It’s that time of year again— time to fill out the long form with the funny name— FAFSA. The Free Application for Federal Student Aid is often the starting point for millions of students in their quest to pay for college. It’s convenient to fill out the FAFSA online these days but a little organization and preparation as outlined below will make the job go a lot faster:
- Rob explains what FAFSA encompasses and what you need before applying.
- Then he discusses timing for the application and the documents you should have at your disposal.
- Social Security Card
- Driver’s license
- Last two years of financial documents (10-40, W-2 and/or 10-99s)
- Last two years of untaxed income, such as child support paid or received
- Last two years of asset-related financial records (latest bank and brokerage account statements including stocks, bonds, mutual funds, 529 plans and business records)
- Finally, Rob talks about decisions you should make that will affect your future ability to pay the student loan off.
Next, Rob and Steve tackle listener questions at 800-525-7000 and via email to Questions@MoneyWiseLive.org on a variety of topics:
- If you're taking care of your daughter who suffers from a ongoing medical condition and you're using up your 401(k), what are some helpful financial suggestions?
- What is a self-directed IRA and who would use one?
- If you've had an unfortunate credit issue which wasn't your fault that has adversely affected your credit score, how long does that bad score last and are there steps you can take to rectify the situation?
- How literally should you take the biblical recommendation of diversification to spread your wealth over 7 or 8 investments?
- If you've saved money for one of your children, can you move that money around to your advantage if applying for FAFSA?
- If you're applying for FAFSA, is it required to have first applied at a college or university?
- If you don't have a church to "call home" at the moment, what should you consider directing your tithe toward?
- If you daughter is starting grad school in the fall and needs to finance 3 years of tuition, does she qualify for the FAFSA and if not, what else is available?
- What's the best way to get rid of credit cards you don't use?
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