WILMINGTON, Del., Jan. 9, 2015 (GLOBE NEWSWIRE) -- The Free Application for Federal Student Aid, commonly referred to as FAFSA, is now available for the New Year. Though the application process can seem like a daunting task, especially for families who are sending a child off to college for the first time, it is a vital step in order to help secure financial aid for college.
Navient, the nation's leading loan management, servicing and asset recovery company, provides some useful tips to help navigate the path to financial success.
-
Dig up those documents. Be sure to have all essential documents at hand before completing the application. These documents include students and parents' driver's licenses, current federal income tax returns, W-2 forms, bank statements, investment information and Social Security numbers. It may also be a good idea to keep these documents together for future renewal applications.
-
So long, snail mail. Yes, the FAFSA can be mailed in for completion, but delivery takes time. Instead, complete the form online at the Federal Student Aid website. The online application also makes it possible to transfer financial data from the IRS, making the process faster and easier once 2014 taxes are complete.
An online PIN "signature" is required for those submitting the FAFSA online – applicants can easily set up a PIN. Note that coming Spring 2015, the PIN feature will be replaced by a Federal Student Aid ID.
-
Beat the deadline. It's something students hear time and again in school – it's important to meet deadlines and to submit work on time. Waiting until the last minute to complete the FAFSA is no different, only instead of receiving a less than desirable grade, it could cost money.
Rushing through the FAFSA increases the chance of making errors, and since there is only a limited amount of financial aid that can be given out, missing a state deadline could reduce the amount of money awarded. Even being a day late could hinder the chance of receiving state and institutional funding, though the deadline for federal aid is more flexible and can be submitted anytime during the school year.
It's important to know that deadlines vary by state and school. Connecticut's deadline is the earliest, with a due date of Feb. 15, and Iowa is the latest at July 1. View state deadlines on the FAFSA website, and mark calendars!
For additional resources and information, visit the Federal Student Aid website.
Connect with @Navient on Facebook, Twitter and LinkedIn.
About Navient
As the nation's leading loan management, servicing and asset recovery company, Navient (Nasdaq:NAVI) helps customers navigate the path to financial success. Servicing more than $300 billion in student loans, the company supports the educational and economic achievements of more than 12 million Americans. A growing number of government and higher education clients rely on Navient for proven solutions to meet their financial goals. Learn more at navient.com. Created from the strategic separation of Sallie Mae, Navient began trading on Nasdaq as an independent company on May 1, 2014.