DO NOT MAIL THIS WORKSHEET.
That's what it says on the first page of the FAFSA worksheet that is available on the web at www.fafsa.ed.gov.
FAFSA, or Free Application for Federal Student Aid, needs to be filled out and filed in order for students to apply for most state and college aid. It's a daunting document, scarier than income tax forms for some because so much rides on it. Fill out your income tax form incorrectly and the government will likely let you know, may even charge you a little interest, but fill out FAFSA incorrectly and your college bound child – or you – might be denied enough financial aid in order to go to college.
It doesn't have to be so anxiety provoking, though. Just like when you're doing your income taxes, planning is the key. Saving your necessary financial records in one place can save you a lot of time, and a lot of worry.
The FAFSA requires more financial information from the applicant than just what is on typical income tax returns, but saving copies of the returns of both parents and dependent student is the best place to start. It's not too early, if you have a teenager who is a junior in high school, to save financial data that you will need when you fill out those college financial aid forms next year. What better time than April, the month income taxes are filed, to take a quick trip down to your local office supply store and buy a manila folder in which to put the forms.
So what other information should you start to gather? The best way to find out what you're in for is to go to the above mentioned website and download a copy of the application. Many of the questions it asks of the future college student are easy. "Are you a U.S. Citizen?" "Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?"
Others will require some digging, unless you've got a CPA in your house who keeps close track of the family's net worth. "As of today, what is your parents' total current cash balance in cash, savings, and checking accounts?" "As of today, what is the net worth of your parents' investments, including real estate (not their home)?" The future college student should get ready to put his or her own financial information into the file, or start a separate file for bank statements and tax forms. The application also asks "As of today, what is your (and your spouse's) total current balance of cash, savings and checking accounts?"
The FAFSA doesn't award student aid; it determines a student's eligibility to receive aid from grants, loans, and work study programs. It's the foundation on which all other aid is built, which is why it is so nerve wrecking to fill out, and why it is so important to have the necessary building materials – the tax forms and finanical statements – to construct that foundation as solid as possible.
All colleges and universities have financial aid offices, and the White Mountains Community College, with its main campus in Berlin and academic centers in Conway, Littleton and Woodsville, has college officials waiting to guide students through the process. If you have any questions give us a call at 752-1113, or stop by and make an appointment to meet with our financial aid officer. We are here to help you make the most important investment in your life, your investment in a college education.
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