Financial Aid Tips
It’s that time of year again, the time everyone dreads: the opening of FAFSA. This can be a frustrating time for students and their parents, as they fill out the application, but it doesn’t have to be. Check out my tips below for filling out the application.
Collect the Correct Documents
You will need your tax returns and W-2s for your parents and yourself (if you worked). For the 2023-2024 application, you will use your 2021 tax information. I think of using the information from 2 years prior to beginning of the academic year (2023 - 2 = 2021). If this is your first time filling out the application, I would also recommend having everyone’s social security cards and driver’s licenses on hand as well.
Do What You Can
If you are the student filling it out, I would recommend creating your account and beginning the application before asking your parents to sit down and put in their financial information. A lot of the information at the beginning of the application is your personal information, like your home address, and the list of colleges you’re applying to, so doing as much as you can on your own will minimize the amount of time your parents need to spend. If you get stuck on a question, make a note and ask your parents whenever they sit down to finish it with you.
While you’re working on that, you can have your parents create their FSA IDs. If your parents aren’t tech-savvy, you can create it for them ahead of time, but make sure to have access to their phone or email.
Use the IRS Data Retrieval Tool if You Can
If your parents are eligible, I would recommend using the IRS Data Retrieval Tool. This will transfer their financial information directly from the IRS and minimize the amount of errors on your financial aid application.
If your parents do not use social security numbers, that is okay too! You will enter all zeros for their social security numbers, and they will just enter their information manually using their tax returns and W-2s.
The FAFSA should tell you exactly where to pull the information from on the tax return. For example, it might say 1040 - line 11. You would go to the 1040 (the tax return form) and find the number on line 11.
If it asks you to pull information from multiple places, and you don’t have a form, you will provide the information you do have. For example, it might ask for the number on IRS Form 1040—line 22 minus the number on Schedule 2—line 2. The 1040 - line 22 should be easy to find, but if you don’t have a Schedule 2 - line 2, you’ll act as if the number on line 2 is 0. So the number on 1040 - line 22 minus 0.
If you go to a line and it is blank, you can put 0. It’s a lot easier than you think! All tax returns should indicate in the corner what document it is (1040, Schedule 1, Schedule 2, etc.) to help you figure out where to find the correct information.
Ask for Help
If you’re ever confused, you can always ask for help. The FAFSA website has a live chat feature where you can ask questions. You can also contact the admissions office at the universities you’re applying to see if there is someone designated to assist with financial aid, or check with your high school to see if there are any upcoming workshops at your school or in the local area.
