FAFSA. If you’re a graduating senior you’ve no doubt heard this word thrown around, but you may not be clear exactly what it means. And while it may sound like an author that would show up on your AP reading lists (“Please compare and contrast the works of Kafka and FAFSA”) or a hot new Scandinavian dish (“Why, yes, I would love some FAFSA with my lutefisk!”) it is actually the key to being considered for Federal Student Aid.
What Is FAFSA?
An acronym for Free Application for Federal Student Aid, FAFSA is how you apply for federal student aid programs offered through the US Department of Education. Federal Student Aid represents the largest source of financial assistance available for college and career training and can be used for tuition, fees, supplies, room and board, textbooks, etc. In addition, many states and colleges also use the FAFSA to determine eligibility for other aid.
How Do I Complete My FAFSA?
While paper copies of FAFSA are available, it is easiest (and strongly recommended) that you complete the FAFSA online at fafsa.gov. The online form is relatively straightforward: after creating a FSA ID, you’ll enter personal information to help determine whether you meet the criteria for student aid (US citizen/qualifying noncitizen, enrolled in eligible degree/certificate program, etc.). You’ll then enter more complete financial information to determine how aid you are eligible for.
What Information Do I Need for My FAFSA?
To make completing the FAFSA as simple as possible, you’ll want to gather a few things before beginning. You’ll need:
- Your Social Security Number
- Your Driver’s License (if you have one)
- You and your parents’ most recent federal tax information
- Records of any other untaxed income
- Information on current assets, such as bank accounts and investments
- List of schools you are interested in attending (the schools you list on the form will automatically receive a copy of your FAFSA information)
When Should I Do My FAFSA
FAFSA is available for the upcoming school year beginning on January 1. While official deadlines vary from school to school and state to state, many deadlines are early in the calendar year. Additionally, some awards are available on a strictly first-come first-serve, making it in your best interest to complete your FAFSA as early as possible. In fact, you should apply early in the year even if you or your parents haven’t filed your taxes for the previous year yet. The application will allow you to make estimates based on a previous year’s filing, which you can then go back and update later.
Note, just because you’ve filled out a FAFSA once, doesn’t mean you’re done with it forever. You’ll need to complete a new FAFSA each year you hope to obtain student aid.
What Kind of Federal Student Aid is Available?
Federal student aid is available in the form of grants, loans, and work-study funds, which are distributed based on financial need. As suggested by their names, some of the aid provided is yours to use, while other aid must be repaid over time or earned through an on-campus work-study program.
How Is The Amount of Your Student Aid Determined?
Your college or career school does the math to determine how much federal aid you’ll actually receive, but all schools follow the same simple equation. They take the cost of attending their school and subtract your Estimated Family Contribution (EFC) based on the information provided in your FAFSA. (Your EFC doesn’t change based on the school.) The difference is considered your financial need and is used by the school to put together a financial aid package for you.
While completing your FAFSA may seem intimidating, once you get started the process is relatively simple. Even with everything else going on the second half of your senior year, make sure to find time early on in the calendar year to complete this crucial step towards obtaining the funds you’ll need to pay for school.