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FAFSA Eligibility and Rules -
FAFSA can seem confusing at first but it is really not as bad as it looks. To determine if you are eligible for FAFSA you must be a US citizen, have a social security number, register with the service if you are male, have a high school diploma or GED, be enrolled in a school, and prove that you do not have any drug convictions.
You will need to log on to the FAFSA website and complete the application which can take up to an hour. When you start the application go through as many steps as you can and remember you can save the application as you go. You simply save the application as you fill it out and then log back in with your account information to add and modify the form.
They will ask you for all of your financial information as far as income, savings, and many lines from your tax returns. After you finish this application they will send you a pin number which you will need many times in the future so keep it in a safe place. Also, your parents or co-signer will also need to obtain a pin if you are under 25. The purpose of the pin is to allow you and your cosigner to electronically sign the forms.
Refer to this website for all of the necessary documentation that you will need - http://www.fafsa.ed.gov/before003.htm
Next, you will also need to have all of your school's information handy because you will have to look up their code. This is done by searching schools by their address within the FAFSA form. Another important consideration to keep in mind is your deadline. You should start to fill out the FAFSA forms as soon as you have your completed tax forms because the school year runs from June to July each year and you will need to get your forms in. Here is a state breakdown with additional deadlines http://www.fafsa.ed.gov/before003a.htm.
After you complete the application you must wait a few weeks to receive the confirmation in the mail or via email. Once you have your paper work done you are all set to start applying for loans which we discuss in the next section of our website!
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