bronwyn martin
If you're preparing to send your child to college within the next year, fill out the Free Application for Federal Student Aid (FAFSA) to find out if and how much you qualify for higher education. It may become. education student. Whether she's completed the FAFSA before or is considering starting the process for the first time, there are important changes to the 2024 filing process and timeline to be aware of. We're here to answer your questions about the FAFSA.
What is FAFSA?
This is the application you must complete to qualify for federal financial aid for higher education. The FAFSA form collects financial information about students and their families to determine eligibility for financial aid. In 2024, you can import the necessary federal tax information directly from her IRS, simplifying the survey process. Application forms are available at www.StudentAid.gov.
Is there any point in completing the FAFSA process?
If your child wants access to federal loans or grants for the 2024-2025 school year, they must complete the FAFSA application. It is important to note that most people have access to some form of federal financial aid, so all students should apply regardless of their family's financial situation. Students may also be eligible for merit-based scholarships and on-campus jobs.
If your child has never applied before, you will need to create a Federal Student Aid ID to begin the process. Also, every parent or spouse who will be contributing to the FAFSA application must create their own account. If you do not have online access, you can receive a printed form by calling 1-800-433-3243.
What information do I need to complete the FAFSA? Be sure to have:
• Student information such as date of birth, social security number, address, and contact information.
• Social Security Number of the student's parents or spouse.
• Other identifying information, such as driver's license number (if you have one) and alien registration for non-U.S. nationals.
• Tax return information for family members (spouse, parents) involved in the process.
• Information about cash, savings, and checking account balances.
• Net worth information regarding investments, businesses, and real estate.
• The name of the university or college the student attends. If you're still in high school, you can list up to 20 schools you're considering.
What happens when I fill out the form?
Within 3-5 days (7-10 days for paper applications) of completing your online application, you will receive a copy of your student aid report, which summarizes your information. Check for accuracy and revise as necessary. This provides an overview of expected family contributions that determine federal Pell Grant eligibility. Ultimately, the information will be passed on to the school she listed on her FAFSA form.
When is the submission deadline for the 2024-25 academic year?
This year, changes were made that delayed the release of the application and reduced the time it takes to fill out the FAFSA form. Please check with the university to which the student applied first, as deadlines often vary. If you are seeking state aid, also check the filing deadlines. The final federal filing deadline is typically June 30, but if your university or state has an earlier deadline, that takes precedence.
Preparing to send a loved one off to college is an exciting but stressful time, both financially and personally. A financial advisor can help answer questions that may arise as you navigate the milestones of higher education readiness.
Bronwyn L. Martin is a financial advisor and certified financial consultant with Martin's Financial Consulting Group, a financial wealth advisory practice of Ameriprise Financial Services LLC. She specializes in fee-based financial planning and wealth management strategies and has been in practice for over 24 years. Contact her at: www.ameripriseadvisors.com/bronwyn.x.martin.
