Parents' Guide to FAFSA: What You Need Before You Begin

By Mark Yatros

“Ugh! It takes forever!”

“They ask so many questions!”

“I wonder if it is worth the time to fill it out.”

I often hear these comments about completing the FAFSA (Free Application for Federal Student Aid). It’s true that the FAFSA application used to be onerous, with about 100 questions. Now, however, the form is more streamlined and has been reduced to just 36 questions. This makes it easier and quicker to fill out.

Part of the problem with the old form was that many people didn’t have the necessary information when filling it out. They’d begin, then have to stop and search for financial info, which could take a lot of time. Even though the form is now much more straightforward it’s still a good practice to gather the information you’ll need before you begin.

Just a quick note: I’m going to address this issue from the perspective of a parent filling out the form. However, most of the information is the same if you’re filling out the FAFSA for yourself.

Following is the info you should gather before sitting down at your computer to fill out FAFSA.

Personal information needed for filling out FAFSA

First, you’ll need your student’s and both parents’ Social Security numbers. These numbers are crucial for verifying your identity and processing your application correctly.

If you have a driver’s license, keep that number nearby, too. It’s not always required, but having it just in case is good.

Lastly, you'll need your Alien Registration Number if you’re not a U.S. citizen but are eligible for federal student aid. This helps confirm your eligibility for financial aid.

Tax information

When filling out the FAFSA, having your tax information available is essential. You’ll need your federal tax returns from the previous year, whether it’s a 1040, 1040A, or 1040EZ form. This information helps determine your family’s financial need and eligibility for aid.

Additionally, make sure to have your W-2 forms and any other records of money earned. Don’t forget to include records of untaxed income, such as child support received or interest income, as these are also necessary for the application.

Financial information

Your current bank statements are another critical piece of information you’ll need. These statements show your available cash and savings, which factor into your financial need. It’s essential to include records of any investments, but don’t worry about retirement accounts because they aren’t required for the FAFSA. 

Gather records of any other assets you have, such as real estate (other than your home) or business assets. These documents will help you accurately report your family’s financial situation.

Dependent student information

When completing the FAFSA for your child, you’ll also need to provide details about your household. This includes the number of people living in your home and the number of household members attending college. These details help determine your financial need based on the size of your family and its educational expenses.

Additionally, include information about any other financial support or income your child receives. This could be money from a part-time job, scholarships, or other sources.

Additional information

Lastly, be prepared to provide details about any other financial aid or scholarships your child has received. This information helps the FAFSA determine your remaining financial need. If you have any unusual financial circumstances, such as a job loss or high medical expenses, include this info as well.

These details can significantly impact your child’s aid eligibility, so it’s important to be thorough. By providing all the necessary information, you can ensure that the FAFSA accurately reflects your family’s financial situation and maximizes your chances of receiving aid.

And finally…

Remember that filling out the FAFSA form is crucial in securing financial aid for your child’s education. As a parent, your role in providing accurate information is essential to ensure your child receives the maximum possible aid.

I suggest you begin collecting these documents now and mark your calendar for October 1, the opening day of the FAFSA. The sooner you apply, the sooner you’ll know how much aid your child will receive.

If you have questions about the FAFSA, we’re happy to help. Also, if you are curious about other options for financing your child’s higher education, my team and I are here to assist. Please contact us here or call (269) 218-2100.

This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to ensure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.

Allegiant Wealth Strategies offers securities and advisory services through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Allegiant Wealth Strategies has offices in Battle Creek and Portage, Michigan, from which we serve Calhoun County, Kalamazoo County, and Kent County (Grand Rapids). The Allegiant Wealth Strategies team offers no-obligation financial planning consultations; call 269-218-2100 or contact us here.