T minus 8 and counting
So, January 1st marks the official kick-off of the Federal Financial Aid application season for 2005-2006. Are you ready?
In eight short days (on January 1st) the FAFSA web site kicks off and you can start your Federal application for student aid online. Just remember, many colleges have early deadlines for the form (ours is March 1st) and it will take two to three weeks from the day you click that you are done until we at the college receive your information, so it is important that you get started soon!
What do you need in front of you when you get started?
1. You basic biographical information -- Social Security number (which I am sure you know by heart now anyway from all the standardized tests you have entered it on), parents' dates of birth and Social Security numbers (see my previous entry on who actually is defined as a parent for this process).
2. Your financial information -- Since most of you won't have filed a 2004 tax return by the time you get started doing the FAFSA, you will need to “guesstimate” on your application. In order to do this, have in hand your (and your parents) 2003 tax returns if you filed them, your (and your parents) last pay stubs for 2004 (or W-2s if they are in), and last statements on any assets (checking accounts, stocks, etc) and home mortgage statement. Remember to do your best job estimating, but know that we will get the tax returns later from you (once you file them) and will make any necessary corrections at that point. The better job you do of estimating now, though, the more accurate your financial aid award will be when we send it to you.
3. Your PIN or a printer to print the signature page. Remember that the government has not yet solved the digital signature issue so you and your parents either need to already have a PIN (see my previous entry on this) or be prepared to print out a signature page at the end of the application process, sign it, and mail it to the processor.
4. Don't forget to do the Profile as well. While you're at it, remember that MIT (and many other colleges) also require the Profile, and the deadlines for this form is the same as the FAFSA. Might as well get them done together.
Who said the new year would be quiet.
So, in T minus 7... 6... 5... 4... 3... 2... 1... Financial Aid Blastoff!
Here's to a Happy New Year, and (few, we hope) happy hours of financial aid applications...
Make a resolution now, and get started on it!