FAP563: Financial Aid Podcast Starter Pack, episode 2 of 5

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Welcome to Episode 2 of the Financial Aid Podcast Starter Pack, a 5 episode miniseries designed to help you get started on the path of paying for college, as well as introduce you to the podcast and the Student Loan Network. My name is Christopher Penn, founder, host, and producer of the Financial Aid Podcast.

If you haven’t already done so, please subscribe to the podcast. Subscribing to the podcast is easy and free, especially if you use iTunes for the Mac or PC, which you can get at www.iTunes.com for free. Subscribing lets you receive the podcast automatically, delivered to your digital doorstep whenever a new episode is available. To add the Financial Aid Podcast to your daily routine, just install iTunes, then visit www. FinancialAidPodcast.com and click on the Add to iTunes button on the left hand side.

This miniseries contains 5 episodes. Episode 1 is about scholarships and grants. Episode two, which you’re listening to now, FAFSA, the free application for federal student aid Episode three is about federal student loans. Episode four is about private student loans. Episode five is about student loan consolidation and career stuff, things you do after you graduate. Let’s roll right into the FAFSA.

The FAFSA is probably the single most important financial aid form you will ever complete in your career as a college student or parent of a college student. As such, it’s vital to complete it quickly and accurately, to ensure that you get the maximum amount of aid.

Take a deep breath. Relax. The FAFSA form may be time-consuming, but it’s not impossible, and you can do it. You will need to gather up all your documentation and download a copy of the FAFSA, as well as the appropriate IRS tax forms.

# When the FAFSA refers to “I”, “You”, “Your”, etc. it is referring to the student! (not the parent, family, or FAFSA preparer)
# Always double check even basic things like your address and ZIP code.
# Nothing will kill a FAFSA faster than errors or omissions! Check everything!

What documentation and paperwork do you need for the FAFSA? Here’s a list! Remember – all financial paperwork needs to be for the previous financial year. If you’re planning to file for the 2007-2008 FAFSA, you’ll need documentation from 2006.

* Your Social Security Number (can be found on Social Security card)
* Your driver’s license or state ID (if any)
* Your W-2 Forms and other records of money earned
* Your (and your spouse’s, if you are married) 2006/2007 Federal Income Tax Return – IRS Form 1040, 1040A, 1040EZ, 1040TeleFile, foreign tax return, or tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, or the Federated States of Micronesia
* Your parents’ Federal Income Tax Return (if you are a dependent student)
* Your untaxed income records – Social Security, Temporary Assistance to Needy Families, welfare, or veterans benefits records
* Your current bank statements
* Your current business and investment mortgage information, business and farm records, stock, bond, and other investment records
* Your alien registration or permanent residence card (if you are not a U.S. citizen)

While it’s not required, having a completed IRS 1040/1040A/1040EZ tax form, even if it hasn’t been filed, is going to save you a LOT of time completing the FAFSA. Before you proceed, we strongly encourage you to complete your 1040 tax return, as a number of items on the FAFSA refer to specific lines on the 1040.

There’s a tour of the FAFSA, question by question, at FAFSAonline.com

Let’s also tackle some commonly asked FAFSA questions.

Podsafe Music
- It’s traditional for the Financial Aid Podcast to have independent music in every show, and this miniseries is no exception.
- Kevin Reeves, Shine

Get in touch with the Financial Aid Podcast!

Reminders

+ Private student loans
+ Stafford loans | Other federal student loans
+ Student loan consolidation at StudentLoanConsolidator.com
+ FAFSA tutorials and free help
+ Financial Aid Podcast Show Notes at FinancialAidNews.com.
+ The Financial Aid Podcast is a publication of the Student Loan Network.