What is FAFSA?

What’s a FAFSA and why should I submit one?

FAFSA is the acronym for the Free Application For Federal Student Aid. The FAFSA is the online application students need to complete to apply for federal financial aid. This aid can be used to cover the costs of college tuition, fees, room, board, books, supplies and transportation. Most students will qualify for some type of federal financial aid. Federal financial aid is less expensive than privately funded student loans, so any amount you receive in federal financial aid saves you money. Filing the FAFSA is free; avoid any websites that want to charge you to submit a FAFSA. Correctly filling out the FAFSA form is fairly easy and straight forward, the user friendly format has been updated for better navigation. The FAFSA website has a FAQ section. Here’s the address to the correct website: http://www.fafsa.ed.gov/.

Federal financial aid is made up of the following:

• • Grants -funds for college that do not have to be repaid.

  • Work study – part-time employment where you can earn funds while enrolled.

  • Federal Loans – borrowed funds, which you must repay with interest.

The FAFSA application is available on October 1st. You should file the FAFSA as soon as possible after this date. Most federal financial aid is awarded on a first come, first serve basis, so filing as soon as possible will ensure you receive all the federal financial aid which you are eligible. Filing early also gives you time to make corrections without holding up your aid award. Do not miss FAFSA deadlines, or you will not be eligible for federal financial aid for that school year. You only need to file FAFSA once per academic year.