Wendy Duong Hien - Financial Professional and U.S. College Financial Aid Educator

FREE EDUCATIONAL GUIDE →

Your Complete Guide to Filing FAFSA Step by Step

Created for Vietnamese-American parents. Clear, practical guidance to help your child avoid missing valuable financial aid opportunities for college.

Read the 9-Step Guide →

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This guide is provided for general educational and informational purposes only.

Wendy Duong Hien / Gracewealthfinancial does not provide FAFSA preparation or scholarship application services. For the most accurate and up-to-date information, always visit studentaid.gov, the official U.S. Department of Education website.

WHAT IS FAFSA?

Why Is FAFSA Important for Your Child’s College Future?

FAFSA stands for the Free Application for Federal Student Aid. It is the primary application used to determine eligibility for federal student aid and may also be required for state and college-based financial aid.

Grants & Scholarships

Financial aid that generally does not have to be repaid. Federal Pell Grants may be available to eligible students, along with state and institutional grants and scholarships.

Generally does not need to be repaid

Federal Work-Study

A program that may allow eligible students to work part-time, often on or near campus, to help pay for educational expenses.

Work while attending college

Federal Student Loans

Eligible students may qualify for federal student loans, which can offer important protections and terms compared with many private education loans.

Federal loan options

College-Based Financial Aid

Many colleges use FAFSA information when determining institutional financial aid. Requirements vary by school, so always check each college’s financial aid policy.

May be required by your college

A CLEAR STEP-BY-STEP PROCESS

9 Steps to Complete Your FAFSA

Follow these steps in order to make the FAFSA process easier, more organized, and less stressful for your family.

STEP 1

Gather Your Documents Before You Start

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Do not start the FAFSA until you have your important information ready. Having everything prepared can help you avoid unnecessary interruptions and mistakes while completing the application.

Social Security numbers (SSNs) for the student and required contributors

Federal tax information, including Form 1040 and W-2 information when applicable

Current bank account balances and other required financial information

Investment information, such as stocks, bonds, mutual funds, ETFs, and other reportable investments

College list for the schools your student is considering

Family information, including household and college enrollment information when requested

Student’s education information, including high school and expected graduation details

STEP 2

Create a StudentAid.gov Account

Every person who needs to complete or sign part of the FAFSA generally needs their own StudentAid.gov account. For a dependent student, this commonly means a separate account for the student and each required parent contributor.

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Do not share one StudentAid.gov account with another person.

Go to studentaid.gov and select “Create Account.”
Create the student’s account using the student’s own information.
Create a separate account for the required parent contributor.
Verify the email address and complete any required identity verification steps.
Keep your login information secure. You may need the account again throughout the college financial aid process.

Create your StudentAid.gov account →

STEP 3

Log In and Start the FAFSA

The student typically starts the FAFSA and completes the student portion. Required contributors then provide their information and consent.

Go to studentaid.gov/fafsa.
Select “Start New FAFSA Form” and log in with the student’s StudentAid.gov account.
Select the appropriate award year for the academic year the student will attend college.
Review the instructions and begin the application.
Your progress can generally be saved, allowing you to return later if you need a break.

Start the FAFSA here →

STEP 4

Complete the Student’s Personal Information

The student should carefully complete the student section. Make sure the information matches official records.

Full legal name — enter it exactly as required by the FAFSA and official records

Date of birth, address, and student email address

Social Security number, if the student has one

Citizenship status, such as U.S. citizen or eligible noncitizen, when applicable

Student dependency information — answer the FAFSA dependency questions carefully

Degree or certificate program the student plans to pursue

High school and education information as requested on the application

STEP 5

Add the Colleges Your Student Is Considering

FAFSA information can be sent to the colleges listed on the student’s application. Adding a school allows that school to receive the FAFSA information it needs to determine federal, state, or institutional aid eligibility.

Search by college name or Federal School Code.

List the schools your student is seriously considering. FAFSA allows schools to be added according to current federal rules.

Each college may use FAFSA information to determine the student’s financial aid eligibility.

You may update the list of schools after submitting the FAFSA when permitted.

Find your college’s Federal School Code →

STEP 6

Complete the Parent & Family Information

If the student is considered dependent under FAFSA rules, a required parent contributor will need to provide information and consent. The exact questions depend on the family’s circumstances.

Parent marital status and household information

Number of people in the household and other family information requested by FAFSA

Family members attending college when requested

Parent information, including name, date of birth, SSN when applicable, and other required information

Answer all parent questions carefully and accurately based on the family’s current situation.

STEP 7

Connect Your Tax Information Through the IRS

One of the easiest ways to reduce data-entry mistakes is to provide the required IRS tax information through the FAFSA’s federal tax information process.

