Preparation key to applying for financial aid

Preparation is the key to successfully completing and filing the Free Application for Federal Student Aid (FAFSA). The FAFSA is the application for state, federal and college-specific financial aid. Even if you don't think you'll qualify for need-based financial aid, you should complete the FAFSA to qualify for low-interest student and parent loans.

Follow these steps to complete the FAFSA and the financial aid process:

Ask your college(s) for their FAFSA priority filing date.  Because some types of financial aid are awarded first-come, first-served, it's important that you submit the FAFSA before that date.

Request a Personal Identification Number (PIN) for you and a parent at www.pin.ed.gov. The PIN is your signature for the online FAFSA.

Complete tax returns early as the FAFSA requires current tax information

Gather these student and parent items:

• 2007 federal tax returns and, if applicable, Schedule K-1 (Form 1065) 
• 2007 W-2 forms
• Student's driver's license number
• Social Security numbers
• Birth dates
• Date parents were married, separated, divorced or widowed
• Current cash, savings and checking account balances
• Current investment values (stocks, bond, mutual funds, CDs, etc.) excluding retirement accounts
• Value of business (if more than 100 employees)
• Value of investment farm (Do not include the value of a family farm that you or your parents live on and operate.)
• 2007 child support (paid and/or received)
• 2007 ADC/TANF welfare benefits
• 2007 Social Security payments received from SSI or SSDI
• 2007 Workers compensation
• Other untaxed income in 2007 such as veteran's benefits, housing/food/ living allowances for military and clergy
• Alien Registration Number for eligible non-citizens

Be prepared to answer these FAFSA questions which relate to grant eligibility:

1. Did your student or anyone in the household receive any of the following federal benefits?  

˙¢         Supplemental Security Income

˙¢         Food Stamps

˙¢         TANF

˙¢         Free or Reduced Price Lunch

˙¢         WIC

2. Did your student complete at least two Advanced Placement courses with a passing test score of 3 or higher?

3. Did your student complete and pass the following high school courses?

˙¢       4 years of English

˙¢       3 years of math (Algebra I and above)

˙¢       3 years of science (2 of 3: Biology, Chemistry, Physics)

˙¢       3 years of social studies

˙¢       1 year of a language other than English

Complete and file the FAFSA electronically at www.fafsa.ed.gov before your college's priority date.

Expect a Student Aid Report acknowledging that your form was processed.

Expect Financial Aid Award Letters in the spring from the colleges you listed on your FAFSA detailing the assistance they're offering (could be combination of scholarships, grants, work-study and student loans).

Apply for student and parent loans (if necessary) in the summer through your college

Check out these free FAFSA tools and resources

Visit the Completing the FAFSA section at www.educationquest.org where you'll find:

˙¢       FAFSA Checklist  provides a complete list of items you need to gather    before you complete the FAFSA

˙¢       College Funding Estimator estimates your FAFSA results

˙¢       FAFSA Tutorial  provides user-friendly clarification of each FAFSA question

˙¢       Financial Aid Video  explains the types of financial aid and how to apply