FAFSA Checklist: Your Path to Financial Aid

Completing the Free Application for Federal Student Aid (FAFSA) is a crucial step towards securing financial assistance for college. Use this checklist to ensure you have all the necessary information and complete the process smoothly.

Part 1: Before You Begin

1. Create Your FSA ID (if you don't have one)

• This is your username and password for federal student aid websites.
• You (and your spouse, if applicable) will each need a separate FSA ID.
• Create it here: studentaid.gov/fsa-id/create-account
  
  
  

2. Gather Required Documents

• Your Social Security Number (and your spouse's, if applicable).
  
  
  
• Your Alien Registration Number (if you are not a U.S. citizen).
  
  
  
• Your Driver's License Number (if you have one).
  
  
  
• Federal Tax Returns from the

Financial Aid Script

Warm-Up: Funding Your Future (5 minutes)

(Teacher says while displaying Warm-Up: Funding Your Future if applicable)

"Good morning/afternoon, everyone! Welcome. Before we dive into today's topic, I want us to take a quick moment to think about something important. When you think about continuing your education or going to college, what's one financial concern that comes to mind? Don't worry, there are no right or wrong answers here. Just share what you're genuinely thinking or feeling. You can write it down, or just think about it for a moment. Feel free to share if you're comfortable."

(Allow students a minute to reflect and then invite a few to share. Acknowledge their concerns empathetically.)

"Thank you for sharing. Those are very real and common concerns, and you are not alone in thinking about them. Today, we're going to tackle these concerns head-on as we explore the world of financial aid, and I promise you, it's not as scary as it might seem! Our goal is to make sure you feel empowered and informed about how to fund your higher education journey."

Introduction to Financial Aid (10 minutes)

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 1: Welcome, Future Scholars!)

"Let's start our 'Financial Aid Wizardry' adventure! As the slide says, 'Welcome, Future Scholars!' Because that's what you are – individuals investing in yourselves and your future. Many of you might be thinking, 'College is expensive, how will I ever afford it?' And that's a valid thought. But here's the good news: College can be affordable, and financial aid is designed specifically to help make that a reality. Today, we're going to demystify this process together."

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 2: Why Financial Aid Matters to You)

"So, why does financial aid matter, especially for adult students like many of you? As you can see on this slide, financial aid isn't just about getting money; it's about making your college dreams a reality. It significantly reduces your out-of-pocket costs, which means less financial burden on you and your families. It opens doors to new opportunities you might not have considered because of cost. And perhaps most importantly, it means less financial stress, allowing you to focus more on your studies and less on how you're going to pay for them. Think of it as an investment – an investment in your future, your career, and your personal growth."

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 3: Your Financial Aid Toolkit)

"To help us navigate this, we'll be looking at what I call your 'Financial Aid Toolkit.' We'll be exploring four main components: FAFSA, which is your gateway to federal aid; Grants, which are fantastic because they're essentially free money you don't pay back; Scholarships, which are awards based on various factors like merit or need; and finally, Loans, which are funds you borrow and repay. We'll break down each of these so you understand how they work and how you can access them."

Deep Dive into FAFSA (15 minutes)

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 4: FAFSA: Your First Step and distributes the FAFSA Checklist)

"Let's start with the cornerstone of financial aid: FAFSA. This stands for the Free Application for Federal Student Aid. It's absolutely your first and most important step. What is it? It's the primary form you fill out to apply for federal financial aid, and it's used to determine your eligibility for most types of aid, including grants, scholarships, work-study programs, and federal loans. So, why is it so important? Because it unlocks almost all federal, and often state and institutional, financial aid opportunities. Who should complete it? Everyone who is planning for college, regardless of income level. Don't assume you won't qualify!"

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 5: Are You Eligible?)

"Let's quickly review the basic eligibility requirements for FAFSA. You typically need to be a U.S. citizen or an eligible non-citizen, have a valid Social Security number, and have a high school diploma or GED. For many adult students, a key point is that you are often considered an independent student. This can simplify the application process as you typically won't need to provide parental income information. We'll clarify this more as we go through the checklist."

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 6: Gather Your Documents)

"Now, for the practical part. I've handed out the FAFSA Checklist, which is going to be your best friend for this section. This slide summarizes what you'll need, and your checklist provides even more detail. You'll need an FSA ID, which is like your digital signature for federal student aid. If you don't have one, please make sure to create it. You'll also need your Social Security Number, driver's license number if you have one, and importantly, your federal tax returns from the 'prior-prior year.' So, for the upcoming academic year, you'll use tax information from two years ago. For example, for the 2024-2025 school year, you'll use your 2022 tax information. You'll also need records of untaxed income, bank statements, and any investment records. Go through your checklist as you gather these items."

