Watching Your Wallet: what to know about FAFSA

Published: Oct. 5, 2020 at 4:25 PM EDT
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LANSING, Mich. (WILX) - Parents of high school seniors may want to put FAFSA on their radar.

It’s already time to start thinking about how you’re paying for college next year.

The free application for federal student aid or FAFSA-- as it’s known-- is now open for next year.

FAFSA is the one stop shop that determines a students eligibility for federal financial aid-- including loans, work study programs, grants and the kind of scholarships you don’t have to pay back.

Cherry Dale with the Virginia Credit Union says it’s never too early to start-- and both parents and students need to be involved together.

Just head over to the official FAFSA website with your social security number and date of birth to create your F-S-A ID.

“Students have their own ID, parents would have their own ID as well, and passwords so there’s two separate accounts,” said Financial Coach Cherry Dale.

Parents will need information from last year’s tax return. Students will also need a list of schools you are considering attending.

And once you create the FAFSA account, keep that password and login handy. You’ll be logging into this site your entire school journey.

And make sure when you log on for the first time and fill out all this personal information, it’s not a public computer-- but from a secure Internet connection at home.

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