The FAFSA should take about 30 minutes to complete.
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The Free Application for Federal Student Aid, or FAFSA, is a form used to apply for financial aid.
Both undergraduate and graduate students fill out the FAFSA for student aid.
Make sure you have your financial information ready, like your tax returns and account balances.
of Insider’s student loan coverage here.
Filing the Free Application for Federal Student Aid is how you’ll qualify for various types of financial assistance, like grants, work-study, and loans. You can fill it out by yourself or with the help of your parents. If you’re a dependent, you’ll need your parents’ financial information in addition to your own.
The FAFSA opens on October 1, 2021 for the 2022-23 school year, and is already open for the 2021-22 school year. Here’s how to fill it out.
1. Gather your personal financial information
Before you start filling out the FAFSA, you should gather your basic personal financial information. You’ll need your Social Security number, and it may be useful to have the last couple of years’ taxes on hand, though you’ll be able to import the details directly from the IRS later on. You will also need bank and investment statements.
2. Head to the FAFSA website
This is where you go to begin applying for the FAFSA
Head to the FAFSA website, which is located on the US Department of Education website. This is your online hub to complete your FAFSA. Choose the appropriate button for new FAFSA users or returning users.
3. Create or find your FSA ID
This is where you’ll log in or create your FSA ID to use for your application.
The student and parent should both have their own login for the FAFSA system. You log in with a government ID called the Federal Student Aid ID. Parents will enter the student’s information first and create their FSA ID in the next step.
The FSA ID allows you to log back in and add or edit information later on if you are not able to complete the entire FAFSA today. Parents should not log in as the student or complete the student sections of the FAFSA.
4. Start your FAFSA
The FAFSA opens every year on October 1 for the following school year. It’s a good idea to complete your FAFSA as early as possible. This gives you the best opportunity to qualify for the most favorable student aid options. It also gives you a little more time to make your decisions and take care of any paperwork to complete your student loan or …read more
Source:: Business Insider