What Exactly Is The FAFSA?

FAFSA is an acronym for the Free Application for Federal Student Aid. This is the application used to determine a student’s eligibility for federal student financial aid. The FAFSA is used by current undergraduate and graduate students, as well as by students who will be entering undergraduate and graduate student status within the next year.

Federal student aid includes grants, loans, and work-study programs, with the award dependent upon the information completed on the FAFSA application. In addition, most schools also determine non-federal aid from information within the FAFSA. Thus, if you are applying for scholarships or grants from your institution, you will most likely need to fill out a FAFSA.

Who is Eligible?
Almost every United States citizen with a high school diploma or GED is eligible for some form of federal student aid. At least half time enrollment is required before you can apply. Candidates are eligible for FAFSA, regardless of income level.

When Should You Complete the FAFSA?
The golden rule is to complete your FAFSA as early as possible. The earlier you apply, the more aid there is available to you. The financial awards are determined on a first-come, first-serve basis, and thus, it is important to apply as soon as possible.

You cannot fill out a FAFSA for the upcoming school year before January 1st of that year. Also, it is important that you keep track of your college’s guidelines and timetable; scholarships and institution grants have different deadlines than the FAFSA.

For your FAFSA to be processed, you need tax information from the previous year, and thus, it may be beneficial for you to complete your taxes as early as possible.

What is the FAFSA Timetable?
Perhaps the most discouraging point of the FAFSA is how long the process takes, but when you are well prepared and use the right resources, you can easily shorten the time needed.

Once your taxes have been completed, one of the easiest and fastest ways to apply for aid is via the Internet. To apply online, you need to apply for a Federal PIN Number, which is your virtual signature. You should apply for the PIN two to three days before filling out the FAFSA application. Not only does the student need a PIN number, but parents or spouses that may be on the application need a PIN number as well.

While waiting to obtain your PIN via email, you should begin preparing the information needed for the FAFSA application. You should determine your dependency status, gather all needed numbers and tax documents, and then decide whether you are going to apply online, by phone, or on paper.

On average, it takes between 30 minutes and two hours to fill out your FAFSA, if you are well prepared.

After filling out your FAFSA, you will receive your Student Aid Report (SAR). If applying online, you will receive this within three to five days. It can take a few weeks to receive your SAR in the mail.

Your SAR contains your Expected Family Contribution (EFC), and this information will be transferred to your school of choice. From there, it is up to your school to determine your eligibility for all federal aid (grants, loans, and work study), partial scholarships, and other aid.

How Much Money Can You Expect to Receive?
The amount of money you receive in your financial aid package is based several different factors. These factors include your EFC, year in school, enrollment status, and your cost of attendance. It is up to your school to determine your award, as well as what types of aid you will receive in your package.

After Your Initial FAFSA Application
You need to fill out a renewal FAFSA each year following your initial application. If you apply online, most of the time your information will be saved in the system. You can simply review this information and make the necessary changes. You can then sign the renewal FAFSA online with your PIN.Each year, your school’s financial aid office determines your federal student aid amount after you fill out your renewal FAFSA. The key to all FAFSA applications it to complete them as early as possible to January 14th, and we have several resources available to take you through the step-by-step process of completing your application – easily, effectively, and accurately!