How to apply for Financial Aid?

Answer 1

Many students struggle today to afford the rising cost of college tuition. Not only do students have to spend tens of thousands on tuition, but college students also have to deal with textbooks and room and board charges. All of this money adds up quickly. Thankfully, many students are eligible to receive financial aid to help cover some of these expenses. With financial aid, students don’t have to settle and have the opportunity to attend the schools of their dreams. But, in order to overcome their financial hurdles, students have to first apply for financial aid.

High school seniors should begin the financial aid process sometime between January 1st and June 30th. Students should get their hands on a copy of the Free Application for Student Aid (FAFSA). The FAFSA evaluates how much the government expects you and your family can afford to pay on your college education. Applicants must provide their name, address, social security number, and citizenship status. In addition, the FAFSA requires information about your family’s finances. The FAFSA is particularly interested in your family’s yearly income and the number of current college students in your family. This information is essential for the government to give you all the financial aid you deserve.

After filling out the FAFSA, you must continue the process by contacting your prospective colleges and universities. When you fill out the FAFSA, you are asked to list as many as six colleges you are interested in attending. You must confirm these colleges received your FAFSA information. Also, you may be required to submit additional documents to the college’s financial aid officer.

If the FAFSA doesn’t fully meet your financial aid needs, you should look into federal loans and grants. Search the internet for federal scholarships you might be eligible to receive. Also, look into applying for a federal student loan, like the Stafford Loan. Stafford Loans are great loans because they carry a mere 6 percent interest rate and do not require individuals to make payments until six months after their college graduation. Some other federal loans include the Perkins Loan and the Parent PLUS Loan.

If all else fails, you should consider private student loans and scholarships.

Answer 2

Before receiving financial aid students must fill out the online FAFSA (Free Application for Federal Student Aid). Eligibility for government student financial aid is determined from the information on this form. Colleges regard a filed online FAFSA as the first step in the admissions process.

Organize Documents Before Filing a FAFSA

Gather the necessary documents before filing the FAFSA: Social Security card, driver’s license, previous year’s W2 and tax return (spouse or parent(s), if applicable), untaxed income information, current bank statements, current business and mortgage information, and proof of U.S. residency (if applicable).

FAFSA on the Web Worksheet

FAFSA on the web worksheet is a PDF (portable file format) of the exact questions found on the online FAFSA. Print out this form and fill it in. This may seem like extra work but will save time filling out the online version of the FAFSA and eliminates surprises.

Filing the Online FAFSA Application

Transfer the information from the FAFSA on the web worksheet to the online FAFSA form. Make any necessary changes; electronically sign; and apply for a PIN (Personal Identification Number). Parent(s) and student(s) must electronically sign the FAFSA. Be aware that electronically signing the FAFSA is legally binding and the same as physically signing a paper document. A report will be generated with the student’s eligibility for financial aid calculated.

Student Aid Report (SAR)

The Expected Family Contribution (EFC) determines how much financial aid a student is eligible to receive. Financial aid eligibility is determined from this score on the Student Aid Report (SAR). Update the online FAFSA if there are any changes such as increased/decreased income, an address change, or any status changes (ex: a student marries or moves from parent(s) home). A change in a student’s financial aid eligibility is directly affected by these changes.

Other Tips

It is important to guard the PIN because it is how to access online FAFSA application information. If a PIN is lost, a request for a duplicate can be made. The online FAFSA must be completed yearly and the PIN allows a student to electronically sign future online FAFSAs. Financial aid eligibility is re-evaluated from current FAFSA information.