FAFSA Basics
The person who is always the first FAFSA contributor
Who is the student?
The two common tax forms/docs you should have ready for 2024
What are Form 1040 and W2s?
True or False — Merit scholarships always consider your SAI/family finances.
False
The FAFSA uses AGI from which tax year (as referenced in the docs for 2026–27)?
What is 2024?
The electronic account used to sign the FAFSA and import IRS data
What is the FSA ID?
If you are a typical 12th grader under 24, married, not a veteran, etc. you are likely this FAFSA status
What is dependent?
The ID number a Permanent Resident must provide in place of a SSN
What is the Alien Registration Number?
If you’re in foster care or a ward of the court after age 13, you are generally this dependency status.
What is an independent?
On Form 1040, which line is Adjusted Gross Income (AGI) per the worksheet?
What is line 11?
The tool that imports IRS tax data into the FAFSA automatically (requires consent)
What is the IRS Retrieval Tool or FA-DDX?
If parents are married and file jointly, how many parents need an FSA ID to provide tax info via FA-DDX?
What is one parent (the other cosigns)?
The item that should reflect "current amount today" (not 2024) for FAFSA reporting
What is cash, savings, and checking account balances (current total)?
Myth: “FAFSA is only for low‑income families.” Correct the myth in a short phrase.
What is there is no strict income cutoff and many families at various incomes should file?
Name one untaxed income example that must be reported (per documents).
What is workers’ compensation (or disability benefits, untaxed foreign income, military allowances, etc.)?
The maximum number of colleges you can list on the FAFSA for 2026-2027
What is 20?
If parents are divorced and live separately, how do you pick which parent to include?
What is the parent who provided the greatest financial support in the last 12 months? Or the parent with the greater income and assets?
Name two types of investment accounts that count toward parent investments on the FAFSA.
What are mutual funds and stocks (also money market, CDs, trust funds, 529s in parent name, rental property, etc.)?
If a student is ineligible to file FAFSA due to citizenship, name one alternative path to financial aid mentioned in the documents.
What is state alternative applications (some states) or institutional aid/CSS Profile?
Where on the 1040 would you find tax‑exempt interest (per the worksheet)?
What is line 2a?
Two reasons why filing the FAFSA early is recommended
List three family members who are explicitly NOT FAFSA contributors (unless legally adoptive parents)
Who are foster parents, legal guardians, and siblings?
Which business/farm assets are not required to be reported on the 2026–27 FAFSA?
What are (1) family-owned businesses with 100 or fewer full‑time (or FTE) employees, (2) family farms the family resides on, and (3) family-owned commercial fishing businesses and related expenses?
Explain why including the wrong parent(s) on the FAFSA can cause problems (two consequences).
What are increased likelihood of verification, required corrections/delays, and potential delays in financial aid disbursement?
Describe how SAI (Student Aid Index) is used versus what it is not (short answer).
What is SAI is an eligibility index colleges use to calculate financial need (COA − SAI = Need); it is not the dollar amount you will pay or the aid you will receive.