You may qualify for federal student loans if you fill out the FAFSA.
Many families find the cost of college to be too great to pay with just their own income. Also known as the Free Application for Federal Student Aid, the FAFSA gives students the opportunity to apply for state and federal grants, as well as loans to help offset the cost of college. Students filling out the FAFSA should note state and federal deadlines, necessary materials and their own status. Students should also be aware of what to expect once they file their FAFSA.
Types of Aid
The FAFSA gives students access to two types of financial aid. Grants are forms of aid, which are generally based on a student's income and do not have to be repaid. States offer grants, which are separate from the federal Pell Grant. There are also grants for students who major in Math and Science and have met a certain GPA requirement after completing two years of study. Loans, on the other hand, can cover a student's tuition and cost of living, though must be repaid six months after graduation. Additionally, outside organizations may distribute scholarships based on the information a student provides on his FAFSA form. However, students must research and apply for scholarships separately using their college counselor at school or a website like Fastweb.
Deadlines
The date you must submit your FAFSA depends on the type of aid you are applying for. If you are applying for grants offered in your home state and federal Pell Grants, you will need to abide by the deadline specified on the FAFSA "Student Aid Deadlines" website. Students attending community college may file by a separate deadline for aid distributed by their colleges only. However, abiding by the state deadline is the best way to ensure you receive maximum aid. Students who are certain they are not eligible for grants can file their FAFSA by the national deadline to receive federal loans only.
Necessary Materials
Students will need to account for all of their parents' assets and income on their FAFSA. Students will also need to provide all of their financial aid information on their FAFSA as well. This is because the eligibility for aid is based on the student's and the family's income. Students who meet certain criteria can file as "dependent," which means that the federal government will not take their parent's income into consideration when determining aid. This often works in the student's favor, as their income will be significantly lower, potentially making them eligible for more aid. Students who are 24 years old, married, or in graduate school may file as dependent, in addition to other criteria.
Filing Options
Students may file a FAFSA one of three ways. Filing online using an assigned pin number is recommended and is the fastest and easiest way of filling out your FAFSA. You can obtain your PIN number by using the PIN website for Federal Student Aid. Students may also download a paper copy of the FAFSA in PDF format, print it and fill it out using pen. Students who choose this option will need to mail their FAFSA. Lastly, students can contact the Federal Student Aid offices and request a paper FAFSA application, which they can mail back.
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