filling out the fafsa

Attending college is an expensive proposition. Some families set up college funds while their children are young, but many do not. Fortunately, help is available from many sources, one of which is the federal government.

Federal student aid helps lots of students who otherwise wouldn’t be able to pursue higher education each year. Anyone can apply, and assistance is based on family income and assets. You don’t have to be at the top of your class to get help like you do with most scholarships.

In order to receive education assistance from the government, one must submit a Free Application for Federal Student Aid, or FAFSA for short. This form asks questions about the student’s income, assets and debts, or those of the parents if the student is a dependent. Applicants must also answer questions about family size and number of family members in college.

The FAFSA may be filled out online, or students can obtain paper forms from their schools. There are lots of questions, but the answers to most can be found on income tax forms from the prior year. Many schools hold free workshops to assist students and parents who need help filling out the FAFSA, so there should be no cost whatsoever in applying for student aid.

What Happens After You File

Once your FAFSA is filed, the government calculates your expected family contribution (EFC). This is the amount that they determine you and/or your family are able to pay toward your education. You will receive a Student Aid Report that contains this information a few weeks after filing.

When filing a FAFSA, you should specify which colleges you are considering so that they will also receive a copy of your report. Upon receipt of your report, the college’s student aid office will put together a financial aid package for you. The package may include grants, work-study opportunities and loans from the federal government. Individual schools may also offer financial aid from private programs based on your Student Aid Report.

Some types of federal aid have special requirements. Some require a GPA of 3.0 or higher. Others are only available to first or second year college students or those pursuing certain majors. Many have no special requirements, but you must be a U.S. citizen or eligible non-citizen with a valid Social Security Number in most cases to receive any type of federal aid.

Federal aid can put college within reach for most students. But it’s important to file your FAFSA as early as possible, because schools distribute federal funds on a first-come, first-served basis. Also, keep in mind that you must file a new FAFSA each year to continue receiving aid.