FAFSA Financial Aid Timeline

FAFSA should be completed for the first time during the year before the start of a qualifying college, trade school, technical college, or program. It should also be completed each year as long as the student is enrolled in the qualifying program.

FAFSA Financial Aid Timeline: Plan Ahead, Complete the FAFSA Form, Review Award Offer & Accept Award, and Renew & Repay

Each year the student and parent or guardian should plan ahead, complete the FAFSA form, review award offers, and accept an award. After completing the qualifying program, the student must agree to a repayment plan. Several affordable repayment plans are available and take the financial and family situation into account. The student also completes entrance and exit counseling to help better plan and prepare for any financial obligations.

FAFSA Prep Checklist

Completing the annual FAFSA process can take 30 minutes or less for filers who plan ahead. Use this checklist to help prepare for FAFSA completion. Remember to save your FAFSA information in a secure location. If keeping information online, be sure that files are password protected.

• Student Social Security card or alien registration number.
• Student driver’s license or state-issued I.D. q Student W-2 for current year if student filed (or prior year).
• Parent W-2 for current year (or prior year).
• Parent current year federal income tax returns.
• Untaxed income records for current year.
• Current bank and brokerage account statements: q Stocks, bonds, mutual funds, and other investments (if applicable).
• Business, investment, farm records.
• Other current income. Common income sources include the following:
  • Child support
  • Social Security
  • Veteran benefits
  • Military or clergy allowance
  • Combat pay or special combat pay
  • Taxable work-study, assistantships, fellowships, grants, scholarships
• Record of a family change
  • Marital status
  • Living situation
  • Separations
• Record of unusual financial circumstance
  • High nonreimbursed medical or dental expense
  • High dependent care costs for child or an elderly parent
  • Salary reduction or job loss
  • Private K-12 tuition
• FAFSA Title IV Institution Codes for each school student is applying to.
  • Search codes at https://studentaid.gov/fafsa-app/FSCsearch
• Student & parent FSA ID (if filing electronically)
  • Create or retrieve your FSA ID at www.student-aid.gov/fsaid

aces.edu/FAFSA

Portia Johnson, Extension Specialist, Assistant Professor, Auburn University; Kassandra Ross, Clinical Instructor of Marketing, University of Alabama; Emily Hines, Regional Extension Agent, Auburn University

New July 2022, FAFSA Financial Aid Timeline and Prep Checklist, FCS-2664