Quick reminder, the 2012 Free Application for Federal Student Financial Aid, or  FAFSA, will be available January 1, 2012. Students who are hoping to receive federal financial aid for the Fall 2012 semester need to fill out the FAFSA to be eligible.

Filling out the FAFSA will mean you will have to coordinate with parents and guardians to get together tax information. A recent post by the StudentLoanNetwork highlights an IRS retrieval tool that can be helpful to students when filling out the FAFSA. If you will be filling out this form come January 2012, you’ll want to check out this post, and visit FAFSAonline.com to get tips and help with your financial aid applications.

Hi folks! We’re right in the midst of FAFSA season and students are beginning to receive their Student Aid Reports. I just wanted to let everyone know a little bit more about the SAR and what to look for once you get it.

When you receive your Student Aid Report, the first thing you should do is look for any errors that may have been made. If you do find an error, you do have the opportunity to correct it by web, phone, or mail, though web is usually the fastest. It is important to note, however, that you can only correct any information that was incorrect as of the day you filed your FAFSA, though if an issue arises after filing, you still may be able to change your information. To do this, contact your school’s financial aid office.

If you haven’t received your Student Aid Report yet, don’t worry. It usually takes about four weeks for your FAFSA to be processed and for you to receive your SAR. If it has been longer than four weeks since you filed, you can call 1-800-4FED-AID to check on the status of your application. Visit FafsaOnline.com for more information on federal student aid and your Student Aid Report.

You can also check out the financial aid calendar to see what steps to take next.

The college application and financial aid process is time-consuming, and requires a great deal of research and planning. Thankfully, most of your forms can now be found and completed online.  Even your toughest questions can be answered online by dedicated advocates.

Key tasks you should get on top of as early as possible:

File your FAFSA - Filing your Free Application for Federal Student Aid (FAFSA) is the first step in applying for Federal grants and also Federal and Stafford Loans. Many people do not realize that you may file your FAFSA before your taxes.

Stay on top of your deadlines - A few FAFSA state deadlines have changed this year, so be sure to confirm yours, and your federal school codes at FAFSAOnline. Some states only accept applications at the start of the year and award aid until funds run out.

Plan for emergencies - If you come across some unexpected expenses, find, apply and compare private student loan to help cover the rest of your college expenses.

If you have a puzzling question about how you are going to pay for college or the financial aid process visit the Financial Aid Forum. The Student Loan Network’s dedicated team answers questions daily and will provide resources to help answer those tough questions.

You can file the FAFSA on January 1, 2011 through June 30, 2011, but if you are applying to a traditonal four year school for the fall 2011 semester you will want to complete the FAFSA on or soon after January 1st.  Why? In some cases, federal aid, grants and scholarships are awarded on a first-come, first-served basis, so get the ball rolling early.

To file your FAFSA, there is information you will need to gather regarding income and taxes for the 2010 year, before you receive your income reports from the previous year (W2′s) and file your taxes.  This may trip you and your parents up as you are not required to file your tax information for the previous year until April 15th.  While having your federal tax return complete will save you a lot of time when filling out your FAFSA, you will want to file your FAFSA form earlier (starting Jan 1st) than you are able to complete your IRS federal tax return (after receiving income reports, by April 15th).

Thankfully, you are allowed to report estimated tax data on your FAFSA.  As long as you correct the estimates once you finish your taxes, you are not required to complete your IRS federal tax return before filing your FAFSA. It is a common misnomer that it is required when it is simply encouraged. Note there is a question on the FAFSA about which IRS Tax Form you will fill out in the future, and that is where the 1040 Form comes up. You can fill out a 1040 form using estimated income amounts, either using your previous year’s tax return or your current pay stubs.

What is the 1040? The 1040 is the Federal Income Tax Return form. There are a few different versions of this form and it is important to determine which you will be filing. The FAFSA-on-the-web application will populate other parts of the form for you based on qualifications you would have in order to file the specific types of federal return.  Use this guide below to guide you on which form you and your parents can us.

To qualify for the 1040EZ:

• Your total income is under $100,000
• Your interest income is under $1,500
• You have income only from wages, interest, unemployment compensation, and Alaska Permanent Fund dividends
• You and your spouse are under 65 years old
• Your filing status is single or married filing jointly.
• You do not have any adjustments to income
• You are claiming only the standard deduction
• You may claim the Earned Income Credit
• You are not claiming any other tax credits

If you meet all of these conditions, you are eligible to file the 1040EZ, and you will note this on your FAFSA. Most students are eligible to file the 1040EZ.

