(ARA) - Any student requesting federal financial aid is required to complete the Free Application for Federal Student Aid (FAFSA) each year. FAFSA information is used by Federal Student Aid to calculate the expected family contribution, which is subtracted from the cost of attendance at the school(s) a student plans to attend. That amount determines a family’s eligibility for federal aid.
FAFSAs for the 2008-2009 academic year are being accepted between January 1 and midnight Central Standard Time, June 30, 2009. However, don’t wait until the last minute because federal aid is awarded on a first-come, first-served basis. In addition, most states and schools use FAFSA information to award their financial aid.
Following a few simple pre-planning steps will help you complete the FAFSA more easily and faster, ensure your information is accurate and complete, and ideally save you thousands of dollars.
If you haven’t already, complete your 2008 tax returns. Federal Student Aid recommends that you do your taxes before completing the FAFSA because you must report your income earned in the previous year.
The higher a family’s cash assets and adjusted gross income, the less government assistance a family will receive. So, in addition to consulting your accountant, it is also suggested that you take the following measures throughout the year in order to maximize your 2009 tax deductions.
* Contribute as much as you can to your retirement savings account.
* Contribute to a flexible benefits plan.
* Make energy efficient improvements to your house.
* Pay down or pay off loans and bills.
* Sell bad investments by December 31.
Next, gather your tax returns, Social Security Number, driver’s license, bank statements and investment records. You’ll want these documents for reference only; you do not need to mail them to Federal Student Aid.
Following these easy steps will help simplify and quicken the process of filling out the FAFSA, as well as increase your odds of obtaining the most Federal financial aid for 2008-2009 and in years ahead.
Courtesy of ARAcontent
0 comments:
Post a Comment