There are so many reasons why every family should file the Free Application for Federal Student Aid (commonly called the FAFSA), but most families find it very intimidating. That’s why this year I’ve put together this list of five things you need to know about filing the FAFSA!

1. Where to File:
The FAFSA is available online at www.FAFSA.ed.gov. This is the official Department of Education website specifically for filing the FAFSA, and it is completely free.

DO NOT go to FAFSA.com–this is a for-profit website that will charge you to file the FAFSA!

2. When to File:
You can start filing as early as January 1st of the new year, and it is important that you file as soon after that date as possible! Why? Many colleges award their scholarship and grant money (the funds that you don’t have to pay back) on a first-come, first-served basis!

3. Who Can File:
Either the student him/herself or the parents of the following can and SHOULD file the FAFSA:

• High school seniors who will be entering college in Fall 2009
• Current college students who will continue next year
• Grad or med school students

You should file regardless of whether or not you think your student will be eligible for financial aid (read why here!).

To ensure that your student gets the most possible grants, work-study, and loan opportunities, you need to repeat this process for every year that your student will be in college.

4. How to File Before Your Taxes are Done:
One challenge of filing early is that you don’t have your tax forms available, but that doesn’t mean you should wait! Instead, make accurate-as-possible estimates on the FAFSA, and file! You can go back and make revisions in a few months when all of your taxes are done.

5. Preparation Means Faster Filing:
To ensure that your FAFSA filing process goes as quickly as possible, you’ll want to gather the following items beforehand:

• Your and your student’s FAFSA PINs (If you don’t have one yet, get it at http://www.pin.ed.gov/)
• Drivers licenses and Social Security numbers of both parents & the student
• Information about your & your student’s 2008 earnings and other income such as interest and dividends for 2008
• Account balances of savings, checking and investment accounts (Tip: You do not need to report the balances of any retirement accounts such as IRAs, 401(k)s or 403(b)s.)

The Bottom Line
The real truth about the FAFSA is that it is going to take some time to fill out, but it can be a very worthwhile endeavor. Best of all, the website will save your information for next year, so the next time you fill it out, it should be much faster!

Professional Help
If you could use some line-by-line assistance on how to correctly fill out the FAFSA, check out  www.myFAFSAassistant.com the first week of January when the 2009/2010 version of my video tutorial will be released.  For now, feel free to view the first video of last year’s version for free which will still be helpful in getting you prepared for filling out the version that will be released January 1^st.

Good luck and Happy Holidays!

All the best,
Deborah Fox