The Free Application for Federal Student Aid (FAFSA) is the U.S. Department of Education’s financial aid application that is required by virtually all colleges and universities for students to be eligible for need-based financial aid. The FAFSA cannot be submitted until AFTER January 1, 2010, and the preferred method of submitting the application is online.
The best way to prepare for submitting the online FAFSA in early January 2010 is to first complete the paper FAFSA Worksheet. The Worksheet has the same questions as the online FAFSA and should be printed and completed by hand; this way when you are ready to complete the online FAFSA, all you have to do is enter the information from the Worksheet.
But there is a problem with using this year’s FAFSA Worksheet. The problem is the Worksheet is not yet available to parents and students.
According to my phone call this morning with a representative from the FAFSA Federal Student Aid Information Center, it is not known when the FAFSA Worksheet for students entering college in fall 2010 (the 2010-2011 FAFSA Worksheet) will become available. With the holiday season underway and the flurry of associated activities, waiting to begin working on the FAFSA Worksheet is NOT advisable because completing the FAFSA takes significant time and effort. The FAFSA requires detailed personal and financial information from both parents and students; information that requires pulling bank statements and financial records, estimating income and assets, and much more.
What parents should do for now is work with last year’s 2009-2010 FAFSA Worksheet that is currently available for download and printing. The questions on last year’s Worksheet are nearly identical to this year’s 2010-2011 Worksheet (except for the year of reporting income and financial assets – on this year’s 2010-2011 FAFSA, report ESTIMATES of income and financial assets for 2009, not for 2008); using the previous year’s Worksheet will enable parents can get a jump start on the process to meet the advised deadline of early January.
After the 2010-2011 FAFSA Worksheet becomes available, parents can transfer the information they have written on the 2009-2010 Worksheet to the 2010-2011 Worksheet and be fully prepared to submit the online FAFSA immediately after January 1.
Take action now, you will be glad you did.
For more information visit MyCollegeCalendar.org.
Monday, December 14, 2009
The FAFSA Worksheet for January 2010 Is Not Available, So Here’s What To Do For Now . . .
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