The FAFSA process is just like applying for most funding opportunities – long and anxiety-inducing. We’ve compiled a list of all the things you’ll need to fill out your FAFSA as a single parent or student during this application process.
- 1 More information on FAFSA:
- 2 How do I link FAFSA to IRS?
- 3 What do I need to fill out my FAFSA?
More information on FAFSA:
- What is FAFSA?
- What do I need to fill out my FAFSA?
- How do I submit my FAFSA?
- What happens after I submit my FAFSA?
- How to make corrections to my FAFSA after submitting it?
- How do I renew my FAFSA as a single mother?
To complete the FAFSA, you will need your FSA ID — which acts as your signature, and most importantly, records of income earned from the past two years
So, for the 2021—2022 school year, you will need financial information from 2019, and not only your 2020 income and tax info.
You might be asking, when are FAFSA applications open or closed?
THESE ARE THE THREE DATES TO KEEP IN MIND FOR THE FAFSA PROCESS
- October 1st – FAFSA opens for the next academic year
- June 30th – FAFSA closes for the current academic year
- September 15th – Deadline to make FAFSA corrections for the previous academic year
Because the FAFSA is such a long form to fill out, you can save it and come back to it later – so if you don’t have some of these documents don’t worry!
- Your Social Security Number (SSN)
- Driver’s license number and state of issuance (if any)
- Alien Registration Number (if an eligible non-citizen)
- FSA ID to sign electronically. If you do not already have one, please create one.
PROOF OF INCOME
- Taxable income from W-2 & 1099 forms (if available)
- Records of money earned or received from Federal Work-Study or other need-based work programs
- Untaxed income, including workers’ compensation; child support; housing, food and other living allowances; or veterans benefits, etc.
These income documents will become vital in calculating your student funding amount.
These income documents become the ‘evidence’ presented in an applicant’s court case for funding. Proving your financials is a vital step in accurately arguing why you or your child needs financial aid.
Because FAFSA depends on the financial situation of each student/applicant, those who are more needy will receive more funding than others
*However, funding is never a guarantee and will vary from state to state BUT
the more information = a clearer case for aid = higher possibility of receiving funding
- Your Federal Income Tax Return (1040, 1040A, or 1040EZ) and your spouse’s, if you are married or
- The equivalent foreign tax return (if applicable).
These documents help paint a clearer picture of a household’s economic and civil situation.
Each household has its own – some mothers or parents might earn higher salaries but have more children to care for or have unforeseen expenses.
* IMPORTANT TIP*
You now have the option of automatically retrieving your income and tax data from the IRS and having it transferred straight into your FAFSA using the IRS Data Retrieval Tool.
When you reach the financial information section of the FAFSA, click “Link to IRS” to automatically prefill the form with your tax information.
It’s the fastest, most accurate way to enter your tax return information into the FAFSA form and this will reduce the likelihood of having your FAFSA selected for verification.
After you submit your tax return, you can still correct any income or tax information that is different from what you initially submitted on your FAFSA.
- Bank statements as of the date the FAFSA is completed
- Business and investment information; business and farm records; stocks, bonds, and other investment records (as applicable)
- If you are a dependent student, you may also need records of your parents’ income information.
- The Social Security Number(s) of your parent(s)
- The income and financial records (as listed above) of your parent(s)
Be sure to keep all of the documentation that you gather to complete the FAFSA. You may need this later if your application is chosen for verification.
Now that you know what documents you need, below is a list of the steps and questions you will go through in the application form.
What do I need to fill out my FAFSA?
HOW does the FAFSA form look and HOW does it use those documents you’ve gathered?
STEP ONE – STUDENT INFORMATION
- Name, Address, Social Security Number and Date of Birth
- Driver’s License Number & State ID
- Email Address
- Citizenship & Immigration Status
- Marital Status
- Legal Residence
- Selective Service
- Prior Drug Convictions
- Parents Level of Education
- Students Education Details
- Student Grade Level
- Degree or Certificate Seeking
- Work Study
STEP TWO – STUDENT FINANCIAL INFORMATION
- Student Income Tax Return
- Income Tax Return Details
- Schedule 1 (Form 1040)”
- Student & Spousal Adjusted Gross Income
- Student & Spouse’s Income Tax
- Student & Spouse’s Tax Earnings
- Student & Spousal Total Balance of Cash
- Student & Spouses Investments / Businesses
- Student Additional Financial Information
- Student Untaxed Income
STEP THREE – STUDENT STATUS (DETERMINES WHETHER YOU WILL NEED PARENTAL INFORMATION)
- Age Before Jan 1
- Current Marital Status
- Graduate Program Status
- Military Status
- Legal Dependents
- Ward of State
- Emancipated Minor
- Legal Guardianship
STEP FOUR – PARENT INFORMATION
- Parent’s Marital Status
- Parent’s Social Security Information
- Parent’s Residency Status & Household Occupants Attending College
- Paternal Federal Benefit Status
- Parents Income Tax Return
- Parent’s Income Tax Return Information
- Parent’s Eligibility for Schedule 1 (Form 1040)
- Dislocated Worker
- Parents Adjusted Gross Income
- Parents Income Tax
- Parents Income Information
- Parents Total Balance of Cash
- Parent’s Investments
- Parents Current Businesses
- Parents Additional Financial Information
- Parents Untaxed Income
STEP FIVE – STUDENT HOUSEHOLD INFORMATION
- Student Household Information
- Student Federal Benefit Status
- Dislocated Worker Status
STEP SIX & SEVEN – SEND, SIGN AND DATE
- Schools to Receive FAFSA
- FAFSA Sign Off
Below are some links that you might find useful:
- https://studentaid.gov/h/apply-for-aid/fafsa – Link to the official FAFSA application site
- https://studentaid.gov/apply-for-aid/fafsa/fafsa-deadlines – list of important dates/deadlines
- https://www.nitrocollege.com/fafsa-guide – a helpful step-by-step guide in the FAFSA process