To qualify for the 1040A:

• Your total income is under $100,000
• Any age, any filing status
• You have income from wages, interest, dividends, capital gain distributions, IRA or pension distributions, unemployment compensation, or Social Security benefits
• You can claim the following adjustments to income: penalty for early withdrawal of savings, IRA contributions, student loan interest, and jury duty pay given to your employer
• You can claim the following tax credits: Child and dependent care credit, Credit for the elderly and disabled, Education credits, Retirement savings contributions credit, Child tax credit, and Earned income credit.

Completing one of the 1040 tax forms will give you a better idea of what adjustments can be made to your income, such as tuition and fees deductions and student loan interest. And you’ll be a step ahead on filing your federal taxes when you are able to.

Filing your taxes online? Most tax software will determine for you which form you are supposed to file, and then you may note that on your FAFSA.

For more FAFSA tips visit www.FAFSAonline.com

Originally published on blog.studentloannetwork.com

As many of you may know, the 2011-2012 Free Application for Federal Student Aid (FAFSA) will be available on January 1, 2011. In order to be prepared for this day, it is important that students, parents and financial aid officers become acquainted with the most recent changes.

The National Association of Student Financial Aid Administrators (NASFAA) recently released their “Summary of Changes” for the 2011-2012 FAFSA. This document covers everything from changes in design to changes in the way questions are worded. Whether you are a student filing the FAFSA for the first time, or a seasoned financial aid professional, NASFAA’s document will help you approach this year’s FAFSA with the right information.

Download NASFAA’s Summary of Changes Now!

The deadline for filing the fafsa is approaching for many schools. File early and start applying for student loans, scholarships and grants now - those monies run out so apply early. Student loans will always be available so use them as a last resort.

What is the FAFSA?? It is the Free Application for Federal Student Aid (apply online at fafsa.ed.gov). colleges use it to determine eligibility for all kinds of financial aid. It has been revamped this year so is easier to file.

Hey seniors! I just wanted to take a minute to make sure that FAFSA deadline are approaching quickly! Many deadlines could be as soon as February 28th which is this coming weekend. If you have not filled your 2010-2011 FAFSA yet there are a few steps you should take to make sure you do not miss out on any federal financial aid.

1. Find out how much time you have: Look up the FAFSA deadlines for all of the schools you are applying to. If they are not until mid-March then you have a few more weeks to pull your information together.
2. Get your parents on board: To get this thing done on time you are probably going to need the help of your parents. The FAFSA requires a lot of parental information so it will be helpful to have them go through the process with you. Make sure they know when your deadlines are so that they are able to allocate their time appropriately.
3. Visit FAFSAOnline.com for help: The 2010-2011 FAFSA Form Guide can help you through every step of the FAFSA.

Good luck and remember not to stress out! There are a lot of pieces that go into applying for college, but before you know it you will be sleeping in your new dorm room, eating cafeteria food for breakfast, lunch and dinner, and making a lot of new friends!

Frequently Asked FAFSA Questions

The following are answers to the most common FAFSA questions. If you have questions about the FAFSA online form, our comprehensive FAFSA help guide will take you through the form step-by-step. (The FAFSA, or Free Application for Federal Student Aid, is required if you are planning to apply for financial aid through your college or university.)

Start Your FAFSA - Financial Aid Application Form

• What are the FAFSA deadlines?
• Who is a dependent student?
• What's my FAFSA status?
• What if my parents do not want to submit their information for the FAFSA?
• I filled out my FAFSA but was not eligible, what do I do now?
• What is the purpose of a FAFSA Renewal form?
• What if I have a non-traditional family situation?
• What's my FAFSA PIN?
• Do I have to fill out the FAFSA every school year?
• How do you go about filling out the FAFSA if I am divorced and remarried? Does my ex fill one out as well? Do we list our current spouses?
• In order to get a Stafford loan or a Parent Plus loan, do I need to fill out a FAFSA?
• Can you mail me a FAFSA?
• Can you mail me a renewal FAFSA?
• How long is the FAFSA process?
• What are the final steps of the FAFSA?
• How long does it take for my school to receive the FAFSA?
• What's the difference between a FAFSA and a renewal FAFSA?
• What's the difference between a paper FAFSA and a FAFSA on the Web?
• Where should I mail my completed FAFSA paper application?
• What's the difference between a FAFSA application and a FASFA application?