Fafsa

In this time of year, parents are bringing their 1040 W-2 and other financial documents as they prepare to settle and prepare their federal income tax returns and state. It's also time for parents of college bound students should also prepare their Free Application for Federal Student Aid (FAFSA). This is the perfect time to prepare your child's FAFSA, as much of the income and asset information will be directly opposite you as you complete the tax returns.

For students who are currently in their senior year, January is a critical time to complete and submit your FAFSA. Many colleges set deadlines for priority FAFSA applications for incoming freshman from February 1st. For college students of voting, the deadline may be institutional as late as August 15. Students need to contact the financial aid office of each college to which they applied for admission to determine all financial deadlines.

Early Bird gets the Worm

By getting your financial aid application as soon as possible and before the priority period, you increase your chances for a bursary greater. In other words, financial assistance is granted on the basis of first come, first served. Colleges and universities have a limited amount of financial aid and scholarships available and you do not want to miss your top choice college, because you missed the deadline for college financial aid. If the college deadline is approaching and you have not received all your financial documents, you can estimate your income and wealth, especially if your income and assets have not changed significantly over the previous year. Keep in mind that you need to update the information once you have all the necessary documents. Estimation of your data file receives your FAFSA financial aid office of the counsel for review that much faster.

Choose How to File

There are three methods to file a FAFSA. You can apply online at http://www.fafsa.edu.gov/ and complete the FAFSA on the Web (FOW) application, which is the preferred method of the Ministry of Education. You can print and complete the FAFSA on the Web worksheet before entering data online.

Other FAFSA forms are available for download:

Dependency Status Worksheet to determine if the student is independent.

The student income forecast - Leaf used if the student has not filed a 2008 federal tax return.

Parent income forecast worksheet used if the parent did not file a federal income tax return for 2008.

Drug Conviction Worksheet to determine if a student has a conviction for possessing or selling illegal drugs may make the student eligible to receive financial assistance from the federal government.

You can also download a PDF version of the FAFSA form. With this method, you must mail the completed form to process. A paper FAFSA is also available by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or 1-319-337-5665. The hearing impaired should call TTY line 1-800-730-8813.

R enewal application makes the process easier

For current students who have applied last year, the renewal FAFSA allows you to update only the data that have changed form the previous year. FAFSA applications and renewal FAFSA can be completed in paper form or on the web through the U.S. Department of Education Website