College is certainly not for everyone and is not required to get most jobs. But those students who are interested should not give up because their families don’t have the resources. There is financial help available, both through federal financial aid and through scholarships from the high school or the post-secondary school a person may choose to attend. There is also a wide range of tuition costs, and these should be carefully considered. Community college or a technical school cost much less than a private university.
The U.S. Department of Education’s office of Federal Student Aid provides more than $120 billion in financial aid to help pay for college or career school each year. If you or someone in your family is thinking about a post-secondary school – college, university, career or technical school, community college – the federal government can provide financial aid to help you.
If you need financial aid to pay for college, complete the Free Application for Federal Student Aid (FAFSA) form. The 2022–23 FAFSA form is now available. Fill it out as soon as possible after Oct. 1 at the official government site, fafsa.gov.
Once you’re ready, you have several ways to complete the FAFSA form, including the fafsa.gov website or the myStudentAid mobile app.
It’s easier to complete the FAFSA form if you gather what you need ahead of time. According to the studentaid.gov website, this is what you will need.
Your FSA ID
The first thing you have to do is create an FSA ID, which is your account user name and password. The FSA ID is a digital legal signature that lets you complete and update the FAFSA form, so create your own and keep it safe. Parents of dependent students will need to use their own FSA ID to complete the FAFSA process. Create your account early because it can take up to three days before you can use your FSA ID. A parent should not create an FSA ID for their child and a student should not create an FSA ID for his or her parents. The rules require each party to create their own.
Your Social Security Number
You can find your Social Security number (SSN) on your Social Security card. If you don’t know where it is, you can request a new card from the Social Security Administration. If you are not a U.S. citizen, but meet other eligibility criteria for federal student aid, you’ll also need your Alien Registration number. Both parents and students need this information for the FAFSA form.
Your Driver’s License Number
You’ll need to enter your driver’s license on the FAFSA form. If you don’t have a driver’s license, then don’t worry about this step.
Your Federal Income Tax Return
On the 2022–23 FAFSA form, you (and your parents, if you are a dependent student) will report your 2020 income. Since you probably filed your 2020 income tax return last March or April, you may be able to transfer your tax information into the FAFSA form using the IRS Data Retrieval Tool (DRT). You cannot use your 2021 tax information.
Records of Your Untaxed Income
The FAFSA questions about untaxed income, such as child support, interest income, and veterans’ benefits may apply to you. On the 2022–23 FAFSA form, you’ll report 2020 tax year information when asked these questions.
Records of Your Assets
This section includes savings and checking account balances, as well as the value of investments, such as stocks, bonds, and real estate (excluding your primary residence.) Carefully review what is and is not considered a student investment. Report the current amounts as of the date you sign the FAFSA form, rather than reporting the 2020 tax year amounts.
List of the School(s) You Are Interested in Attending
You can list up to 10 schools at a time on your FAFSA form. Be sure to add any college you’re considering, even if you haven’t applied or been accepted yet. The schools you list on your FAFSA form will automatically receive your FAFSA results electronically. They will use your FAFSA information to determine the types and amounts of financial aid you may receive. The school likely won’t offer you aid until you’ve been accepted. Even if it’s only a slight chance you’ll apply to a college, list the school on your FAFSA form. You can always remove a school later if you decide not to apply, but if you wait to add a school, you could miss out on financial aid.
The kinds of financial aid you might be offered may include work study where you get a job at the college, grants which do not have to be repaid, or student loans which have to be repaid. Many schools offer their own financial aid or scholarships. There are also specific programs for certain groups like military families or former foster care youth.
Over the next few weeks we will be looking at ways to repay student loan debt, including several student loan forgiveness programs.