You can't avoid financial aid forms if you want to get money from the government to help pay for school. But you can educate yourself to make the process easier. Here are some things you should know:
FAFSA is the gateway to all federal financial aid
FAFSA means Free Application for Federal Student Aid. You must complete and submit it if you want to be considered for any type of financial aid from the federal government including loans, grants, scholarships and work-study. It's worthwhile to discover how much aid you qualify for, because every little bit helps!
Obtaining the FAFSA
The easiest way to fill out and submit a FAFSA is online. If you have a PIN, electronic forms usually take only three to five days to get processed, while paper copies take two to four weeks. Request your PIN.
You can get paper copies of the FAFSA from your high school guidance office, the public library or your local college’s financial aid office, or by calling 1-800-433-3243.
What is federal aid based on?
Students eligibility for aid and how much they can receive is generally based on the family's economic need. The federal government determines a student's need by evaluating both parental and student income and assets outlined in the FAFSA.
What questions are on the FAFSA?
FAFSA asks for complete financial information on your household. It also asks about choice of schools, number of siblings, employment information, willingness to participate in work-study programs, etc.
How often must you apply?
Students must re-submit a FAFSA for each school year they’re enrolled, including undergraduate, graduate and professional programs. However, only information that has changed must be updated.
When should you submit the FAFSA?
The earliest you can file your FAFSA is January 1 for the upcoming school year. Most funds are distributed on a first-come, first-served basis, so it's important to file as close to January 1 as possible.
Then what can you expect?
One to four weeks after submitting the FAFSA, you will receive a Student Aid Report (SAR) that outlines your Expected Family Contribution. Colleges and state agencies will use the Expected Family Contribution to determine the size of the aid award.
Federal Student Aid Report (SAR)
The SAR tells you your Expected Family Contribution (EFC), the amount of federal financial aid you've received, and helps your school determine your current eligibility for additional financial aid from the school, state or other sources.
Award letters
Based on your EFC, schools determine the amount of aid for which you qualify, then mail out award letters indicating that amount. Once you have that figure, you'll know about how much more money you'll need to attend the college you've chosen. Award letters mailed in January or February generally contain estimates of the amount of financial aid the school may offer you, while letters mailed in the early spring typically contain actual numbers. Know which numbers are reflected in your letter.
What other forms should you complete?
Some colleges also require you to fill out their own financial aid forms in addition to the FAFSA. Check with each school's financial aid office to make sure.