Get Ready to File the FAFSA

The 2023-2024 FAFSA will become available on October 1. Get prepared by gathering the necessary information.

Download and print FAME’s Get Ready to File the FAFSA Checklist.

What you need to file the 2023-2024 FAFSA

Get Your FSA ID

The FSA ID is the user name and password students will use to access all Federal Student Aid websites, including FAFSA.gov. It takes about 10 minutes to create an account and set up an FSA ID. We strongly recommend getting FSA IDs ahead of time. For dependent students, at least one parent will also need to create an account and set up an FSA ID to sign the FAFSA.

To create an account and set up an FSA ID, go to StudentAid.gov and click on “Create Account.” Keep track of your FSA ID information using FAME’s Create Your Federal Student Aid Account (FSA ID) sheet.

Dependent students will need the following information:

  • Your and your parents’ FSA ID
  • Your and your parents’ Social Security numbers
  • Your and your parents’ 2021 federal income tax returns (including all applicable schedules), 2021 W-2 forms, and other records of money earned
  • Your and your parents’ current bank statements
  • If applicable, you will also need …
    • Your driver’s license (if applicable)
    • Your and your parents’ 2021 untaxed income information
    • Your and your parents’ current business and investment mortgage information, business and farm records, stock, bond, and other investment records
    • Your alien registration or permanent resident card (if you are not a U.S. citizen)

Assets on the FAFSA

Many students and parents aren’t required to report assets. If you are, be sure you only include assets that have to be reported.

Reportable Assets on the FAFSA:

  • Cash, checking, and savings
  • Real estate (other than the home you live in)
  • Financial assets, such as stocks, bonds, certificates of deposit, mutual funds, and money market accounts
  • UGMA/UTMA accounts
  • College Savings Plans, including 529 plans and Coverdell accounts (list as a parent asset)

Non-reportable Assets:

  • The home you live in
  • Retirements plans
  • Any small, family-owned businesses with less than 100 full-time employees
  • The family farm (if the family’s principal residence and parents participate in farming operation)
  • Life insurance policies
  • Personal possessions, such as cars and boats

When is parent information required?

Students are considered dependent and required to provide parent information unless they can answer YES to one of the following questions:

  • Were you born before January 1, 2000?
  • As of today, are you married?
  • At the beginning of the 2023-2024 school year, will you be working on a graduate program?
  • Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training, or are you a veteran of the U.S. Armed Forces?
  • Do you have children or dependents who will receive more than half of their support from you between July 1, 2023, and June 30, 2024?
  • At any time since you turned 13, were both your parents deceased, were you in foster care, or were you a dependent or ward of the court?
  • As determined by a court in your state of legal residence, are you or were you an emancipated minor or in legal guardianship?
  • At any time on or after July 1, 2022, were you homeless or at risk of being homeless?