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Should Online Students Fill Out the FAFSA?
Does FAFSA cover online college? The simple answer is a resounding yes! Perhaps you have a few questions about whether being an online student affects the funding you hope to receive. In this article, we will try to answer those questions and more so that you can tackle your FAFSA!
First, what does the “FAFSA” stand for?
“FAFSA” stands for the Free Application for Federal Student Aid. The FAFSA is the most important part of the entire financial aid process. The FAFSA determines student eligibility for Pell Grants and Federal SEOG Grants are determined by the FAFSA. Student loans, including subsidized and unsubsidized Federal Direct Loans and PLUS Loans, are FAFSA driven. Finally, even work study awards are determined by FAFSA results. In short, all the good financial aid stuff starts with the FAFSA, so fill it out as soon as possible!
Does your college accept the FAFSA?
First, you’ll want to be sure that the schools you hope to attend accept the FAFSA. Start by asking whether they do in fact accept the FAFSA.. If they don’t, you may want to make sure there aren’t other schools in your area who do accept the FAFSA. It’s important to note that regionally accredited schools do accept FAFSA, however, nationally accredited schools do not always accept FAFSA. Regionally accredited schools are usually universities and colleges, while nationally accredited schools are usually technical or vocational schools.
If you’re still unsure if your college accepts FAFSA, you can start by checking their website. If you are still not sure, contact the financial aid office and ask to speak with someone about what paying for tuition may look like. Remember, the FAFSA does cover online college, so if your school does not accept it, it is not just because they are online.
Are you eligible for the FAFSA?
Eligibility is an important factor for the FAFSA process. As we said above, the key factor is knowing whether your school is eligible to accept the money you may be granted via FAFSA. Being an online student does not disqualify you from using FAFSA.
Online degree programs and classes have been a growing area of education over the past decade. A more in-depth look at the FAFSA eligibility requirements for individual students can be found on FAFSA government website.
Related: FAFSA guide for international students
How do you fill out the FAFSA?
Filling out the FAFSA can be challenging for some people. Several documents are required to determine how much funding you are eligible for. Tax documents, records of investments, and possibly bank statements are all needed. While this might feel like overkill, it’s important to supply all the necessary information so that you can receive all the available funding that you are eligible for.
In the next section, we included a list of documents needed to fill out the application. Depending upon if you are an independent or dependent student will slightly affect the list of required documents.
Related: How do you fill out the FAFSA?
Required documents for the FAFSA
Before looking at what documents are required for the FAFSA, consider whether you are a dependent or an independent student. If your parents are not together, you will also need to determine which parent to use on the FAFSA.
Social security number OR alien registration number
You’ll need an SSN or an alien registration number to set up your FAFSA ID and fill out the FAFSA. Unfortunately, at least one of these numbers is required to be eligible for federal student aid.
Further reading: Filling out the FAFSA without a social security number
Federal income tax return (W-2 form)
Your federal income tax return helps determine how much aid you receive. It shows how much money you received in the past year at a job and what taxes were taken from your paycheck during that year.
It’s important to submit the most recent W-2 form that you have. Depending on if you are filing as an individual or a dependent will affect if you need to provide W-2 forms from your parent/guardian.
Don’t miss: How to fill out the FAFSA is a parent did not file income tax
Bank statements and records of investments
In addition to your income, the FAFSA also asks to look at what other sources of money may be able to help you fund your education. Be sure to be accurate with this part of the FAFSA. While filling out the application, there will be more information about what constitutes an investment and what bank records are needed.
FAFSA ID
Your FAFSA ID is simply your login that you create before filling out the application. To create a FAFSA ID, you will need your SSN (or equivalent documentation) and a valid email address or phone number.
Key Takeaways
Frequently asked questions about filling out the FAFSA for online students
How long does it take to fill out the FAFSA?
Is the Pell Grant different from the FAFSA?
Can you get a student loan for online college?
How do I pay for college if I don’t qualify for a loan?
Also see: Top online college scholarships