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 7: Tips for FAFSA Success)

"A few crucial tips for FAFSA success: Deadlines are CRITICAL! There are federal, state, and individual college deadlines. Missing even one could mean missing out on aid. Apply Early! Some aid is first-come, first-served. The FAFSA typically opens on October 1st each year. Be Accurate! Double-check all your information to avoid delays. And Update Information if your financial situation changes significantly. If you have any questions while filling it out, don't hesitate to ask your college's financial aid office."

Exploring Grants and Scholarships (10 minutes)

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 8: Grants: Gift Aid!)

"Moving on to arguably the best kind of financial aid: Grants! As the slide says, this is 'Gift Aid' – money you absolutely do not have to pay back. These are typically awarded based on financial need. The most well-known is the Federal Pell Grant, but there are also Federal Supplemental Educational Opportunity Grants (FSEOG) and TEACH Grants for those pursuing teaching careers. Beyond federal options, many states offer their own grant programs, and individual colleges often have institutional grants. We'll touch on how to find these in a moment."

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 9: Scholarships: Rewarding Your Efforts)

"Similar to grants in that they don't need to be repaid are Scholarships. These are like rewards for your efforts! Scholarships can be merit-based, recognizing academic achievement, specific talents, or skills. They can also be need-based, similar to grants, or even demographic-specific – and this is key for many of you – there are scholarships specifically for adult learners, returning students, or those with unique backgrounds. You might also find scholarships tied to your chosen major or field of study."

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 10: Scholarship Search Strategies)

"So, where do you look for scholarships? Don't rely on just one source. Start with online databases like Fastweb or Scholarship.com, but also make sure to check with your college's financial aid office – they often have a list of local and institutional scholarships. Look into local organizations, community groups, and even your employer or your spouse's employer. When applying, remember to craft a strong application. This often includes well-written essays, strong letters of recommendation, and a clear resume highlighting your experiences, even if they aren't directly academic."

Understanding Student Loans (10 minutes)

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 11: Student Loans: Borrowing Smart)

"Now, let's talk about Student Loans. It's important to understand that loans must be repaid, with interest. The golden rule here is to only borrow what you truly need. Don't take out more than necessary just because it's offered. And critically, understand the terms before you sign. Know your interest rate, when repayment begins, and what your options are. Loans can be a valuable tool to bridge the gap between other financial aid and your college costs, but they require careful consideration."

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 12: Federal vs. Private Loans)

"It's essential to differentiate between federal and private student loans. Federal Loans are generally preferred because they typically offer better terms, fixed interest rates, and crucial benefits like income-driven repayment plans and potential deferment or forbearance options. Federal loans can also be subsidized, meaning the government pays the interest while you're in school or during certain deferment periods, or unsubsidized, where interest accrues immediately. Private Loans, on the other hand, are offered by banks or credit unions. Their terms vary widely, often have variable interest rates, and frequently require a co-signer, especially if you have limited credit history. Always exhaust your federal loan options before considering private loans."

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 13: Repayment & Responsibility)

"Finally, let's briefly touch on repayment and responsibility. Once you graduate or drop below half-time enrollment, you'll usually have a grace period before repayment begins. It's vital to choose a repayment plan that fits your financial situation – options include standard, graduated, or income-driven plans. Communicate with your loan servicer if you ever run into financial difficulty. They can often help you explore options. And while consolidation or refinancing can be options, approach them carefully, as they can sometimes alter your loan benefits."

Q&A and Next Steps (10 minutes)

(Teacher transitions to Your Guide to Funding College (Slide Deck) - Slide 14: Your Path Forward: Questions?)

"We've covered a lot of ground today! I know it can feel like a lot of information, but remember, this is a process, and you're now much better equipped to navigate it. I want to open the floor for any questions you might have about anything we've discussed today, or any general financial aid questions. Please, don't be shy."

(Allow time for questions. Answer as thoroughly as possible. If a question is beyond your scope, advise them to contact their college's financial aid office.)

"Before we wrap up, I want to reiterate your path forward. First, review your FAFSA Checklist and start gathering those documents. Second, visit your college's financial aid office. They are your best resource for personalized advice and specific opportunities at their institution. Third, utilize online resources like StudentAid.gov. And finally, ask questions! Don't ever hesitate to seek clarification. Financial aid is here to support you, and by taking these steps, you're making a smart investment in your educational journey. Thank you!"

Warm-Up: Funding Your Future

Take a moment to reflect on your goals for higher education. Then, answer the following question:

What is one financial concern you have about pursuing higher education, or what is one question you hope to have answered today about financial aid?

(Optional: Share your concern or question with a partner or the class.)