All About FAFSA: What Kind of Questions Are Asked?
If you or someone you know is gearing up for college, you've probably heard the term "FAFSA" floating around. Filling out the Free Application for Federal Student Aid (FAFSA) is a crucial step in securing financial assistance for higher education in the United States. But what kind of questions does the FAFSA ask? In this guide, we'll break down the key categories of questions you can expect when completing this important form.
Personal Information
The FAFSA begins by collecting basic personal information to identify the applicant. This section includes questions about:
Name: Your full legal name, including any suffixes (e.g., Jr., Sr.).
Social Security Number (SSN): A unique identifier used to track your financial information.
Date of Birth: Your birthdate to confirm your age.
Contact Information: Your address, phone number, and email address for communication.
It’s actually more common for students to enter the wrong Social Security Number because of wrong information or typos. Make sure to check your information were entered correctly to avoid delays in processing time.
Dependency Status
FAFSA distinguishes between dependent and independent students. Dependent students typically include their parents' financial information on the application. Questions in this section help determine your dependency status.
Marital Status: Whether you're married, single, separated, or divorced.
Parental Information: Questions about your parents' marital status, education level, and household size.
Financial Information
This section delves into your financial situation and that of your parents (if applicable). You'll need to provide detailed information on income, assets, and benefits. Common questions cover:
Income: Details about wages, salaries, and other sources of income, as well as tax filing status.
Tax Information: Questions about tax returns and the use of the IRS Data Retrieval Tool if available.
Assets: Information about savings, investments, and real estate.
Benefits: Any government benefits, such as Social Security or unemployment, received by you or your family.
This is the part where most students make mistakes because the questions asked require some level of knowledge about the federal tax return and types of income. Some common mistakes are reporting non-taxable income as taxable income and forgetting to include information from other parts of the tax return such as Schedule 1. If you’re not sure about a question, contact the FAFSA office or someone who knows the form well.
Household Information
Understanding your household size and the number of family members attending college is crucial in determining your financial aid eligibility. This section typically includes questions about:
Household Size: The number of people living in your household.
Number in College: How many family members, including you, are attending college.
The household size can be tricky, but FAFSA provides a clear guideline on how to calculate your household size. Your household size affects your family’s contribution, so make sure to follow their guideline.
School Selection
Here, you can list the colleges and universities to which you're applying or planning to attend. This information ensures that your FAFSA data is sent to these institutions, enabling them to assess your eligibility for financial aid. Make sure each school’s federal school code is correct.
Dependency Overrides
If you believe you have unusual circumstances that may qualify you for a dependency override, this section allows you to provide additional details. Dependency overrides are rare and typically require documented proof of extenuating circumstances.
Student Status
This section asks about your educational background and plans for the upcoming academic year:
Degree or Certificate Program: Your intended degree or certificate program.
Grade Level: Your current academic standing (e.g., freshman, sophomore, etc.).
High School Completion: Whether you've completed high school or have a GED.
Signature
Before submitting your FAFSA, you'll need to sign and certify the application electronically using your Federal Student Aid (FSA) ID. If you’re a dependent, you’ll also need an electronic signature from one of your parents as well.
Filling out the FAFSA may appear daunting due to its extensive questionnaire, but we can help to make sure your FAFSA is completed and submitted accurately. Remember, the information provided on the FAFSA is critical in determining your eligibility for federal financial aid, state aid, and often institutional scholarships. With our thorough and meticulous preparation, you'll be taking a significant step toward making your higher education dreams a financial reality.
We’re not affiliated with the Department of Education or FAFSA.
Andrew Oh
Financial Aid Specialist at Navi Consulting
www.naviconsultingny.com
Hansuk “Hans” Kim, CLTC, LACP
Principal / Financial Services Professional
2023 Forbes’ 31st Ranked Financial Security Professional Best-In-State in NJ
(201) 388-5590
www.hskfinancial.com
