We live in a world that is full of bright minds and enthusiastic personalities. Sometimes many of these minds lack the finances that are required to get into a good college. To help such people in times of need, the government of the United States has introduced FAFSA. FAFSA, or the Free Application for Federal Student Aid, is the form that is completed by prospective and current college students to determine their eligibility for financial aid. The FAFSA applies to both graduate students as well as undergraduates. The U.S. government sanctions $120 billion every year to fund the higher education of financially weaker students. To apply for the funding, one has to fill out the FAFSA form. These funds are allocated in the form of grants, loans, and work-study funds. If you have ever searched for financial aid for students, you definitely would have come across FAFSA. FAFSA provides resources and financial aid that one needs to get through college.
It is a form that has to be filled by the student requesting financial aid. It is the first step towards receiving financial aid.
The form collects information about you and your family such as financial income, how many dependents are within the household, etc. The information that one fills in in the SAR is used by the Department of Education and decides what kind of financial aid a student needs. Once you get into a college, you have to fill the form every year, stating the change in your family’s financial status. Once the form is submitted, you will be given a Student Aid Report that states your federal or non-federal financial aid eligibility. The FAFSA form keeps track of one’s educational as well as financial state. Hence it has to be filled every year at the beginning of the session. You need all your details and documents in place while filling out the FAFSA for your convenience.
FAFSA is a free aid (as the name reveals) so it’s important to always apply for it. There are no maximum attempts for an application. Hence, contact the school’s financial aid office that you are aiming for financial help or contact the Federal Student Aid’s help center to get more information about the application procedure, FAFSA form, and the eligibility criteria for the funding.
Prerequisites For FAFSA
- FAFSA asks for a lot of details. Hence to save time and fill the entire form properly, make sure you have all the details with you. The form asks for personal as well as financial information. Thus have all the necessary documents before you start filling the application.
- Below are the prerequisites that you should handy, as this is the information that you will need.
- Create an ID on studentaid.gov. Once you create the ID, you need the following documents. These are the documents whose copies the families are expected to present.
- Student’s social security number
- Parents’ social security number, if the student is dependent on them in all the categories.
- Driver’s license number, if the student has one.
- Alien Registration Number, if the student is not a citizen of the United States.
- Federal tax information or tax returns that includes but not limited to IRS W-2 information, IRS 1040, Foreign Tax Return, IRS 1040NR, or IRS 1040NR-EZ, for the student as well as the parents (if the student is dependent on them)
- Record of non-taxation income that includes child support, interest income, and veterans non-education benefits
- Bank details including cash, savings, and checking account balances, investments in bonds, stocks, real estate (not including current home), and business or farms assets for the student or the parents
- Name and details of at least one school that the student is applying to
- Once you complete all these details, you will hear back from the SAR soon. Electronically applied mails get a response a bit later than the physically e-mailed ones.
Expected Financial Aid once the form is Submitted
- The Department of Labor provides a tool on their website, which tells you about the kind of scholarships or grants that may be expected from FAFSA. Make sure you check that you get an idea of where you stand. There are many federal and non-federal assistance that you may qualify for. Below are a few of the expected financial aid that one may receive from FAFSA.
- Federal Pell Grants of up to $6,195
- Subsidized loans through the William D Ford Federal Direct Loan Program
- Federal Supplemental Educational Opportunity Grants or FSEOG between $100 to $4,000 for undergraduate students
- Federal Work-Study Program where students can work part-time to get a certain amount
- The Teacher Education Assistance for College and Higher Education Grant, also known as TEACH Grant
Amount of Financial Aid that one may expect
- The amount that one may receive varies. It depends on the financial status of each individual. To get a general idea of the aid that you may receive, you can consider the following factors. They will estimate the amount that you may receive.
- The financial aid staff of a given school decides upon your cost of attendance (COA)
- Your Expected Family Contribution
- Subtract your EFC from your COA that will give the financial aid that you need.
- Then they decide how much need-based aid you may get
- To determine non-need-based aid, the school subtracts the financial aid you have already received from your COA
- The above details shall clear up your doubts that you may have while looking for scholarships and financial aids. Apart from these things, be sure to fill and submit the form well before the deadline.
FAFSA takes care of your financial needs, and you must look for this while filling out the college applications. At Miles Smart Tutoring, we are dedicated to providing you with all the information you may need for your academics. We provide private tutoring and personal mentorship to guide you through your careers.
For more information, you can visit us on our Online Tutoring Services.