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Completing the FAFSA or Free Application for Federal Student Aid
could could be the most important financial aid form you
complete; giving you access to several government funded grants,
loans and work-study programs every year. The FAFSA can even
help students with their state and school-based financial aid. |
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The the FAFSA or Free Application for Federal Student Aid can be
filled out annually by current and anticipating university
students in the United States to determine their eligibility for
federal student financial aid. Both the undergraduate and
graduate students (and in some cases their parents) can apply
for the FAFSA or Free Application for Federal Student Aid. |
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Student Aid (FAFSA) includes Pell grants, Stafford loans, PLUS
loans, and work-study programs. Therefore, To apply for the
Pell Grant, Perkins Loan, Stafford Loan or work-study, students
will need to complete and submit the Free Application for
financial aid to the federal government Federal Student Aid
(FAFSA) Program. There is no fees or charges associated to your
Free Application for financial aid.
In addition to the Free Application for financial aid some
private colleges and universities may require students to
complete one or more supplemental forms to obtain information
not included in the FAFSA. Students may also be asked to
complete the College Board's CSS PROFILE form.
Students should be aware that your college or school will also consider your Free Application for
financial aid (FAFSA) application in determining non-federal aid awards.
Submitting the Free Application for Federal Student Aid or
FAFSA Application
The Free Application for financial aid (FAFSA) is a
comprehensive form consisting of numerous questions with respect
to the student's finances and his or her family finances.
The information provided with your FASFA will be entered into a
formula that is used to determine the students Expected Family
Contribution (EFC). A number of variables, including but not
limited to: family size, family income, number in children in
college, and parents assets (not including retirement and 401K)
is calculated in determination . This information is
required because their is an expectation that parents will
contribute to their child's education regardless of whether they
will or or not.
It's important for students to complete the Free Application for
financial aid (FAFSA) regardless of their families ability to
contribute. Students who will not be receiving parental aid for college
expenses may be able to appeal directly to their school for a
re-evaluation of aid. In this case the school would determine
and grant awards based on the merits of the applicants personal
circumstances.
The Student Aid Report (SAR)
After you have submitted your Free Application for financial aid
(FAFSA) You will receive a notification from the Department of
Education. Notices can be received as
early as a few days or take up to four weeks. The notification you will receive is called a
Student Aid Report, or SAR. Your SAR will contain all the data
you entered on your Free Application for financial aid (FAFSA)
application.
Students are advised to carefully review the SAR for errors
(highlights will indicate by items that didn't pass the edit)
and follow directions for making and submitting corrections.
Submit your corrections and any other requested information
promptly to avoid long delays in the processing of your
application. Copy and keep a records of the SAR for future
reference.
Expected Family Contribution (EFC)
At the top right corner of the front page of their Student Aid
Report (SAR), you'll find your Expected Family Contribution
(EFC). This figure is a preliminary estimate of the amount your
family can contribute to your college funding. Your Expected
Family Contribution (EFC) will be forwarded to your state
scholarship agency, and to the colleges you indicated on your
Free Application for financial aid (FAFSA) application. State
agencies and colleges will use your Expected Family Contribution
(EFC) to assist them in the determination of your financial aid
award.
Free
Application for financial aid (FAFSA) Application Validation
Some applicants may notice an asterisk next to their EFC figure.
The asterisk indicates that your Free Application for financial
aid (FAFSA) application has been chosen for random verification.
Your college may request copies of signed tax returns or other
information to verify that the information you reported on your
Free Application for financial aid (FAFSA) application is
accurate and true. Be sure to provide your college or school with
the requested information as soon as possible.
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Federal Student Aid or
FAFSA Application
Special Considerations
To maximize your chances of receiving student financial
aid, submit your Free Application for
financial aid (FAFSA) application as soon as possible
after January 1 of the year for which you are requesting
aid.
If you apply before January 1 or without a Social
Security number, your application will
not be processed. If you plan to start college in
September 2008, submit the FAFSA on January 2, 2008 (or
soon after).
Remember, filing your Free Application for financial aid
(FAFSA) application is an annual process meaning you'll
need to submit a FAFSA every year you're in college.
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