to compile all of the necessary documentation. You will need several items that prove your identity and income, such as your driver's license, Social Security number, bank statements and tax returns (yours or your parents').
Complete several preparatory worksheets, which can be downloaded from the FAFSA website. The FAFSA on the Web Worksheet walks you through the online application process so that you will have all your information ready to enter. There are also many worksheets you can use to help determine dependency status and financial aid eligibility, and to help answer income-related questions. Additionally, look up the school codes for the institution you will be attending.
Expect to spend about an hour on your application. You will create a profile using your Social Security number and birthdate, as well as a password that will allow you to access your file. You will then enter information about yourself and your parents (if you are a dependent), including your financial information, the degree you are pursuing and any government benefits you are currently receiving.
You'll also have to answer questions about any drug offenses you may have on your record. Depending on the circumstances, a drug conviction may disqualify you from receiving financial aid.
You may send your FAFSA information to up to 10 colleges, so have the codes handy for each one.
You may file your FAFSA with an online signature or sign a paper copy to mail. The Department of Education recommends the electronic option because it can shorten processing time by one to two weeks.
After you've submitted your FAFSA, you'll be able to check on its progress using FAFSA Follow-Up. You can start checking through the FAFSA website after one week if you used an electronic signature to complete your form, or after two weeks if you mailed in a paper copy of the signature page. It is important to note that during this time, you may not make any changes to your FAFSA. You may change your data or the schools you wish to send your report to only after your FAFSA has been processed.
When your FAFSA has been reviewed, Federal Student Aid will prepare a Student Aid Report (SAR) that will be provided to you and the schools you indicated. The SAR will also include your Expected Family Contribution (EFC). When a school receives this information, it will be able to begin working with you to build a financial-aid package that meets your needs and qualifications.