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Use the IRS tax information transfer process when available.

It can reduce the need to manually enter tax information and may help minimize errors.

When FAFSA asks for permission to access federal tax information, carefully review the request.
The required contributor may be asked to provide consent and complete an identity verification process.
Follow the instructions to allow the FAFSA system to retrieve the applicable federal tax information.
Review the completed FAFSA carefully before submitting it.

STEP 8

Report Assets Carefully and Accurately

FAFSA asset questions should be answered based on the information and definitions required by the specific FAFSA form. Do not assume that every asset shown on your tax return belongs in the FAFSA asset section.

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This is one of the areas where families can easily make mistakes. Always follow the current FAFSA instructions and definitions rather than relying on general financial rules.

Asset Type	Report?	Important Note
Cash, checking, and savings accounts	✓ Yes	Report according to the FAFSA’s current asset rules and definitions.
Stocks, bonds, ETFs, and mutual funds	✓ Yes	Use the value required by the FAFSA instructions.
Cryptocurrency and digital assets	✓ Yes	Follow the current FAFSA instructions for how reportable investments are defined.
Rental property and investment real estate	✓ Yes	Follow FAFSA rules regarding net worth and reportable investment property.
Family-owned business	* It Depends	Business reporting rules can depend on the family’s circumstances and the current FAFSA definitions.
529 college savings plans	✓ Yes	Treatment depends on who owns the account and the student’s relationship to the account.
Primary residence	✗ No	The family’s primary residence is generally excluded from FAFSA asset reporting.
Personal vehicle	✗ No	A personal vehicle used by the family is generally not reported as a FAFSA investment asset.
401(k), 403(b), pension and other retirement accounts	✗ No	Retirement accounts are generally excluded from FAFSA asset reporting.
IRA, Roth IRA, and SEP-IRA	✗ No	Retirement assets are generally excluded from FAFSA asset reporting.
Life insurance cash value	✗ No	Cash value of life insurance is generally not reported as a FAFSA investment asset.

STEP 9

Review, Sign, and Submit the FAFSA

This is the final step — and one of the most important. Every required contributor must complete their required actions, including consent and signature, before the FAFSA can be processed.

Review the entire FAFSA carefully. Check names, SSNs, dates, family information, and the selected award year.
The student completes the required signature and consent steps.
Each required parent contributor completes their own required actions using their own StudentAid.gov account.
Once all required sections are complete, select “Submit FAFSA Form.”
Save your confirmation information for your records.
Monitor your email and StudentAid.gov account for updates or requests for additional information.

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What happens after you submit?

Your FAFSA information is processed and you may receive a FAFSA Submission Summary. Review it carefully and follow any instructions for corrections or additional information. Your Student Aid Index (SAI) is one of the factors colleges use when determining financial aid eligibility. If a school requests verification or additional documentation, respond as soon as possible.

IMPORTANT DEADLINES

FAFSA Deadlines Every Parent Should Know

Submitting early can help your family meet college, state, and institutional financial aid deadlines.

Annual FAFSA Cycle

FAFSA Opening Date

FAFSA becomes available for the upcoming award year

Federal FAFSA opening dates can change from year to year. Check StudentAid.gov for the official opening date for the award year your student needs.

HIGH PRIORITY

Submit as Early as Possible

State & Institutional Financial Aid

Some state and college-based aid programs may have earlier deadlines or limited funding. Do not wait until the federal deadline if your state or college has an earlier deadline.

CHECK YOUR STATE

State-Specific Deadlines

Every state may have different financial aid deadlines

If you are applying for state-based financial aid, check your state’s official deadline carefully. Some programs may have priority deadlines.

EVERY YEAR

Submit a New FAFSA Each Year

FAFSA is not automatically renewed

Students generally need to complete a new FAFSA for each academic year they want to be considered for federal financial aid.

FREE HELP

Free FAFSA Help You Can Trust

You do not need to pay a third party simply to complete the FAFSA. Start with official and nonprofit resources whenever possible.

High School Counselor

Your child’s school counselor may be able to provide FAFSA guidance and connect your family with free college financial aid resources.

College Access Centers

Local college access organizations and community centers may offer free FAFSA workshops and financial aid assistance.

Nonprofit Organizations

Organizations such as College Advising Corps, College Possible, GEAR UP, and other community programs may provide free college access and FAFSA support.

Official FAFSA Support

For official FAFSA questions, use the Federal Student Aid contact information provided directly through StudentAid.gov.

1-800-433-3243 →

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The Official FAFSA Website

For the most current FAFSA information, always start with studentaid.gov. Be cautious of websites that charge unnecessary fees or request sensitive personal information simply to complete a free federal application.