Completing Your FAFSA: What You Need to Know (2024)

FAQs

Completing Your FAFSA: What You Need to Know? ›

Your Social Security number (it's important that you enter it correctly on the FAFSA form!) Federal tax information, tax documents, or tax returns, including IRS W-2 information, for you (and your spouse, if you are married), and for your parents if you are a dependent student: IRS Form1040.

Gather all the information you may need

Your recent federal income tax returns, as well as your W-2 forms, pay stubs and any other proof of income. Your non-taxable income records, if applicable. Your investment records, including any bank and brokerage statements.

You can choose to get paid by check or direct deposit, or have the money credited to your school account to pay for your education-related charges (such as tuition, fees, and room and board). Was this page helpful? When will I receive my financial aid?

Bank statements and records of investments (if applicable), net worth of investments, businesses, and farms. Records of untaxed income (if applicable) An FSA ID (account username and password) to log in to StudentAid.gov and start the FAFSA form electronically.

Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) all could be considered in the formula. Also considered are your family size and the number of family members who will attend college or career school during the year.

Financial aid can cover any costs associated with earning a degree or certificate at a college. Depending on the type of financial aid you secure and the college that you choose to attend, you may be able to use it to pay for tuition, fees, books, housing, technology, or transportation.

You can receive the Pell Grant for no more than 12 terms or the equivalent (roughly six years). This is called the Federal Pell Grant Lifetime Eligibility Used (LEU). You'll receive a notice if you're getting close to your limit. If you have any questions, contact your school's financial aid office.

The amount of money you can get by filing the Free Application for Federal Student Aid (FAFSA) depends on your financial need. But, the maximum amount can be in the low tens of thousands of dollars per year. Average amounts are about $9,000, with less than half of that in the form of grants.

During verification, the college financial aid administrator will ask the applicant to supply copies of documentation, such as income tax returns, W-2 statements and 1099 forms, to verify the data that was submitted on the Free Application for Federal Student Aid (FAFSA).

Parents must include tax, income, and some asset information on the FAFSA form.

Do both parents have to fill out FAFSA 2024-25? ›

If you need to report parent information on the 2024–25 FAFSA form, here are some guidelines to help you: If your parents are married (not separated), both of your parents' information must be included on the FAFSA form, regardless of whether your parents are of the same or opposite sex.

The Free Application for Federal Student Aid (FAFSA^®) form is the student's responsibility, but when a student is considered a dependent student for FAFSA purposes, parents have a large role in the application process.