What You Need To Know To Get Started

Getting ready to apply for college is an exciting and anxious time for high school students and their parents. The competition to get into college is stiff, and with the rising cost of education, getting enough aid is critical for many students pursuing their educational and career goals. Each academic year, over 85% of students receive financial assistance. One way to get started on the right foot is to have your FAFSA completed.

The cutoff to submit your FAFSA form is by 11:59 p.m., central time (CT), on June 30, 2023. You should submit any corrections or updates needed by September 9, 2023, by 11:59 p.m. CT.

Federal Student Aid (FSA) ID

The first step you will need to take when it comes time to fill out a Federal Student Aid (FAFSA) form is to create an FSA ID. This digital signature lets you complete and update the FAFSA form when necessary.

Federal Income Tax Return

If you worked in high school, you should provide your tax return and IRS W-2 when applying unless your or your parent's income falls below the minimum amount required to file taxes. In that case, you may choose "Will not file" when completing your FAFSA. You still must provide that year's pay stub, W-2, or 1099 as proof.

Social Security Number and Driver's License Number

You must input your social security and driver's license number when filling out your FAFSA documents. You must precisely enter your name and social security number as they appear on your social security card.

A List of Untaxed Income

FAFSA will expect you to provide records of your untaxed income, for example, child support, veterans' noneducation benefits, and interest income.

A List of Your Income and Assets

The record of income and assets provided by you and your parents is important in determining how much you can afford to pay and the amount you will receive through loans, grants, or work-study programs.

A List of Schools Where You Want to Apply

Compile a list of schools where you want to apply, and include the application deadlines and any other applicable fees that may be required. 

What to Keep in Mind

Colleges may have their own deadline, so you should check with the school(s) you are interested in and take note of the deadline. The FAFSA website has a comprehensive list of state deadlines for the 2023-24 academic year.

You must meet the June 30 deadline to be eligible for aid for the current academic year. The earlier you submit your FAFSA, the easier it will be to be awarded the assistance you need. Many types of aid have limited funding, so being early can benefit you in an increasingly competitive environment.

Schedule an Appointment with a Financial Professional

Consider consulting a financial professional to help determine the documents necessary to complete your FAFSA and get the most out of the benefits and loans offered.

Important Disclosures

Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by LPL Marketing Solutions

Sources:

FAFSA® Application Deadlines | Federal Student Aid

7 Things You Need Before Filling Out the FAFSA® Form – Federal Student Aid

Missed FAFSA Deadline: What to Do Next (mos.com)

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