What Is FAFSA and Should You Fill Out an Application?
Feb 1, 2016
The FAFSA, referred to as the Free Application for Federal Student Aid, is the form that families submit to obtain government grants, loans, as well as work-study funding for college students. It is provided by the U.S. Department of Education, which provides more than $150 billion in student assistance each year.
Your acceptability for government grants (which do not need to be repaid) as well as federal loans (which do) will typically be based upon your monetary need, as figured out by the information you provide on your FAFSA. You could obtain a preview of whether the FAFSA is expected to qualify you for federal grants by using the FAFSA4caster on the Department of Education web site.
Even if the FAFSA4caster indicates that your family's income and also assets keep you from the range for grants, it's still worth going ahead and finishing the FAFSA. That's because the majority of universities, state scholarship companies, along with organizations make use of the FAFSA in deciding who gets their scholarship money, along with how much each individual will get. Also, filing a FAFSA automatically qualifies you for low-cost government student loans of at the very least $5,500 a year.
Individuals can find out even more about the FAFSA, including the deadlines for finishing it, at the Federal Financial Aid web site. Click Here to start your application at FASFA