The FAFSA is the most important form to complete when figuring out finances for college. You must complete this application every single year to be reviewed for aid. The FAFSA filing period is October 1st until March 2nd each year.
Your completed FAFSA gets viewed by three different entities; the federal government, state government and the universities that you send it to. After filling out the application, your Expected Family Contribution (EFC) is determined. This number dictates if you qualify for the federal Pell Grant, the state Cal Grant and can also determine what your institutional need-based aid looks like from your school.
While you are in college, you will likely always be filing the FAFSA as a dependent student. The image below displays the conditions you must meet to be considered an independent student.
Renew Your FAFSA
Most likely, if you are on this website, you have completed your FAFSA at least once! That means that instead of having to start from scratch, you get to renew your FAFSA for the coming academic year. Much of your demographic and contact information will auto-populate into the renewal, so just make sure all of that is accurate. Since you are likely to be staying at the same school, this year, you only need to add in the school that you are attending! If you are transferring or applying to multiple schools, you will add all of those schools.
What You'll Need:
Your FSA ID
Parent's FSA ID if they were able to make one
Social Security Number (parent(s) SSN if they have one)
Federal tax information or tax returns
Records of any untaxed income
Cash, savings and checking account balances
Investments other than the home in which you live
Once your FAFSA is processed, you will be packaged for financial aid by your school to view in your portal!
Basic FAFSA Instructions 2022-2023
Detailed FAFSA Instructions 2022-2023
Loans
Subsidized VS. Unsubsidized Loans
In the United States, for many students and families, loans are a reality of attending college. Because of this, it is important to be informed on exactly what it is that you are taking on for student loan debt and the process to repay your loans.
In the chart on the lefthand side, taken from the Federal Student Aid Website, you can see the total of loans you can take out for each year you are in college, both subsidized and unsubsidized.
Remember, with subsidized loans, the government pays your interest while you're in school. Interest accrues with unsubsidized loans. The interest rate for unsubsidized loans as of spring 2022 is 2.73%.
Parent PLUS Loans
For some families, taking out the subsidized and unsubsidized loans in the student's name is not enough to cover the cost of attendance for a school. In that case, families look into alternative loans, one of which is a Parent PLUS Loan.
As a college student, it is likely that you have not had time to build up a credit history. Your parents on the other hand, probably have! While the government may not trust you to take out a loan for a significant amount of money, they can offer a loan to your parents. The maximum PLUS loan amount you can borrow is the cost of attendance at the school you will attend minus any other financial assistance you receive. The cost of attendance is determined by the school.
Payments for the PLUS loan have to made as soon as the loan is disbursed unless a deferment is requested. Interest will accrue even if you do request deferment of payments and will be added to the principal amount owed to the loan servicer. As of spring 2022, the PLUS loan is 6.28%.
Digging for scholarships can be like looking for a needle in a haystack. Many students, especially at private schools, receive a merit-based scholarship when they apply. Often times, that along with other financial aid makes up their entire financial aid package. However, if you want to look for additional scholarships, there are several methods that you can try.
Look at your college or university
Some schools will have general scholarships that they post on their website
Check within your academic major's department
Check within third party websites, such as those listed below
Some students have luck with outside scholarships, scholarships that are not affiliated with your school. These are often one-time scholarships with varying requirements and specifications. You can utilize search tools like College Board and GoingMerry to look for opportunities. Keep in mind, you'll have to dig!
Check out Community Based Organizations in your area!
GoingMerry is an organization that acts as a single portal to thousands of scholarships. Create a profile, input your information and get matched with scholarships you are eligible to apply for!
You know college board from taking the SAT, AP exams or maybe even using it as a search tool for colleges. They also offer a platform for students to look for scholarships. Check it out at the link above!