FAFSA/TAFSA

FAFSA stands for Free Application for Federal Student Aid. The state version of FAFSA is called TAFSA. FAFSA helps determine how much money the government can provide a student to pay for college/university based on either the student or parents income. For students under 26, financial aid is determined by parental income. Additionally under House Bill 3, completing FAFSA is a state graduation requirement.

To complete the FAFSA, both student and parent(s) must have or create an FSA ID that verifies your identity and serves as an electronic signature. Once both parties have an FSA ID, they are able to complete the form. The form will ask permission to pull your taxes from the 2 years ago. It will also ask about your current finances and your home situation. 

Once completed, they will give the student a SAI(Student Aid Index) number to represent how much money they will the family can contribute to the students education. For example: 10,000=$10,000. Based off this number students may qualify for grant money, loans, or work study programs. Unlike loans, grants do not have to be paid back.  An SAI of 0 and below may qualify students for the Pell Grant. 

Scholarships also use FAFSA in helping determine a students eligibility for certain scholarships, and many scholarships require the FAFSA. If a student's parent(s) do not complete the FAFSA, the student will not qualify for any financial aid through FAFSA or scholarships.