What documents do I need for FAFSA 2025-2026 besides 2023 tax returns?

Hi there! I just finished our FAFSA last month for my daughter. Here's what you'll need beyond what you mentioned: 1. Social Security numbers for both you and your student 2. Driver's license numbers (if applicable) 3. Federal Student Aid ID (FSA ID) for both you and your student - create this BEFORE starting 4. Records of untaxed income (if any) 5. List of the schools your student is applying to (you'll need the school codes) Regarding home equity - the new FAFSA (2024-2025 and beyond) no longer asks about home equity! This is a big change from the old form. They'll ask about your home value, but not mortgage balance. For accounts, they'll look at cash balances and investments, but qualified retirement accounts (401k, IRA) are NOT counted. Your son's investment account WILL need to be reported if it's in his name.

dont forget the W-2s too. my daughter applied a few weeks ago and they wanted those even tho we had the tax returns.

For small business assets, it depends on how many employees the business has. If it's a family business with fewer than 100 employees, they're not included in the FAFSA calculation. But if it's larger, you'll need to report the net value (assets minus debts). The Student Aid Index (SAI) calculation treats small business assets favorably. One document many people forget is any 1099 forms for miscellaneous income. Also keep records of any child support received or paid, as that information is still required even though it's not on your tax return. And definitely create those FSA IDs early - the system sometimes has verification delays that can take 1-3 days to resolve.

THE NEW FAFSA IS A NIGHTMARE!!!!! I had all the same documents you listed and STILL couldn't finish because their system kept glitching out. We tried for TWO WEEKS to submit and kept getting errors. Then when we finally got through, they selected us for verification and now want even MORE documents. It's ridiculous how complicated they've made this process!!

my kid just did the fafsa and we didn't need any house info at all??? maybe different for different states??

Don't forget about any cryptocurrencies or digital assets! Those count as investments now under the new FAFSA rules. Also, if your son earned any income, have his tax info or W-2 available too. Even if he didn't file taxes, they might ask about his income. One thing that tripped me up was having multiple children in college - they asked for different information than I expected. Are you submitting for just one student?

If you get stuck on any part of the application, I highly recommend using the FAFSA help tool on studentaid.gov. Also, most colleges have financial aid advisors who can answer specific questions about what assets to include. The most common mistake I see (I work in college counseling) is miscalculating the student vs. parent assets. Remember that 529 plans owned by parents are considered parent assets (assessed at a lower rate) while custodial accounts like UGMA/UTMAs are student assets (assessed at a higher rate). Do you know which calculation formula will apply to your family? There are multiple methodologies that can affect what information they request.

Regarding the different formula question - for most families, the federal methodology is used (that's the standard FAFSA calculation). Some private colleges also use the CSS Profile, which asks for additional information and uses the Institutional Methodology. The CSS Profile DOES ask about home equity, retirement accounts, and more. Is your son applying to any private colleges? If so, check if they require the CSS Profile in addition to the FAFSA. It's a more comprehensive form that requires even more financial documentation.

dont stress too much about getting everything perfect. my daughter's counselor said they can always make corrections after submitting if you discover something was wrong!

One last document tip: if your family has had a significant financial change since 2023 (job loss, major medical expenses, etc.), gather documentation of that as well. While you'll still report 2023 information on the FAFSA, you can submit an appeal for professional judgment to the financial aid offices afterward. Also, the new FAFSA has eliminated the sibling discount automatically (multiple children in college at once), so if that applies to your family now or in the future, you'll need to contact each school individually about it. Once you submit, your Student Aid Index (SAI) should be calculated within 3-5 days, though in busy periods it can take longer.