All About The FAFSA
The Free Application for Federal Student Aid or otherwise known as FAFSA is acknowledged as a very important procedure for all college goers. It assists in ascertaining the suitability of the student to get any financial aid for their education. The form should be filed in before any financial assistance can be granted, such as loans, work study programs and grants.
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.
Be aware that if you are below 21 years of age, the details would be relevant to your parents’ income. However, there could be anomalies to this procedure. It is advisable to contact a financial assistance official or to visit the FAFSA website to check if you are eligible.
To help with answering the questions, you’d need copies of either your income tax returns or of your parents, and perhaps also details about any bank accounts that generate interest income.
Wherever necessary you may choose to make corrections. But it is much better if you are aware of all details and know the correct answers. To this end, ensure that all the details and related documents are ready for you to cross check. Most importantly, make it a point that you submit the application before the deadline, which can differ for your school from that of the Government. It is best to keep a check on this.
The application can be submitted in either of two ways. First is by filling in the form and sending by post. Second option is to submit online. If you choose the latter, you will need to create an account, after which you will be given access to an auto-generated PIN. You can choose to access this PIN either online or get it posted to you. You don’t necessarily have to fill the form in one go. You can save information that you have filled and come back to proceed further. To acknowledge your application submission you will receive a unique reference number and an email confirming the receipt of the application.
The details submitted in the FAFSA form will assist in assessing your EFT or the Estimated Family Contribution. This number helps in assessing whether you have to make any contributions to the tuition costs. If the EFT is 0, this means that you do not have to pay any part of the tuition charges. On the other hand, if the EFT is more than 0, you would have to pay a portion of your tuition costs. Bear in mind that it is in your advantage to fill the FAFSA form, even if you are ineligible for the federal aid. The FAFSA application will help you in applying for and getting study loans, scholarships or even campus work-study.
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.