Free Application for Federal Student Aid (FAFSA)
The Free Application for Federal Student Aid (FAFSA) is available to prospective students who are interested in receiving financial aid for colleges and universities, both public and private schools. The application is used to determine “Expected Family Contribution” (EFC) or the annual amount of money a student and his/her family can contribute towards college each year. Although colleges offer their own scholarships and other opportunities to help pay for educational costs, establishing a strong financial plan with your family will help your student to graduate as close to debt-free as possible.
It is highly recommended that all prospective college students take advantage of the FAFSA application. If students are eligible, there is opportunity for them to receive needs-based loans and/or grants to assist them in paying for college tuition and fees. Likewise, all federal issued grants and loans are determined through FAFSA, and the majority of colleges use this form as a tool to establish financial aid awards for their prospective students. The federal government, as well as other state and funding agencies, will also use FAFSA information to determine eligibility for funding as well as non-federal aid packages. Even if you do not believe that you will qualify for need-based financial aid, if you or your family are thinking about taking out a federal loan of any kind, including subsidized and the unsubsidized Stafford loans, you will need to file a FAFSA form.
Generally, FAFSA requires information in five categories about a student and his/her family, including personal, academic, financial, and identification information. The 102 questions on the FAFSA form are targeted to determine:
- The student’s income and assets
- The student’s dependent status
- Parents’ income and assets
- Family finances
The form can be filled out in paper form or submitted online, but it is recommended by the Office of Federal Student Aid to submit applications online because the website initiates immediate error checks that will flag any potential errors. This can decrease the amount of time it takes to process the application by as much as several weeks. Beginning January 1st, you can begin filing your FAFSA application. The earlier you begin the application process, the further ahead you will be in line for many of the first-come, first-served financial aid programs.
Mark in your calendars NOW to begin the FAFSA process in January 2016!
