Magellan Financial Advisors

Asset & Wealth Management in Allentown, Pa

The life you imagine is built on the decisions you make today.

 610-437-5650

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Questions and Tips When Completing Your FAFSA Form

Jan 14 2016

With the new year comes thoughts about your aspirations and goals, and for many high school seniors and their family members, their minds head straight to graduation and then head onto thoughts about to college. While everyone may be excited, some reality may begin to set in when you and your parents realize you need to fill out your Free Application for Federal Student Aid (FAFSA) in order to determine their eligibility for financial aid. After completing the FAFSA form, it will then be determined if the student is also eligible for school grants, work study and the amount of loan money in which the student will be granted.

While all of this may be confusing and filling out the form could be somewhat time-consuming, we are here to answer some of your questions and offer tips completing your FAFSA form.

Question: Does everyone still need to fill out a FAFSA form even if they have enough money to cover the cost of college?

Answer: Yes, everyone should fill out this form even if you will not need assistance or financial aid. Some school and states will use this information to award certain scholarships to their programs. While you may not need the financial aid now, you may need it in the future, and if you have already filled out the form, then it will be an easy task to complete.

Question: Who needs to complete the form?

Answer: The form can be completed by anyone, however, both the student and a parent will need an ID to complete the form. If just a student is applying, additional information will need to be provided.

Question: What will you need to complete the form?

Answer: According to fafsa.edu.gov you will need your id to log in, your social security number, your most recent federal income tax returns, W-2s, and other records of money earned, bank statements and records of investments (if applicable), and records of untaxed income (if applicable).

Question: Should I apply to schools first or fill out the FAFSA Form?

Answer: You should fill out your FAFSA first so that the college or university you choose will have ample time to review it and get back to you in regards of possible scholarships and what you could receive in the form of financial aid.

Question: Should I only list one school or college on my FAFSA form?

Answer: No, you should list all of the schools you’ve applied to, that way they will all receive your FAFSA results. According to fafsa.edu.gov, you may only initially list 10 schools on your form but once the form in completed you may go back and re-enter different school information.

Question: After I’ve submitted to FAFSA form, when will I hear back?

Answer: Once you have submitted your form, it should take around 3 days for your selected schools to receive your results. Once this happens all parties will be notified with an email.

While completing your FAFSA form may be a little overwhelming and time consuming, we hope we’ve answered some of your questions and put your mind at ease before you start filling out your form.

At Magellan Financial, we have the tools to help you with any educational planning questions you may have. To schedule an initial consultation or learn more about how Magellan Financial can help you plan to be successful, please call us at 610-437-5650 or email us at Jon.Soden@WFAFiNet.com.
Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC, a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company. Magellan Financial, Inc. is a separate entity from WFAFN.
Investment and insurance products: NOT FDIC-Insured/NO Bank Guarantee/MAY Lose Value
Summary
Article Name
Questions and Tips When Completing Your FAFSA Form
Description
Read about these questions you may have when completing your FAFSA Form to gain insight to put your mind at ease before you start filling out your form.
Author
Jon Soden

Categorized: Educational Planning Resources, Family & Finances
Tagged: College Financing, education planning, FAFSA, Magellan Financial Allentown PA

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MAGELLAN FINANCIAL, INC.

1605 N Cedar Crest Blvd #111
Allentown, PA 18104 USA

 610-437-5650

Toll Free:  1-888-437-5650
Fax:  610-437-5654
Email:  Rob.Cahill@WFAFiNet.com
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Investments in Securities and Insurance Products:
Not Insured by FDIC or any Federal Government Agency
May Lose Value
Not a Deposit of or Guaranteed by a Bank or Any Bank Affiliate

Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN). Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affliates of Wells Fargo & Company. WellsTrade brokerage accounts are offered through WFCS.

This information is intended for use only by residents of AZ, CA, CO, CT, DC, DE, FL, IL, IN, MA, MD, NC, NJ, NM, NY, OH, PA SC, UT, VA, VT, WA, WI. Securities related services by Magellan Financial, Inc., may not be provided to individuals residing in any state not listed above. Insurance-related services may be provided by Robert I. Cahill, CFP, Managing Partner, only to individuals residing in: AZ, CO, FL, MA, NJ, NY, PA, SC, VA.

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    • Investment Planning
      • Wells Fargo Advisors’ Envision® Process
      • Investment Planning Process
      • Life Insurance Services
      • Estate Planning Strategies
    • Impact Investing
    • Investment Management
    • College Savings Plans
      • College Savings Basics: How & When To Save
    • Retirement Planning Services
      • Retirement Is For Living
      • 401k Retirement Plans
      • Social Security & Medicare Benefits
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