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FAFSA Online : Maximize Your Federal Financial Aid (FY : 2007-2008):-
To qualify for the maximum amount of federal financial aid each year, including loans, students must complete and submit the Free Application for Federal Student Aid (FAFSA) to the U.S. Department of Education annually. Submitting this vital financial aid form determines your eligibility for federal financial aid as well as scholarships, grants, and other aid opportunities. While not required, it is strongly recommended that all college-bound students complete one.

The 2007 FAFSA is just around the corner and to make the most of the 2007 FAFSA and get the most financial aid you qualify for. In preparation for it, we've assembled a list of tips, tricks, and hints for you.

First, let's look at the timetable. The 2007-2008 FAFSA is the FAFSA form for the academic year beginning on July 1, 2007. The FAFSA is an form which controls how much financial aid you'll receive.

The Department of Education opens its doors to people interested in filing their 2007 FAFSA on January 1, 2007. Here's an insider tip - the longer you wait, the worse your chances are of obtaining grants and subsidized financial aid like the Subsidized Stafford Loan.

There's a limited amount of grant aid available each year, and it's allocated on a first come, first served basis. The Department of Education doesn't permit you to file your FAFSA for the 2007-2008 year before January 1, so be sure you apply as close to that day as possible.

Before we get started, it'll be easiest if you download the PDF copies of both the 2007-2008 FAFSA and the 2007 IRS 1040 (for tax year 2006). We've provided links to these documents here:

Checklist of the MUST needed documents to file your FAFSA.

1. Your Social Security Number - SSN -(can be found on Social Security card)
2. Your W-2 Forms and other records of money earned
3. Your (and your spouse's, if you are married) 2006 Federal Income Tax Return - IRS Form 1040, 1040A, 1040EZ, 1040TeleFile, foreign tax return, or tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia
4. Your parents' Federal Income Tax Return (if you are a dependent student)
5. Your untaxed income records - Social Security, Temporary Assistance to Needy Families, welfare, or veterans benefits records
6. Your current bank statements
7. Your current business and investment mortgage information, business and farm records, stock, bond, and other investment records
8. Your alien registration or permanent residence card (for NON U.S. citizen)
9. Your driver's license or state ID (if any)

About 80% of the data on the FAFSA comes from the IRS 1040, so the next step you'll need to do to ensure that you get the most amount of aid is to complete an IRS 1040, having it already filled out and optimized will make the FAFSA so much easier. Make sure you have your 2006 tax year income pay stubs and work documents handy.

Are you ready to get started? Then let's head to the Web and our step-by-step FAFSA tutorial! FAFSA Tutorial