FAFSA 2013-2014: What You Need to Know

 This time of year takes me back to when I was in college. Every year around this time I had to fill out my federal application for student aid (FAFSA) form.  If you have a student getting ready to enter college in the fall of 2013 or if your child will be returning back to college in 2013 and want to know if they qualify for some form of federal student aid they should be completing their FAFSA form. 

When do you need to file your FAFSA form?

✓  This is a link to state by state FAFSA filing deadlines: http://www.fafsa.ed.gov/fotw1314/pdf/Deadlines.pdf

✓  The amount of aid available is limited: You can file earlier or later, but the sooner you get the FAFSA form filed, the more likely your student will get aid if they qualify.  The chart below summarizes how much and what types of aid are available.

http://trends.collegeboard.org/student-aid/figures-tables/total-student-aid-source-billions-2010-11

Why complete the FAFSA form?

✓  In order to find out if you qualify for any type of federal aid, including federal and private student loans, you need to complete the form.  Even if your family has very high income, it still makes sense for you to complete the FAFSA form as even a small amount of aid is a savings.

✓  The FAFSA form calculates your Expected Family Contribution (EFC) which is a critical number used to determine how much aid and what type of aid you might receive.

What do I need to fill out my FAFSA form?

✓  Computer with internet connection (paper forms can be completed and mailed but take longer)

✓  Go to:  http://www.fafsa.ed.gov/

✓  Pin number (which you will apply for once you start a new FAFSA)

✓  Prior Year’s Tax Return or estimates

✓  Current values of investment accounts not including retirement plans

✓  Prior year retirement plan contribution amounts.

If you have questions regarding the financial aid process feel free to contact us!

Julie E. Hall, CFP® is the Director of Financial Planning at Center for Financial Planning, Inc. In addition to her contributions to Money Centered and Center Connections, Julie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine. Julie is a member of the Financial Planning Association™ (FPA®) and is currently serving on the Financial Planning Association™ (FPA®) Pro-Bono committee, which works to help promote financial literacy within our local community.

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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily of RJFS or Raymond James.