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 help 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.
Be aware that if you are below 21 years of age, the details would be relevant to your parents’ income. But, there could be anomalies to this procedure. It is advisable to contact a financial help official or to visit the FAFSA website to check if you are eligible.
To complete the questions, you will need a copy of your tax return, or your parents, and possibly bank statements for accounts that accrue interest.
Although you can make corrections as necessary, try to be thorough and answer all questions accurately. It helps to have all the information in front of you before you start. Be sure to adhere to the priority deadlines. The deadlines may differ from the government and your school, always double check.
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 make 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 submitted in the FAFSA form will help 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 part 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.
The FAFSA results for all applicants are received by the respective school and you will be contacted by your school if any more financial or personal particulars are needed. Details required can range from copies of your tax returns, to W-2s, or any relevant documentation. This happens as part of the verification process, and is applicable for selected candidates. When the applicant clears this routine, they will be eligible for financial grants.