Helpfull Tips When Applying For FAFSA
Federal financial aid administrators as well as guidance counselors from around the country agree that the following tips will help to speed up the application process.
• Important: Always read the instructions! Many questions on the FAFSA are straight forward such as your social security number. However, many questions are specifically asked for purposes of college student financial aid. Common words like household, investments, and even parent may hold special meanings. Read all instructions thoroughly.
• Apply Early! State and college/university deadlines can vary and do tend to be early. Check with the college or university to find out their exact deadline dates.
• Federal College Student Aid will process your FAFSA if it is received on or before the deadline. However, in order for you to actually receive financial aid, your school must have the correct and complete FAFSA information before the last day of enrollment.
• Complete Your Tax Returns Early! We recommend that you and your parents if you are a dependent college student complete your tax return before you fill out your FAFSA. This will only make completing the FAFSA much easier and faster. If you have not completed and filed your tax return, you may still submit your FAFSA but you must provide correct income and tax data once you have completed the filing of your taxes.
• Save Time: File Electronically! Complete and submit your FAFSA online. It is the fastest and most accurate way to apply for federal student aid.
• Ask: Will You Need Additional Forms? Most schools, universities and states rely on the FAFSA as the single application for student financial aid. However, it will be wise to check with your state agency and there financial aid office at the school that you have planned to attend to find out if they will require additional forms.
The Free Application for Federal Student Aid, or FAFSA, will be the first step in the financial aid process. You will use it to apply for federal student financial aid, such as the Pell Grant, college student loans, and college work study. In addition, most states, schools and universities use FAFSA information to award their own financial aid.
They will enter your FAFSA responses into a formula known as the Federal Methodology. This formula is regulated by the Higher Education Act of 1965, as amended. The result of this formula is your Expected Family Contribution, or EFC. The EFC is a preliminary estimate that will measure your family’s financial strength. The EFC is subtracted from the cost of attendance at the college or university you plan to attend to determine your eligibility for federal student financial aid.
They will also send you a report, called a Student Aid Report or the SAR, by e-mail or by postal mail depending on the addresses that they have on file for you. The SAR lists the information you have reported on your FAFSA. On this report at the upper right of the front page of the SAR, you will find a figure that is called the EFC.
Colleges and universities will use your EFC to prepare a financial aid package (grants, student loans, and/or work study) to help you meet your financial aid needs. Financial aid need is the difference between your EFC and your college or universities cost of attendance, which can also include living expenses.
If you or your family have a special circumstance that will affect your financial aid situation, contact your college or universities financial aid office. Some examples can include unusual medical expenses, or a large change in income from last year to this year.
Your federal financial aid will be paid to you through your college or university. Typically, your school will first use the financial aid to pay tuition, fees, and room and board. Any remaining financial aid will be given to you for your additional expenses.
The financial aid office at the college you plan to attend is the best place to get information about federal, state, college and other sources of student financial aid.
