Each fall, incoming and current college students file the Free Application for Federal Student Aid, or FAFSA. Your school, or schools in the case of a high school senior who is applying to multiple colleges, uses the information you provide on the FAFSA to determine eligibility for grants, work-study, federal and institutional loans, and sometimes scholarships.
The online form can take less than an hour to complete if you are prepared. Here's what you need to gather.
You, and your parent or guardian if you are a dependent student, will each need to create an account at https://studentaid.gov. Then, you'll need to have the following financial information on hand.
- Usernames and passwords for https://studentaid.gov.
- Social Security numbers or A-numbers.
- Individual Taxpayer Identification number, if applicable
- Tax information from the tax year prior to the most recent one
- W-2 forms, pay stubs or other records of income earned the prior prior tax year
- Current balance of checking, savings and investment accounts
- Information on federal benefits received
- Untaxed income records from the prior prior year
- Business and farm records from the prior prior year
- Marriage, separation or divorce dates, if applicable
- Child support received or paid, if applicable
When to File the FAFSA
File your FAFSA as soon as you to have a better chance at receiving the aid you need. The FAFSA becomes available in the fall each year for the following academic year. You can see federal and state deadlines at https://studentaid.gov.
Check your college's website for application deadlines, including the priority deadline. Filing by your college's priority deadline gives you the best chance at available aid. Get the deadlines from the website or financial aid office for each school you will apply to and file before the earliest priority deadline.
Once you file the FAFSA, you don't need to file it again for the same academic year, even if you are still considering multiple colleges for next year. You may need to log in to update or correct information.
How to Get Help
If you have questions about the FAFSA, look for FAFSA events like FAFSA Ready Iowa or contact the financial aid office at the colleges you're considering.