2008-09 Free Application for Federal Student Aid (FAFSA)

OK, it's time to start thinking about the FAFSA again. If you (or your child) are planning on going to college in the fall, and you will be looking for financial aid, the FAFSA is your first stop. All of the following programs require a FAFSA, as well as many state run programs and privately funded grants and scholarships.

• Federal Pell Grants
• Federal Stafford Loans
• Federal PLUS Loans
• Campus-Based Programs
• Federal Supplemental Educational Opportunity Grants
• Federal Work Study
• Perkins Loans

You can either fill out a paper FAFSA or do it online. For the 2008-2009 school year, you can submit it any time after Jan 1, 2008 up until June 30, 2009. You will want to fill it out and submit as soon as possible. Many programs have limited funding and the earlier you apply, the better chance of getting your share.

Before you can fill out the FAFSA online, you will need a PIN (Personal Identification Number). If you have one from last year, it should still be good. If you don't remember or this will be your first year in college, you can get one at http://www.pin.ed.gov/. After you get your PIN, you will also need your income tax forms as soon as you have them done. If you are still your parent's dependent, you will need their tax forms as well. Employers are supposed to get your W-2 forms out by January 31, but you can get a head start by checking your final paystub of the year. It will usually have your unofficial yearly totals of income and taxes.

Once submitted, as long as everything is in order, you will receive an Student Aid Report (SAR) which shows all the answers that you submitted on the FAFSA. Make any corrections necessary, or if ok you may submit either electronically or sign the SAR and mail back. Your SAR will also include your EFC (Expected Family Contribution) which is used to determine your eligibility for federal financial aid.

Now is a good time to start preparing for next year. Get your PIN now if you haven't already.

Good luck

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