My last post focused on the five W’s of the FAFSA–mostly on why it’s worth your while to spend time filling it out. This time I want to give you some helpful tips about how to get started on it early, so you can fill it out as soon as possible!

First some good news:  This year the FAFSA has been simplified!  The form is shorter than last year and more intuitive.  The online application will automatically include or exclude certain questions depending on how you answer various core questions.  Next are four tips for you:

1. Get Your PIN

Filing the FAFSA online requires both you (the parent) and your student to use a PIN as an electronic signature. This number is specific to you or your student, and will be used every time you file the FAFSA on the web.

Go to PIN.ed.gov to apply (make sure your student applies for one as well). It will only take you a few minutes, and you’ll be one step closer to having the FAFSA done.

2. Look over the FAFSA on the Web Worksheet

If you’ve never filed the FAFSA before, you might wish to take a look at the FAFSA on the Web Worksheet offered on the FAFSA website. This will give show you the type of information you will need to have prepared before you tackle the form online.

3. Prepare Income Estimates

Once you’ve looked over the worksheet, try to prepare an accurate estimate of both your student and parental income for the 2009. If your income is complicated, you may wish to discuss estimated numbers with your accountant or financial advisor.

Remember, the point of this estimate is to allow you to fill out the FAFSA as soon as possible. You should then go back once your 2009 tax return is complete and submit your final numbers.

4. Gather Your Information Beforehand

In addition to your and your student’s PINs, you’ll want to have the following information on hand when you sit down to file the FAFSA:

• Drivers licenses and Social Security numbers of both parents & your student
• Information about parental 2009 earnings from work and other income (interest, dividends, child support, etc.)
• Information about your student’s 2009 earnings from work and other income
• Account balances of savings, checking, investment accounts (non-retirement*), investment real estate equity (not personal residence) for both parents and students

*NOTE: You do not need to report the balances of any retirement accounts such as IRAs, 401(k)s or 403(b)s.

Get these 4 steps done in advance, and you’ll find filing the FAFSA will go a lot faster!

All the best,
Deborah Fox