Completing and submitting the FAFSA is free and gives you access to federal student financial aid to pay for college, graduate or career school education. In addition, it can be used to apply for state grants and money from most colleges and universities.

If the student is a dependent student, the application asks for financial information from both students and parents. However, if the student is an independent student, the FAFSA asks for information from the student only. Furthermore, if the student is married, the FAFSA will require information from the student’s spouse.

Besides a FAFSA worksheet, school codes and an FSA ID, these items are needed:

An FSA ID is a username and password that is generated in order to fill out the FAFSA. It is used to not only sign in and out of the FAFSA form online but it also confirms a student’s identity so that they can sign the document electronically. Students and parents must create separate FSA IDs; they cannot use one master FSA ID for the whole family. Again, this username and password combination is used to confirm a user’s identity.

Grab the worksheet and school codes at www.FAFSA.ed.gov and create an FSA ID at fsaid.ed.gov.

It’s easiest to fill out the application online at www.FAFSA.ed.gov because using an online form will yield a more accurate and quicker result. However, paper copies can be requested by calling 1-800-4-FED-AID (1-800-433-3243).

First, utilize the IRS Data Retrieval Tool. This tool actually transfers all of the necessary income tax information from the prior prior year, which is the financial data used to determine financial aid eligibility, directly onto the FAFSA form. It not only speeds up the application process but also helps users avoid mistakes. Prefill your application by clicking “Link to IRS” on the financial information section of the FAFSA.

Students and their parents can also find helpful guides online at studentaid.gov or right here on Fastweb: FAFSA HELP

Finally, students can find help in their local communities. High school guidance counselors and financial aid administrators can provide one-on-one help for students and parents as they navigate the FAFSA. Communities also host dedicated weeknights or weekend days where financial aid experts are available to answer questions and help families complete the FAFSA.

The FAFSA becomes available to complete on October 1 every year. Students will first fill the FAFSA out during their senior year of high school as well as each subsequent year after while they are enrolled in college and/or graduate school. The FAFSA has a 21-month application cycle and can be submitted as late as June 30 of the academic year, or the by the last day of classes if that falls first.

However, each state has their own deadline for submitting the FAFSA in order to qualify for state financial aid. State deadlines for financial aid often fall between January and June, meaning students should not necessarily wait until June 30 of the following year to complete the FAFSA. If that strategy is utilized, they could potentially miss out on a year’s worth of state financial aid.

Instead, students and parents should commit to filling out the FAFSA as soon as possible after October 1 in order to complete the application well before any deadlines, thereby maximizing aid eligibility.

Some states and colleges require additional financial aid information. Check with the state or college to see if that’s the case. If so, complete those forms just after the FAFSA.

Once the FAFSA has been reviewed, students will receive a Student Aid Report (SAR), which can be reviewed online by inputting the FSA ID. The SAR will show the Expected Family Contribution (EFC). An EFC is an estimate of how much a family can afford to pay out of pocket and that determines financial need.

Colleges will take a look at the EFC and draw up a financial aid package. The financial aid package may contain grants, work study or student loans. It’s up to the student and their parents to decide which parts of the financial aid package to accept and decline. Students can also negotiate their financial package with the school through an appeals process if they feel the financial aid package is not enough to help cover total college costs.

Finally, students should keep in mind that the FAFSA must be filed every year in order to qualify for financial aid. Filling out the application will be much easier in subsequent years as a FAFSA renewal is all that is required.