FAFSA applicants must be U.S. citizens or eligible noncitizens, have a high school diploma or GED, and be enrolled or accepted into a participating school. Males between the ages of 18 and 25 also must be registered with the Selective Service. You must demonstrate financial need as well.
Financial need is determined by the Expected Family Contribution or EFC. The EFC takes into account your family's size, the ages of members and the family's finances. Your EFC is calculated based on information from the FAFSA.
Students who are considered dependents will need to complete and submit the application with their parents' help. A dependent is considered a student who is younger than 24, not enrolled in a master's or doctorate program, unmarried, not a parent and not on active military duty or a veteran of the military. The FAFSA will walk the student through qualifying questions to determine his status.
Students and, if applicable, their parents, will need several documents to complete the FAFSA, including Social Security numbers, W-2s and other income records, federal income tax returns, bank statements and investments.
The FAFSA can be submitted electronically through the FAFSA website or mailed. The student will need to answer questions about their eligibility and financial need. She also must list the school she's attending or plans to attend. If the student is a dependent, both she and her parents will need to sign the application. For Web applications, the documents are signed electronically.
The FAFSA must be submitted by June 30 annually. Any corrections must be submitted by Sept. 15.
Once the FAFSA is submitted and processed, applicants will receive a Student Aid Report by mail or email. The SAR contains the EFC and is sent to the schools listed on the FAFSA. The school will make the final determination for financial aid.