What Is FAFSA and What Is It About?

The FAFSA is the starting point of almost every kind of student financial aid in the United States. Ever wonder who the largest provider of financial aid is? Well it’s the federal government.

Every year, it gives out more than $70 billion in grants, loans and work-study awards to millions of students. No matter who you are, you simply have to complete the FAFSA, which stands for the Free Application for Federal Student Aid.

You can find the FAFSA online, at high schools, at most libraries, or at a college financial aid office. It will list the deadline of June 30th, but your school’s deadline may be in early spring. You should get it in as soon as possible after January 1st.

You will need tax forms in order to fill out this form and if you or your parents have not completed them, you should estimate the information and make the corrections later. It is very important that you get the form in on time before the money is allocated.

Even if you’re applying to 12 schools, you need only complete one FAFSA. Always double check that your information is accurate and fill out the form completely. A failure to do so could lead to a costly delay in processing.

Make sure that you submit all required forms along with your application and any additional paperwork requested. It’s best to beat the deadline by as much time as possible. Certain types of aid are offered on a first-come, first-served basis.

Applying online is the fastest way to submit your form and get your results. You will need to request a PIN number from www.pin.ed.gov. Also, filing online can help you catch mistakes quickly and make corrections.

Other Need-To Know Facts About the FAFSA

If you are a male, be sure that you have registered for Selective Service. If you’re over the age of 18, male and have not registered for Selective Service, your FAFSA will be rejected.

Don’t lie on your FAFSA. The government randomly flags a certain percentage of FAFSAs for the school to verify. If they find out that you lied, you will not only lose your aid, but you can be charged with a federal crime.

If your parents are divorced, the parent you lived with the most in the last tax year is the one whose income you will include on the application. Whether your parents claim you as a dependent on their taxes has nothing to do with whether you’re considered a dependent in terms of the FAFSA.

You are considered a dependent and have to include your parents’ income on the FAFSA unless you meet a list of requirements such as you are over the age of 24, you are married, you are in grad school, you’re an honorably discharged veteran or ward of the court.

After You Submit Your Form

Once you have submitted your FAFSA, it goes to the Central Processing System (CPS). The CPS uses the Federal Methodology to calculate your results and create your Student Aid Report (SAR).

This is then sent to you, your schools, and your state aid office. Keep a copy for your records. Regardless of the school, certain aid will be available to you as long as you qualify, such as: Pell Grants, Direct Loans, and Federal Family Education Loans

Where To Start

Fill out the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1st of the year. It is important to fill this form out as soon as possible so you will meet financial aid priority deadlines.

For students who’s FAFSAs are received by the priority deadline, will receive first consideration for some federal and state financial programs that have limited funds by the financial aid office.

You should meet with a financial aid advisor at your school in order to gain a better understanding of the types of aid you are eligible to receive. Make sure who you are talking with is truly the financial aid counselor and not a student helping out. It is also good to write down their name, the date and time in front of them. This will get their attention.

Be sure to come prepared to the financial aid’s office. Have a list of questions to go over during your meeting, if you need any clarification. Make sure your questions are precise and write down the answers.

Ask your financial aid about the outside scholarship policy that states what happens to your need-based financial aid package if you win an outside scholarship. Outside scholarships are any scholarships that are not awarded by the government or the school. Most financial aids will work with you to help reduce the impact of the outside policy if you are up front with them.

Next Steps In the Process

Usually financial aids will host financial aid workshops on campus or in the community in order to give an overview of the financial aid process. Find out the schedules, be sure to attend and ask specific questions that are important to you.

Inquire about the school’s Federal Work-Study jobs. The Federal Work-Study Program provides jobs for students with financial need. Eligible students who indicate that they are interested in work-study on their FAFSAs will see the work-study award listed on their financial aid award letter. If it is not listed as an award on your letter, then go directly to your financial aid’s office and inquire about it.

Understand the professional judgment policy. Professional judgment is the ability of a financial aid counselor to change a student’s financial aid based on unusual circumstances. Professional judgment policies may differ from school to school. If your financial situation has changed since you filed out the FAFSA, you need to meet with your advisor for assistance.

Remember to visit your school’s web site and check out the Financial Aid Office web pages. There you will find many resources to help you through the financial aid process, frequently asked questions, downloadable aid forms, policies and procedures, etc.

And last, never, never give up getting all that you can from your Financial Aid Advisor.

Your Financial Aid Office is there to provide you with financial assistance and advisory services, so you can pursue higher education. One of the problems with financial aid is that the rules change every semester.

It is difficult for advisor’s to keep up with all of the changes and all of the students’ needs. That’s why you must remember that you are responsible for you. If you need to return 15 times to the financial aid’s office to obtain everything you need, then that is exactly what you should do.