FAFSA Checklist

• Your Social Security card and driver's license, and/or alien registration card if you are not a US citizen.
• Your income tax returns, W-2 forms and 1040 forms for the previous year. If you're married, you'll also need your spouse's documents.
• Your parents' income tax returns, W-2 forms and 1040 forms for the previous year (if you are dependent).
• Records and documentation of other untaxed income received such as welfare benefits, Social Security income, veteran's benefits, AFDC, or military or clergy allowances.
• Current bank statements and records of stocks, bonds, mutual funds and other investments.
• Business or farm records (if applicable).
• Records relating to any unusual family financial circumstances, such as unusually high child care costs, death, divorce and loss of unemployment. (These aren't required, but they could influence the amount of aid received.)
• Title IV Institution Codes for each school you are applying to. You can get this code from the school, or you can use FinAid’s Title IV School Code Database.

Once you've assembled all the necessary materials, filling out the FAFSA should be a fairly simple task. Remember to make copies of all documents and keep them with your copy of your completed FAFSA.

Five Reasons to File Your FAFSA

Submitting your Free Application for Federal Student Aid (FAFSA) can be a complicated process. From digging through information on your family's assets to decoding income tax forms, filling out the FAFSA is a hassle, so why bother? Here are five reasons why it's worth it.

1. Federal Aid

   Do you want some of the more than $80 billion the federal government provides in grants, loans and work-study programs every year? Federal Student Aid programs are the largest source of student aid in the United States. The only way to be considered for federal grants such as the Pell Grant, the Supplemental Education Opportunity Grant (SEOG), Work-study Position, Stafford Loans and more is by submitting your FAFSA.

2. State Aid

   Your FAFSA also puts you in consideration for state financial aid programs. Eligibility and deadline dates for these programs differ by state, but they all have one thing in common -- they require the FAFSA. Learn more about the financial aid your state offers its residents at your state's higher education agency.

3. School Aid

   Colleges and private scholarship sponsors offer billions of dollars in financial aid. Even if you don't have a high level of financial need, you may be eligible for these awards. Most colleges and many private scholarship sponsors require students to submit their FAFSA to be considered for financial aid. Some school and private scholarship programs are specifically designed for students who were rejected for federal financial aid, so even if you don't think you'll qualify for federal aid; it's a smart move to submit your FAFSA.

4. It's Free

   A completed FAFSA will put you in consideration for federal, state, college and private scholarships and it's completely free. The only thing you'll spend completing your FAFSA is a few minutes of your time, and you could get thousands of dollars of financial aid in return.

5. Getting Help is Easy and Free

   Not only is submitting your FAFSA free, but it may be easier to complete than you realize. Don't know how to figure out your parents' net worth? Don't worry. When you complete your FAFSA online help is built into the system, so you won't get bogged down by the form's confusing financial jargon. You can still submit your questions online at the FAFSA Web site if you choose to fill out the paper form, or you can call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).

   Many high schools and colleges offer help with FAFSA Day, an event usually in February. If your school doesn't host a FAFSA Day, check with other schools in your area to see if you can attend their FAFSA Day.

   Federal, state and private financial aid can be within your reach when you submit your FAFSA, so what are you waiting for? FAFSA forms become available on or before January 1st each year. Submit your FAFSA as soon after January 1st to have the best shot at financial aid.

   Don't just send in your FAFSA and expect the money to start rolling in. Many financial aid programs require additional forms besides the FAFSA, so check the requirements for state, school and private awards to make sure your application is complete.

Common Errors on the FAFSA

• The most frequent mistake made is leaving a field blank. If the answer is zero or the question does not apply to you, write in a zero. If you leave a question blank, the processor will assume that you forgot to answer.
• Use the 1040 federal tax return for income reporting and reporting taxes paid. Some parents and students mistakenly use their W-2 form.
• Don't forget to report all the required sources of untaxed income. These include Social Security, child support and Aid to Dependent Children (ADC).
• Report your correct marital status. If you plan to file as a married student, you must be married on or before the date that you sign your FAFSA.
• Make sure to include your stepparent's information.
• Include yourself in the household size. Even if you didn't live there during the previous year, you should always include yourself as part of your parent's household.
• Don't forget to sign the application. If you're filing as a dependent, both you and your parents must sign. If you file online, you and your parents can sign the form electronically using your PIN numbers.
• Remember to file on time. Priority for programs with limited funds is often given to students who file the FAFSA as soon after January 1 as possible.
• As with all forms and applications, make sure you read the instructions and questions carefully. If you're unclear about a question or are having trouble filling out the FAFSA, check the FAQ section on the FAFSA Web site, or call the Federal Student Aid Information Center at 1-800-4-FED AID (1-800-433-3243).
• On the paper form, follow instructions with regard to using a pen or pencil.

To avoid these errors, get started early. Use the Pre-Application Worksheet to insure you've gathered all the necessary information. Be sure to proofread your application before you submit it. Fill it out right the first time, and you'll have your financial aid letter in no time.