The Financial Accounting Standards Sheet (FAFSA) should be completed as soon as possible, heres how to fill out your forms

The Financial Accounting Standards Sheet (FAFSA) should be completed as soon as possible, heres how  ...

On October 1, a free application for Federal Student Aid or FAFSA (opens in a new tab) was created. If you haven''t already filled out the application, you should do it now rather than later. While the filing deadline isn''t for a while June 30th, 2024, to be exact, you shouldn''t wait until long.

The amount of federal assistance you receive when you file your FAFSA may be determined, given that some states only have limited funds and offer scholarships and grants on a first-come, first-served basis. So, if you drag your feet on submitting your FAFSA, these funds might run out before you submit. The chances of receiving assistance are increased as soon as you submit your application.

How to fill out the FAFSA?

Follow the following steps to successfully complete your FAFSA application.

Gather information

Before filling out the FAFSA, it''s important to gather all of the necessary information beforehand so that filing can be as easy as possible.

Information for the application:

Social Security Numbers

Driver''s license or ID number

Tax returns

Financial records

If you fail to:

Are you active in the military, or are you a veteran?

- Are you married?

Have a child who you are assisting.

- Have a legal guardian in the city.

Have lived in foster care since you were 13 years old.

Are you homeless?

Once you''ve collected all of the information you''ll need, you may start the FAFSA application by going to (opens in a new tab).

Get an FSA ID

This takes ten minutes to complete and is required to complete your FAFSA. This will be the credentials you use to electronically sign your FAFSA. However, if youre a returning user, you may immediately use your ID and begin signing. Upon completion, however, you will have to wait one to three days to verify your ID. If youre a child, you will also need their own FSA ID.

Fill out application

Once you have created/verified your FSA ID, you will then be able to fill out the FAFSA. After confirming the dates in which youll need assistance, you will then be able to fill out the student demographics section. This is where youll enter personal information, like your Social Security number and date of birth.

After this, youll enter the list of schools you wish to attend, from up to 10. Even if you haven''t applied or been accepted to those schools, you should still send over your FAFSA information, regardless. Plus, if you change your mind about a certain school, you may make always changes to this list later.

Then comes the dependency status questions. Basically, this section will determine whether or not you need parental information on your form.

If parental information is required, the parents demographic section will come up. Here they will include their required information, including your Social Security name, address, and social security information.

When you complete the FAFSA, financial information is the next assignment. The easiest way to complete this section is to use the IRS Data Retrieval Tool, which will allow you to export your information into the FAFSA automatically. If this is not possible, however, you may enter it manually. Income should be reported for both parents and students if this is not possible.

Sign off with FSA ID

By using your FSA identification, you can sign-off on the FAFSA once you have completed and reviewed all sections for accuracy.

Bottom Line

Before funding starts running out, get a head start on the FAFSA and file now. You don''t want to be stuck without student aid or scholarships, just because you had waited until the deadline to submit. Lastly, it''s better to give yourself enough time to get things done.