Financial Aid And The FAFSA Process

The Free Application for Federal Student Aid, commonly called FAFSA, is considered a must for college students. It helps determine the eligibility of the student to receive financial assistance with their education. The FAFSA must be completed before the school can offer any type of award package. This may include grants, loans, work study programs, and scholarship money.

Many kinds of details will be required to complete the FAFSA form. Personal details like Date of Birth, Social Security Number, and contact details will need to be filled in. Also be prepared to share information about income and tax, educational qualifications, living arrangements, etc.

These details will be based on your parents’ income, if you are below the age of 21. There is some exclusion to this point, for which it’s best if you clarify with a financial aid advisor or check on the website.

In order to fill the form, you would require details about your tax returns or that of your parents and bank account statements for accounts that accumulate interest.

Even though you may revise your answers as and when required, it is best to be acquainted with all details so that your answers are accurate. It is a good idea to have all the required details handy while filling in the form. Ensure that you drop your application well before the deadline. The state deadlines are usually much earlier than federal deadlines, so be aware of the correct dates.

You may apply online or obtain a packet that must be mailed in. If you choose to apply online, you will first be prompted to create an account and a password. You will also be given a computer generated PIN. You can request the PIN be mailed or choose to view it online. At anytime during the application you may save the information and continue at a later date. After your application has been successfully submitted, you will receive a confirmation number and an e-mail.

The details that you share in the FAFSA form, will help in deciphering the estimated family contribution or EFT. When the EFT is above 0, you will be required to bear a portion of the tuition costs. However, if the EFT is 0, then you are not required to bear any of your tuition costs. It is advisable to submit the FAFSA even if a student is not qualified for either state or federal grants. The process will help the student in obtaining any loans or applying for scholarships.

When the school receives FAFSA results, they will then contact the student regarding any additional information that may be needed. This may include but is not limited to a copy of tax returns, w-2’s, or any other document related. This process is called verification, not all students will be selected for this. Only after this process has been completed will the student be offered financial aid.

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