Best FAFSA tips: How to get the most financial aid | How to | GBR - YouTube

Hello, I'm Jennifer, Junior Editor at GoBankingRates.com. Today we're talking

about the free application for Federal Student Aid, also known as the FAFSA.

The FAFSA is available to part-time and full-time students. The types of

financial aid available through the FAFSA is a Pell Grant, State Grant,

Perkins Loan, Stafford Loan and the federal work-study program. Financial aid

is awarded on a first-come first-serve basis. Often states have their own

priorities deadline, for example California's state deadline is on March 2nd.

If you miss the state deadline don't worry. the federal deadline isn't

until June 30th so you do still have time to submit your application.

There are three options to submit the FAFSA. The first is to go to

www.fafsa.ed.gov. From here you can submit your application online.

The second option is to go to the website and download a PDF document. From there, you can submit the FAFSA by mailing in the form.

The third option is to contact 1 (800) 4-FED-AID and request a traditional paper document.

When completing the FAFSA online, make sure you're on the FAFSA website not a third party website.

Third party websites often charge a fee in order to complete the application on their site. Again this

application is a free application for federal student aid. Before filling out a

FAFSA you'll need to have a few documents on hand. The first is your

social security card. If you don't have your social security card

on hand, then make sure you've memorized the number by heart. Second, is a

driver's license if you have one. You'll also need your w-2 form and your most

current federal income tax return. Also, any bank statements and investment

records will be helpful. Filling out a FAFSA is pretty straightforward,

but here are some questions that some students have.

The FAFSA will ask you to list all assets to be used on educational expenses.

Equity on stocks, bonds, college savings accounts, like a 529, businesses, farms and a second

home are all considered assets. What's not considered an asset is your primary

home and retirement accounts like a 401k.

Typically, yes, work-study earnings are taxable for

federal and state taxes. However if you work part-time and are enrolled in

school full-time you may be exempt from the FICA tax, which is funds allocated to

Social Security and to Medicare.

Ideally you shouldn't wait to file your FAFSA. Financial aid is awarded on a

first-come, first-serve basis and there is an option when filling out the form

to state that you have not filed your taxes but intend to file. By choosing

this option you'll be able to still submit your application on time by the

priority deadline and get the maximum awards available to you. Then once you

have filed, you can go back into your FAFSA application and make the corrections.

The government requires that you list your assets and your parents'

assets when filling out the FAFSA form. In order to claim yourself as an

independent and avoid listing your parents' assets on the form, you have to

meet certain qualifications. You may file the FAFSA as an independent if you are

24 years old or older, an orphan, ward of the court or were a ward of the court

until 18 years old, if you are an emancipated minor or an unaccompanied

youth at risk for homelessness on or after July 1st of the current year, a

veteran of the US Armed Forces, a graduate student or professional student,

are married, or have legal dependents like children and if you have unusual

circumstances as deemed by a financial aid administrator. If you don't meet any

of these qualifications you still need to provide your parents financial

information for the FAFSA even if you don't live with them or have filed your

own taxes. For more information on student loans visit GoBankingRates.com.

Thank you for watching and good luck on filling out your FAFSA.