To complete the FAFSA, you need your Social Security number, your federal tax return (or access to your tax records), records of any untaxed income like child support, and current balances for your bank accounts and investments. If you’re a dependent student, your parents will need to gather the same information for their own finances. Here’s everything to have ready before you sit down to fill out the form.
Your FSA ID and Personal Information
Before you can start the FAFSA online, every person who needs to fill out a section of the form must create an FSA ID at studentaid.gov. This is a username and password tied to your Social Security number, and it serves as your electronic signature. If a parent or spouse also needs to contribute to your form, they each need their own FSA ID as well.
For the personal information section, have the following ready:
- Social Security number (or Alien Registration number if you’re an eligible noncitizen)
- Date of birth
- Current mailing address and email
- Driver’s license number (if you have one)
Who Counts as a “Contributor”
The FAFSA uses the term “contributor” for anyone who must provide personal and financial information on your form. If you’re a dependent student, at least one parent is a contributor. If that parent has remarried or has a spouse or partner, and they didn’t file taxes jointly, the spouse or partner becomes an additional contributor. If you’re an independent student who is married, your spouse is a contributor.
Each contributor is asked to provide their marital status, state of legal residence, consent to share their federal tax information, and a signature. Contributors who are a parent’s spouse or partner have a shorter list: they provide consent, any applicable tax and financial information, and a signature. Every contributor needs their own FSA ID to log in and complete their section, so make sure everyone creates one before you begin.
Federal Tax Returns and IRS Consent
The biggest piece of the FAFSA is financial information, and most of it now comes directly from the IRS through what’s called the Direct Data Exchange. When you fill out the form, you and every contributor will be asked to provide consent and approval for the IRS to transfer federal tax information straight into the FAFSA. This consent is required even if you (or a contributor) didn’t file a federal tax return at all.
Because the data transfer is automatic, you won’t need to manually enter most income figures. However, Federal Student Aid recommends keeping your actual tax return on hand while you complete the form. Some questions may require details that aren’t covered by the automatic transfer, and having the return in front of you makes it easier to answer those accurately. If a contributor declines to provide consent, they’ll need to enter their income information manually, which makes the process slower and can delay your aid.
Records of Untaxed Income
The FAFSA asks about certain types of income that don’t appear on a tax return. The main one is child support received. If you or any of your contributors received child support during the relevant tax year, you’ll need to know the annual total. Have bank statements, court records, or personal records available so you can report an accurate figure.
Asset Records and Account Balances
You and your contributors report assets as of the date you sign the FAFSA, not as of the end of the tax year. That means you need current, up-to-date balances when you sit down to complete the form. The FAFSA asks about three categories of assets.
Cash, Checking, and Savings
You’ll report the combined current balance of all cash, checking accounts, and savings accounts. Log into your bank before you start so you have the exact numbers.
Investments
Investments include a wide range of holdings: stocks, bonds, mutual funds, money market funds, certificates of deposit, real estate you don’t live in (such as rental property or vacation homes), trust funds, 529 college savings plans, Coverdell education savings accounts, and UGMA or UTMA accounts. You report the net worth of these investments, meaning the current market value minus any debt directly tied to that investment.
If an investment has a negative net worth, you report it as zero rather than using the loss to offset the value of other investments. If you own multiple investments, add up all the net worth amounts and report them as a single lump sum.
A few things you do not report as investments: the home you live in, retirement accounts (401(k) plans, IRAs, pensions, annuities, Keogh plans), the cash value of life insurance, ABLE accounts, and the value of a business or farm (those are reported separately). If a student is a dependent, education savings accounts like 529 plans are reported as a parent asset, not a student asset.
Businesses and Investment Farms
If you or a contributor owns a business or an income-producing farm, the FAFSA asks for its current net worth. This is the market value of the business minus any debts the business owes. Real estate owned by the business is included in the business value, not in the investment category.
Checklist Before You Start
Gathering everything ahead of time is the simplest way to avoid errors and delays. Here’s a quick summary of what each person filling out the form should have ready:
- FSA ID (created at studentaid.gov)
- Social Security number or Alien Registration number
- Federal tax return for the relevant tax year, even though most data transfers automatically
- W-2 forms or other income statements for reference
- Records of child support received, if applicable
- Current balances of all bank and savings accounts
- Current values and related debts for investments, including brokerage statements, 529 account balances, and real estate records
- Business or farm financial records, if applicable
The FAFSA opens on October 1 each year for the following academic year, and many state and school deadlines fall well before the federal June 30 deadline. Filing early gives you the best shot at aid that’s awarded on a first-come, first-served basis, so it pays to pull these documents together before the form opens.