When you think of applying for financial aid does it petrify you? Well, it shouldn’t, it really isn’t that bad. The two biggest issues to be concerned with are: file as early as possible and be as accurate as you can.

In order to apply for financial aid you will need to complete the Free Application for Federal Student Aid (FAFSA). This form is completed online at www.fafsa.ed.gov  and available beginning January 1st prior to the school year. So, if you will be attending college in the  fall of 2011, then you will complete the 2011 FAFSA which will be available January 1, 2011.

Just the word FAFSA and the thought of having to complete one scares so many students (and yes, their parents too). Over the years, the FAFSA has undergone many changes and been revamped by the U.S. Department of Education all in an effort to simplify it.  The many questions on the FAFSA do seem overwhelming but in reality they are all questions you will be able to answer easily. If not, there are instructions to help you obtain the answers and you can always call my friends at the Center for College Planning for help (888.7.GRADUATE ext. 119).

Even though you will not be able to actually file your FAFSA until January 1st, there are several things you can do now in preparation for filing the FAFSA.

1.  Apply for FAFSA PIN: You and your parents, if you are a dependent student, will need to obtain a PIN in order to electronically sign your FAFSA. This is a 4-digit number that you create and will be used each year thereafter. You can apply for your PIN at www.pin.ed.gov  

2.  Financial Aid Deadlines:   It is important to know exactly what documents your school requires and the deadlines to apply. Each school may have a different deadline so this is good to know well in advance so you don’t miss out on anything.

3.  Income and Tax Information: Start gathering the information that you will need to complete your 2010 taxes. The 2011 FAFSA will be based on your income for 2010 and even though you cannot file your taxes now, you can gather any information you will need to prepare those taxes, especially if you or your parents itemize deductions.

4.  Asset Net Worth (current value minus debt): You and your parents, if you are a dependent student, will need to know the net worth of any investments, real estate (not including the home you live in), businesses and/or investment farms (of greater than 100 employees) that you may own.

5.  School List: You will have the option to have your FAFSA information sent to up to 10 schools. You will need to list the school code for each of the schools and you can find the codes at www.fafsa.ed.gov  

That is just a few ideas to get you ready to file your FAFSA.  Check out NHHEAF's FAFSA tips for more helpful information.  The more prepared you are, the easier your filing will be.  

Happy Filing!
Lisa