Financial Aid Checklist (2024)

FAQs

How to answer why you need financial aid? ›

Explain the difficulties you are having meeting your needs. Describe changes in your life that have affected your ability to pay for college. For example, changes in your family's income or unexpected expenses may have caused a financial deficit. Provide evidence that you can handle your finances responsibly.

Request a Reevaluation of Your Circ*mstances

Sometimes a family's finances are not accurately reflected on the FAFSA^® form because of changes that have occurred, such as job loss/reduction, divorce or separation, or other special circ*mstances.

You'll have a better chance at receiving money for college if you avoid several common mistakes when filling out your Free Application for Federal Student Aid (FAFSA®) form. Such mistakes include not completing the form on time, not filling it out correctly, or forgetting to sign and submit.

This is question 37 on the Free Application for Federal Student Aid (FAFSA^®) PDF. Add the account balances of your (and if married, your spouse's) cash, savings, and checking accounts as of the day you submit your FAFSA form. Enter the total of all accounts as the total current balance.

What if you are unsure if you are eligible for financial aid? Every college should have its own Net Price Calculator, found on its website (federal policy ensures they have one). Try inputting your family's financial numbers to see if you qualify for aid. If you do, confidently mark "Yes" on the Common App question.

Body: Your financial situation and hardships

Make sure you describe your parents' occupation, any savings (like a 529 College Savings Account), and any student jobs. You might also discuss any sudden changes in fortune (e.g. parent fell ill or lost their job) that have ruined your original financial plans.

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.

The majority of students awarded financial aid received federal grants. The average federal grant award for undergraduate students has more than doubled to $8,890 in 2022 from $4,335 in 2001. Student aid estimates for 2022-2023 show that average federal grant aid has increased to $10,677.

For many, the most difficult part about filling out the FAFSA is entering in the financial information. But now, thanks to a partnership with the IRS, students and parents who are eligible can automatically transfer the necessary tax info into the FAFSA using the IRS Data Retrieval Tool.

What not to do on FAFSA? ›

Don't enter nicknames or other variations on your name. Entering the wrong address: Don't enter a temporary campus or summer address as your permanent address. Entering the wrong federal income tax paid amount: This amount is on your income tax return forms from two years prior, not your W‐2 form(s).

Bank statements and records of investments (if applicable), net worth of investments, businesses, and farms. Records of untaxed income (if applicable) An FSA ID (account username and password) to log in to StudentAid.gov and start the FAFSA form electronically.

Parent Assets: These questions are about the student's parent(s). FAFSA Question #88. As of the day you first submitted the 2021-2022 FAFSA, what is your parents' total current balance of cash, savings, and checking accounts?

Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.

Your Parents' Number of Family Members in 2023–24 (Household Size) This is question 69 on the Free Application for Federal Student Aid (FAFSA^®) PDF.

Talk about your Passion and Persistence. Letting your passion show through in your answer allows the committee to see your dedication. You deserve this scholarship based on your love of learning, your enjoyment of your field, or your passion for growth.

Completing and submitting the FAFSA form is free and easier than ever, and it gives you access to federal student aid—the largest source of aid— to help you pay for college or career/trade school. In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid.

My family has made many sacrifices to allow me to focus on education throughout primary and secondary school. I now have an opportunity to become the first person in my family to attend college, though I'm in need of financial assistance to realize what has been a long-term goal for me and a dream for my parents.