:: Do I Need To Complete the FAFSA? ::
The Free Application for Federal Student Aid (FAFSA) should be your first step in funding your college education. It determines your eligibility for many types of federal and state financial aid, like grants, work-study, and student loans. It may also be required to obtain some types of private and state financial aid and many scholarships as well.
It's essential to submit the FAFSA as soon as possible each year because some financial aid programs that require FAFSA information, including some grants and scholarships, have deadlines early in the year. You want to take advantage of every chance to get the aid you qualify for.
Questions about the FAFSA process? Visit StartWithFAFSA.org, an OCAP website dedicated to providing helpful FAFSA information and resources.
Submitting Your FAFSA
The best way to submit your FAFSA is online at FAFSA.gov, the official website. The online application is safe and secure, and much faster than the paper version. If you need a paper version, visit StudentAid.gov and print a paper FAFSA.
Getting Started
Gather documents. You'll need your Social Security card, tax papers, bank statements and other documentation when completing your form. If you're completing the FAFSA online, you'll be required to give consent allowing the IRS to transfer your tax information directly to the FAFSA.
Create a FSA ID. You'll need a Federal Student Aid (FSA) ID to access your FAFSA online. If this is your first time completing the FAFSA and you have not yet created an FSA ID, or if you forgot your FSA ID username or password, visit StudentAid.gov.
Are you a dependent or independent student? Use this dependency questionnaire to determine your status. If you’re deemed an independent student, you won't need to provide your parent's information when completing your FAFSA. If you're a dependent student, your parents may also need to create their own FSA ID.
What to Expect
Once you submit your FAFSA, you'll receive a FAFSA Submission Summary. If you have an email address on file, the Department of Education will email instructions for viewing it online. The schools you listed on your FAFSA will also receive a copy.
Carefully review the information provided. If your financial aid office requests additional information, send it as soon as possible. Once your application is submitted, the financial aid office will send you an award letter informing you of your eligibility for various types of financial aid.
Remember, you don't have to accept all of the aid offered. Use student loans to only borrow what you need for school expenses, like tuition, books and housing. Loans must be paid back with interest when you are no longer in school.
When making borrowing decisions, always keep your future earning potential in mind. You can access state wage data at the Oklahoma Wage Network to get a clear picture. A good rule of thumb is to borrow no more than the annual salary you expect to earn during your first year after graduation. Borrowing beyond this limit may make it challenging to repay your loans in a timely manner.
:: Additional Resources ::
- FAFSA 2024-25 FAFSA Walkthrough Video (English)
- FAFSA 2024-25 FAFSA Walkthrough Video (Spanish)
- Overview of the Financial Aid Process (Video)
- Finish the FAFSA in 5 Steps brochure (PDF)
- StudentAid.gov
- StartWithFAFSA.org
- FAFSA.gov
