A college education can be an unattainable goal without financial assistance. The Free Application for Federal Student Aid (FAFSA) form provides financial assistance to students and their parents. Dennis Bonnen discusses the most important things about the FAFSA application in this blog.
Application Deadlines Can Vary By State/University
The deadline for FAFSA application can vary based on the state and college/university. The application opens on October 1 every year, and the deadline is June 30 of the following year for the same academic year. However, many states and colleges have a priority deadline of February or March, and students who apply earlier have a better chance of receiving aid. Therefore, students should check the FAFSA deadline for their state and college/university before starting the application process.
Student And Parent Financial Information Is Needed
The FAFSA form requires both student and parent financial information. Many students believe they don’t need to fill in their parent’s financial information if they are independent or live off-campus. However, this assumption is not true, as the FAFSA considers dependent students’ parents’ income and assets until they reach the age of 24 or meet other criteria. Therefore, students and parents should be prepared to provide financial information, including tax returns and bank statements.
Aid Eligibility And Expected Family Contribution (EFC)
The FAFSA form assists in determining aid eligibility by calculating the Expected Family Contribution (EFC). The EFC is the amount a student and their family are expected to contribute to the college expenses based on the financial information provided. The FAFSA calculates the EFC using a formula, including income, assets, family size, and the number of family members in college. Colleges use the EFC to determine the amount of aid a student can receive.
Different Types Of Federal Financial Aid
The FAFSA form provides access to various types of federal financial aid, including grants, work-study programs, and loans. Grants, such as the Pell Grant, are the most accessible aid form and do not require repayment. Work-study programs allow students to earn money by working part-time on or off-campus, while loans require payment after graduation with interest.
Error/Change In Financial Status Can Be Corrected
The FAFSA form can be corrected if there is an error or change in financial status. Students and parents can make changes to their FAFSA application if they make a mistake or if their financial statuses change, such as job loss or medical expenses. Additionally, students should submit the FAFSA as early as possible and update their FAFSA form whenever there is a significant change in their financial status.
Never Assume You’re Ineligible
Students can apply for FAFSA even if they think they are not eligible. Many students assume they do not qualify for FAFSA because of their family’s income or academic performance. However, applying for FAFSA is essential as it can open doors to various federal and state financial aid programs.
Application Form And Process Are Free
Filling out the FAFSA form is free, and students should avoid scams. The FAFSA application is free, and students and parents should never pay anyone to help fill out the form. Additionally, students should be wary of scams that request personal or financial information and be cautious when using online resources.
Conclusion
In conclusion, the FAFSA form is essential for students seeking financial assistance for higher education. Students and parents must understand the FAFSA application process and requirements to maximize their aid chances. By remembering the essential things Dennis Bonned mentioned in this blog, applying early, completing the form accurately, and avoiding scams, students can secure the best financial aid available to pursue their college dreams.
