You may have just taken care of this semester’s U-Bill, but it’s already time to starting thinking about next year’s bills. It’s FAFSA time again.

Filling out your FAFSA now could make paying your U-Bill later on a lot easier. The Free Application for Federal Student Aid is designed to create a profile of you and your financial picture. This snapshot helps determine what kind of federal aid you receive, as well as the aid you get from Iowa State.

Roberta Johnson, director of financial aid, said anyone who thinks they will need financial aid should file a FAFSA form.

When should I file my FAFSA?

Johnson stressed the importance of completing your FAFSA by March 1. The amount of money made available to Iowa State to allot to students is based on how many FAFSAs are filed by that date. By filing your FAFSA by March 1, you ensure your eligibility to be considered for certain scholarships, grants and work-study programs.

I applied for financial aid my first year of school and got nothing. Why should I apply again?

Your financial situation changes from year to year. For example, as a freshman, you may have been the only person in your family in college, but now as a senior, your brother is entering college. Because your family’s expected contribution will be spread among more students, you may be eligible for more aid.

“Your financial need could be radically different than when you were a freshman,” Johnson said.

Also, you may not need financial aid now, but Johnson recommends filling out a FAFSA anyway. Events during the year may change your financial situation may change.

“When those events happen, it’s nice to have the FAFSA on file,” Johnson said.

I received an offer in the mail telling me if I send in $45 and all my information, this company will complete my FAFSA for me. What’s with that?

“The word FAFSA stands for Free Application for Federal Student Aid – you don’t have to pay,” Johnson said.

Johnson said you should never pay a fee to complete your FAFSA and should only complete the electronic form on the FAFSA Web site, www.fasfa.ed.gov.

I’ve completed my FAFSA. Now what?

Your application will be evaluated and you will receive an award letter, indicating how much financial aid you are eligible for. Financial aid can come from federal sources, such as Perkins loans, Stafford loans and work study. It can also come from the university in the form of grants and scholarships.

Scholarships based on financial need are made possible through various donors. By completing your FAFSA, your name is entered as a possible recipient of these funds.

Scholarships that are not dependent on financial need are also available. Johnson said these scholarships are more based on academics and leadership experiences. The financial aid office and your college and department can provide information about scholarships you are eligible for.

Resources to help you file your FAFSA

The Office of Student Financial Aid

Located in 0210 Beardshear Hall, its Web site is financialaid.iastate.edu/.

www.fasfa.ed.gov/help.htm

The help section of the FAFSA Web site can answer some FAQs and guide you through the process.

www.finaid.org

Information on loans, scholarships; the site also has loan payment calculators and other tools. “In one concise place, it gives you a lot of different pieces of information,” Johnson said.

www.fastweb.com

The site is mainly a scholarship database, but also has useful articles related to financial aid and money management.

What you need before

beginning:

– A PIN

– Your Form W-2

– Your 2007 federal income tax return

– Parents’ federal income tax return(s) (if dependent)

– Your bank statements

– Your investment information

Three easy steps to file your FAFSA

1. The Warmup

– Get informed

The FAFSA Web site recommends gathering the documents you need, as well any information you need from your parents.

– Get your PIN

A PIN is needed if you want to sign the FAFSA electronically. You can apply for a PIN at PIN.ed.gov.

– Do the work(sheet)

“You can download a worksheet in advance,” said Johnson. This makes completing the electronic version easier because you already have all the answers.

2. Ready. set. FAFSA

– The time to beat

Johnson said filling out a FAFSA takes about one-and-a-half to two hours. Just keep thinking about all that free money you might get!

– Take a breather

You can save what you’ve completed, take a break and finish the FAFSA later.

– Call a time-out

Confer with the experts by clicking on the help tool that is located at the bottom of every FAFSA page. Need more advice? The Live Help tool will connect you to a FAFSA employee to answer your questions.

3. The finish line

– Congratulations!

To make sure your efforts pay off, the FAFSA Web Site recommends that you check the status of your application. If you signed it electronically, you should ensure that all systems are a go after one week, and if you signed a paper copy, check after two to three weeks.

– Review a play

If you made a mistake, you can correct it after your application has been processed, the FAFSA Web Site says.

(Information compiled from http://www.fafsa.ed.gov/help.htm)