The Free Application for Federal Student Aid (FAFSA) is the key to unlocking various college financial aid types, including institutional scholarships, grants, work-study programs, and student loans.
Getting an early start and being well-prepared can make the process smoother. FunCation Academy’s College Bound program can assist you with navigating FAFSA, ensuring that your child gets the best chance at financial support. It’s never too early to prepare for college, and getting familiar with FAFSA is an important first step!
What is FAFSA?
FAFSA determines your child’s eligibility for federal financial aid, which may include:
Institutional Scholarships/Grants: Many colleges and universities use FAFSA information to determine eligibility for their own scholarships and grants.
Grants: Money you don’t have to repay.
Work-study programs: Part-time jobs to help pay for college.
Federal student loans: Loans that must be repaid, often with lower interest rates than private loans.
By filling out FAFSA, you also open the door to many state and school-based financial aid opportunities.
Important FAFSA Dates
FAFSA Open Date: Opens on December 2024Â for the 2025-2026 academic year.
Priority Deadlines: Many states and colleges have deadlines in February or March, so applying early increases your chances of receiving aid.
Federal Deadline: The federal deadline is typically in June of the academic year for which you’re applying. For example, the 2025-2026 academic year's deadline is June 2026.
Steps to Complete FAFSA
Gather Necessary Documents- Before starting, collect:
Your child’s Social Security number.
Tax returns and W-2 forms from two years ago (for 2025-2026, you’ll need 2023 tax info).
The new FAFSA system also offers a convenient feature called the IRS Data Retrieval Tool (IRS DRT). This tool lets you link your FAFSA to the IRS, securely importing your tax data into the form.
Your child’s driver’s license (if applicable).
Create an FSA ID
Both you and your child will need an FSA IDÂ to sign the FAFSA.
You can create this at fsaid.ed.gov.
Complete the FAFSA Form
Visit studentaid.gov to fill out the FAFSA. This usually takes about 30 minutes. Be sure to:
You’ll need to list at least one college to receive your FAFSA results, and you can select up to 10 schools to which you can send the information.
Use the IRS Data Retrieval Tool to import your tax information automatically.
Review Your Student Aid Report (SAR)
After submission, you’ll receive a Student Aid Report (SAR) summarizing your information. Review it for accuracy.
Wait for Financial Aid Offers
Colleges will review your FAFSA and send you a financial aid package, which may include a mix of grants, work-study opportunities, loans, and institutional scholarships or grants.
Tips for Success
Apply Early: Some aid is awarded on a first-come, first-served basis. Submitting early increases the likelihood of receiving more aid.
Use the IRS Data Retrieval Tool: This tool simplifies the process and reduces errors by transferring tax data directly into the FAFSA form.
Double-check for errors: Ensure all information is accurate before submitting it to avoid delays.
Don’t Skip FAFSA: Even if you think your family may not qualify for need-based aid, fill out the FAFSA anyway. Some schools require it for merit-based scholarships as well.
Update Annually: You’ll need to fill out the FAFSA every year your child is in college, so staying organized can help.
Common Mistakes to Avoid
Missing Deadlines: To avoid missing out on aid, keep track of both federal and college-specific deadlines. Students using our College Bound services will have access to Overgrad, which will help them keep track of deadlines.
Using Incorrect Information: Double-check that your tax info matches official records.
Forgetting to Sign: Both you and your child must sign the form using your FSA IDs.
How College Bound Can Help
FunCation Academy’s College Bound services offer step-by-step guidance through the FAFSA process. We help you gather the right documents, understand financial aid options, and ensure deadlines are met. With the College Bound services, you don’t have to tackle FAFSA alone—our expert support can make a big difference.
By understanding the basics of FAFSA and getting started early, you’re setting up your homeschooled student for success in accessing financial aid.
Sources
U.S. Department of Education. (2023). FAFSA® Application | Federal Student Aid
Federal Student Aid. (2023). How to Fill Out the FAFSA® Form
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