The most important thing for College Students to do today
It's FAFSA time.
Starting today, you can submit your Free Application for Federal Student Aid (FAFSA).
Why is this important? Many states offer Grants on a
first come, first served basis . Need we say more?
Why do I need a FAFSA?
The FAFSA is a free online application for financial aid eligibility. It is used by the government and schools to determine your eligibility for financial aid, including grants, work study and federal student loans and some state programs. Many of the state programs have limited funds, so the early bird gets the “funds”.
Tips:
This is a free application located at https://studentaid.ed.gov/sa/fafsa or on the myStudentAid mobile app.
Do
NOT pay anyone to fill out the form for you. Free is in the title.
You must fill this out annually. Add it to your calendar for October 1st.
Let’s get started: Information you will need.
• Your driver's license
• Your Social Security number
• Your parents' Social Security numbers and birthdates
• Your family’s latest federal income tax returns.
• W-2 forms or other income information
• Bank statements
• Information on investments
• FSA ID
Submit your FAFSA and you can check your status online or in the app. Processing time varies but is usually 5-7 days.
How is your financial eligibility calculated from your FAFSA?
When you fill out your FAFSA, you provide personal demographic information and financial information about yourself and your family
This information is used to determine your Expected Family Contribution (EFC).
Your EFC is calculated according to a formula established by the Department of Education and the information you provide on your FAFSA. The calculation considers many factors including enrollment status, year in school and the cost of attendance at your school.
The results of the FAFSA are provided to you on a Student Aid Report (SAR) from the office of Federal Student Aid. Your SAR is a document that gives you basic information about the FAFSA data you submitted. You should receive your SAR within a few days of filing.
After you receive your SAR, you should receive a financial award letter from the school or schools that you added in the FAFSA.
Award letters tell you how much aid you’re eligible for at that school and can vary from school to school. You school look at this information and discuss it with your family before making the final decision of what school to attend.
Financial aid award letters information:
• The total Cost of attendance (COA). This is the current estimate of what you can expect to pay for one year of school. This includes tuition, fees, room and board (TFRB) and potentially even personal expenses. If you have extra expenses, speak to your financial aid office to see if they can be included.
• Expected Family Contribution (EFC) is a calculated amount that your school uses to determine financial aid eligibility
• Grants are need-based and can be state or federal grants.
• Scholarships can be need or merit based and are awarded by a schools, companies, or private organization.
• Federal Work Study is a program where you work at your school to earn your financial aid.
• Federal Direct Student Loans. You borrow money directly from the federal government.
• Private Student Loans. Your eligibility may or may not be listed here. It may show a Private loan or show an amount still due. Do your homework and compare Lenders. You can compare some popular Lenders Here .
Financial Aid Myths:
• My parents make too much to get aid.
• I have a college fund, 529 or money saved for college, so I am not eligible.
• My friends didn’t get aid, so I will not.
• I can apply anytime. This is true but you may miss out on state grants.
Apply, you never know what you are eligible for until you do. It’s free and usually required by your school.
The Federal Student Aid site, An Office of the U.S. Department of Education, oversees the process and is the definitive source of answers on eligibility. Your financial aid office will be able to answer most of your questions.
EFC definition according to Federal Student Aid:
Your EFC is an index number that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. The information you report on your FAFSA form is used to calculate your EFC.
The EFC is calculated according to a formula established by law. Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) all could be considered in the formula. Also considered are your family size and the number of family members who will attend college or career school during the year. The EFC Formula guide shows exactly how an EFC is calculated.
