The FAFSA is managed by the Office of Federal Student Aid, part of the Department of Higher Education. The Office of Federal Student Aid processes roughly 14 million financial aid applications a year and disburses about $80 billion in financial aid.
The FAFSA application should take about one hour to fill out, but this is only if you have all the necessary documents at hand before you begin. Some applicants get frustrated with the application process because they do not have ready access to all necessary tax forms and bank statements, so be sure to plan ahead before you sit down to complete your FAFSA.
The FAFSA requires information in five categories:
- Information about the student
- Information about the student’s dependency status
- Information about the student’s parents
- Information about the student’s finances
- A list of the schools that should receive the results of the FAFSA
Again, any financial aid award begins with the FAFSA, so be sure to complete the form before the deadlines for the schools to which you’ve applied. Realize that most state deadlines are much earlier than the June 30th federal deadline.