The accuracy and completeness of the FAFSA is critical. Before beginning the application, review each section and determine what information is needed. FAFSA includes multiple sections for students and, if applicable, their parents to complete. Before beginning the application, visit the FAFSA website (see Resources) and get familiar with how the site works, the FAFSA format, options for filing and the required information.
The FAFSA has its own definition of a dependent. Even if a parent does not claim a student as a dependent on his federal tax return, the student may still be considered a dependent for FAFSA purposes. A student is a dependent unless she is 24 years old or older, pursuing a master's or doctoral degree, married, a parent, providing more than half the support for a dependent, on active military duty, a veteran, a foster child, emancipated from the parents or if her parents are deceased. Independent students complete the FAFSA using different information than dependent students and may have to submit proof of their independent status.
The FAFSA uses the student's as well as the parents' financial information (for dependents) to determine aid. Financial information must be accurate or it could hurt the student's chances of receiving assistance. Gather any financial documents to complete the FAFSA including W-2 tax forms, federal tax returns from the previous year, any untaxed income records like Social Security income, veteran's benefits, business and investment records, stock and bond information and bank statements. According to "US News," the FAFSA does not ask for information on retirement funds like 401(k) accounts or any home equity information. Therefore, these records should not be included because they can hurt the chances of receiving aid.
The federal deadline for filing the FAFSA is the end of June for the fall semester. However, most schools require FAFSA information to be filed by February or March. Students are encouraged to complete and file the FAFSA as soon as possible to have a better chance of receiving aid. This typically means that students and parents should file their taxes as soon as possible after the beginning of the year because tax information is required for the form. If it is not possible to file taxes this early, the student or parent can estimate the amount. However, if it is wrong, it can result in the student receiving less aid.
The FAFSA can be printed out and mailed in or completed online. By submitting the application online, it is received, processed and forwarded to the student's college much more quickly. All that is required to file online is a PIN number. When beginning the FAFSA, the student is assigned a PIN that he can use to file the application and check its status. Online filing also allows the student to go back and make any corrections.