History

• The FAFSA has been around since the 1950s as a way for future college students to find out what kinds of financial aid they may qualify for. Many prospective college students have benefited from the FAFSA process, allowing them to obtain much-needed money to attend college.
  
  

Deadlines

• Check the official FAFSA website for exact application deadlines, as they may change from year to year. You can apply as early as January 1st of each year. The typical deadline for each new school year is on or around June 30th. Some individual schools and states have their own deadlines, so check with them for the exact deadlines.
  
  

Features

• Each year you need to renew your FAFSA to continue to be eligible for aid.
  Students filling out the form in the past were expected to wait several weeks for a response, but since May 2009, the Department of Education has provided immediate estimates of Pell Grant and student loan eligibility.
  Beginning January 2010, students applying for financial aid will be able to effortlessly find their current tax information from the IRS. This will allow for an easier completion of the online FAFSA application.
  The Administration is also hoping to remove 26 questions from the FAFSA form that don't have much of an impact on which type of aid is awarded. Only relevant questions will remain to make the application process much easier for parents and students.
  
  

Warnings

• The FAFSA application is free to anyone trying to get information about help for college tuition. If anyone tries to charge you to file your application, chances are they are not a legitimate source.
  
  

Things You'll Need

• Before you begin filling out the FAFSA form, it is a good idea to have some materials prepared. You'll need to have your social security number, driver's license number, your W-2 forms and other records of money earned from the current tax year, copies of current Income Tax Returns (include copies of parents', spouse's, or self, depending on your situation) and copies of your current bank statements. Also, if you are not a U.S. citizen, you will need your alien registration or permanent resident card.
  
  

Tips

• You can use FAFSA4caster to learn more about the financial aid process and get an early estimate of your eligibility for financial aid. There is a link on the official FAFSA website that allows you to use this efficient tool. There, you can enter general information to get an estimate of what aid you might expect to receive.
  Applying online with FAFSA is much faster and more efficient than using a paper copy, but if you should need one, you can print out a copy online.
  It's important to file your FAFSA early or at least on time. If you file late, you might miss a great opportunity to get some much-needed money. Some schools award financial aid in the order in which applications are received.