What is FAFSA?

Answer 1

The Free Application for Federal Student Aid (known as FAFSA), is a form that must be filled out annually by current and anticipating university students (both undergraduate and graduate) and sometimes their parents in the United States to determine their eligibility for federal student financial aid (including grants, loans, and work-study programs). In addition, most states and schools use information from the FAFSA to award non-federal aid. The FAFSA consists of numerous questions regarding the student's finances, as well as those of his or her family; these are entered into a formula that determines the Expected Family Contribution (EFC). The amount of the EFC can vary widely, depending on a number of factors; for example, one such factor is whether a student has siblings in college at the time. Other entities, such as the specific college or state of the student, may also use some of these responses to determine if the student is eligible for school or state aid, in addition to federal aid. A Student Aid Report (SAR), which includes a summary of the students financial aid formation and the EFC, is forwarded to the schools listed by the student as well as the student. These schools then use the SAR to determine what financial aid package (if any) to award the student.

Answer 2

What is FAFSA? The Free Application for Federal Student Aid (FAFSA) is a document that is submitted annually by current and future college students who live in the United States. This document is used to help determine their eligibility for student financial aid. Available to both graduate and undergraduate college students, a FAFSA form is needed to apply for work study programs and Pell grants. FAFSA is a gateway to the nine federal aid programs for college students, and there are more than six hundred state and institutional aid programs that they can take advantage of.

Students who are considering a FAFSA should submit their completed application to the United States Department of Education each year in January for the approaching academic year. State, federal, and institutional aid is generally provided as a first come, first served program. There is an eighteen month waiting period for each student application, those who would like to be considered for the maximum amount of financial assistance should submit their FAFSA as soon as possible. Students who have previously applied can submit a new FAFSA with updated information for the coming year.

The questions listed on the FAFSA are related to the dependency, assets, and income of college students and their families. Some determining factors include the size of the household, assets, and how many students in the home are attending college. FAFSA questions are used to establish financial eligibility, there are no references to ethnicity, sexual preference, race, religion, or disabilities.

Nearly all students can receive some type of financial assistance, there are unsubsidized loans available regardless of their circumstances or income. Before submitting a FAFSA, each student must have a legal Social Security number, and must be a citizen of the United States, or an eligible non-citizen. Other requirements include a high school diploma or a General Equivalency Diploma (GED), and no criminal record for the possession or sale of illegal drugs while receiving federal aid.

Male college students between the ages of eighteen and twenty five must be registered with the United States Selective Service, and applicants can not be default in student loans, or owe refunds on federal grants. Federal aid can only be used for educational purposes.