Because the FAFSA form is the most important form available for receiving federal student aid and financial assistance, it is important to provide complete and accurate information when you apply. Any mistake you make might either delay the process of obtaining financial aid or disqualify you entirely.
Pursuing a higher education is part of the path to receiving the job of your dreams and salary you deserve. Preparing your required documents in advance is one way to ensure your FAFSA application goes through properly.
Submitting your FAFSA application is free. You are also permitted to apply for student aid using the FAFSA application more than once. In fact, your FAFSA application must be resubmitted each time you are applying for additional financial aid for college. You also need to include proper income verification documents with each submission. What documents are required to verify your financial eligibility when submitting the FAFSA form?
Proof of income is verifiable using the most recent two years’ tax returns as applied to both you and your parents. Part of your income eligibility is determined based on how much your parents can contribute toward your tuition without any additional financial assistance. Applicable bank account statements might also be checked by your appropriate FAFSA agency in addition to verification of certain assets and investment accounts.
Ultimately, however, the more you can prove your financial need, the more financial aid funding you are likely to receive via your FAFSA submission.
You are also required to verify your identity and place of residence. Consider submitting a FAFSA application as something like applying for a personal bank or vehicle loan.
Information and documentation required includes the following:
• Your name.
• Your Social Security Number (SSN).
• The SSN of your parents if you are a dependent student.
• Your driver’s license number or applicable government-issued photo identification.
• Your Alien Registration Number (if applicable).
• Federal tax information and returns (including tax information for your spouse or parent when applicable and if you are a dependent student respectively)
• Proof of all untaxed income as it applies to your need for student financial aid)
• Proof of all assets (yours, your spouse’s, or your parents’).
The FAFSA Grad Plus Loan (also known as a DIRECT Plus Loan) helps you pay for additional school-based expenses once your tuition has been paid. This type of loan also permits you to change the loan amount you requested in a prior application. You must also apply to FAFSA approved online colleges or on-campus programs to qualify. Only colleges and universities who accept FAFSA student aid are permitted when submitting your FAFSA application.
Finally, FAFSA applications are subject to three types of deadlines. College submission deadlines are all specific to each college or university. State deadlines also vary per state. June 30 of each year is the last day you are permitted to apply for FAFSA student aid based on federal deadline requirements. If you miss this deadline you must wait until the next submission year to reapply.