Mark your calendars: The final deadline to file your FAFSA application for the 2023-2024 academic year is 11:59 p.m. CT on June 30, 2024. Submitting your application on time is crucial to secure your financial aid. Additionally, any corrections or updates should be made by 11:59 p.m. CT on September 14, 2024.
Meanwhile, the 2024–25 FAFSA form is now available. You can start applying for financial aid for the academic year from July 1, 2024, to June 30, 2025.
As the cost of higher education rises, securing financial aid becomes essential. The gateway to this aid is the Free Application for Federal Student Aid (FAFSA) form, which can unlock access to over $130 billion in government student aid annually.
The U.S. Department of Education has revamped the FAFSA form for the 2024-2025 academic year to enhance accessibility and ease. This updated form broadens eligibility for federal student aid, including Pell Grants. The streamlined form allows many applicants to bypass up to 26 questions, completing the process in less than 10 minutes. According to the Department of Education, these updates mean 7.3 million students could become eligible for Federal Pell Grants.
Accurately filling out the FAFSA form is crucial to obtaining this much-needed financial aid. Mistakes can be costly, so here are some common pitfalls to avoid:
Key Mistakes to Sidestep When Applying for FAFSA
Missing documentation at the time of application. Ensure you have the most recent income tax returns for both yourself and your parents. For the 2023-2024 FAFSA, utilize the IRS Data Retrieval Tool (IRS DRT) to import this data automatically. For the 2024-2025 FAFSA, the IRS DRT will be replaced by a new direct data exchange with the IRS. If tax returns haven’t been filed yet, you can use estimated figures and update them later once the actual numbers are available.
Inaccurate information entry. Errors in your application can delay your financial aid. When entering your name, for instance, it must match exactly as it appears on your social security card.
Excluding parents’ information. Don’t make the mistake of omitting your parents’ data, assuming your information alone is enough. FAFSA requires both your and your parents’ information to assess dependency. The criteria differ from IRS rules. The new 2024-2025 FAFSA form now allows students to invite contributors without a social security number to participate.
Skipping the signature. Even after accurately completing the FAFSA application, an unsigned form will remain incomplete. Your parents’ signatures and their PINs are also required for submission. Without these, your application cannot be processed.
Neglecting to get a Personal Identification Number (PIN). Some may mistakenly think a PIN is unnecessary. However, a PIN – for both you and your parents – is crucial to processing your application. If you don’t have one or have forgotten it, visit the federal student aid PIN website to obtain a new one.
Utilizing Your Tax Return to Complete the FAFSA
Remember, your FAFSA application hinges on accurate financial data from your tax returns – yours and your parents’ – which must align with IRS records. Here’s how to correctly use your tax returns for your FAFSA form:
Don’t send your tax returns. Although your application needs information from your tax returns, the returns themselves aren’t required. However, your school might request them for income verification purposes.
Utilize the IRS DRT whenever possible. If you’ve filed your tax returns at least two weeks prior, leverage the IRS Data Retrieval Tool. Accessible from the finance section of your FAFSA application, this tool takes you to the IRS website where you can authorize the transfer of your tax data directly into your FAFSA form. This minimizes errors and streamlines the process.
Use the IRS DRT for estimated income updates. Did you use estimated figures initially? Once your actual data is available in the system, update your information via the “Make FAFSA Corrections” tab. This ensures your application reflects accurate financial data.
When the IRS DRT might not work. Certain conditions may prevent the use of the IRS DRT, such as if you haven’t filed taxes or are not required to file due to low income ($13,850 for singles or $27,700 for married couples filing jointly in 2023). Changes in marital status or amended tax returns might also require manual data entry.
Keep these pointers in mind to ensure a smooth FAFSA application process!
