It’s that time of year again! It is time to start thinking about preparing to file your tax return and not just because you’re looking forward to a tax return (hopefully), but because it is FAFSA time!
If you have a child in college, or are going to college yourself, or you are in college in 2015/2016 you need to file your tax return as soon as you possibly can.
Your tax information is required to fill out the FAFSA (federal application for student aid) in order to find out how much of the student aid pie belongs to your child and/or you. So that’s why it is really important for you to get your taxes done asap and that FAFSA completed asap.
The way the federal aid works is that there is a chunk of money available for aid. That money is first come, first serve and you do not want to be the last to that plate!
There are a ton of resources out there to help you pay for school, but the FAFSA is the first one you should pursue. It is free and is based on your income.
The FAFSA application is the process by which the federal government decides how much aid they will give you/your children for their education. Thankfully, I qualify for federal aid or I would not be able to go to school myself.
There are sites out there that claim they are the FAFSA, but they ask for a fee. DO NOT EVERY PAY A PENNY to file the FAFSA.
Be sure that you check out paying for college on a single income for more great tips to help you pay for your child’s (or your own) education. And I also gave the single best way for you to start investing in your child’s future without touching one red cent.