FAFSA

The U.S. Department of Education determines financial need and recommends an award to the colleges based on the financial profile information reported by parents in the FAFSA (Free Application for Federal Student Aid). College put together a financial aid package designed to meet that need. At most colleges, a package will include some combination of scholarships, grants, loans, and a job. Not every college can meet the full need for every student. Many students and parents wonder if applying for aid will hurt their chances of admission. Most colleges make "need blind" decisions and do not weigh financial need as a factor in the decision process.

All students who think they need financial aid should apply for it. Some college scholarship programs only consider students who apply for financial aid with the FAFSA, the college's scholarship application, and CSS/Profile, or some combination of these. If nothing else, applying for financial aid gives families access to some of the lowest interest-rate loans that they would be unable to access at local banks and credit unions. Some families who do not qualify for "need based" aid can take advantage of these low interest-rate loans as a way to leverage their overall financial strength.

The FAFSA cannot be completed until October 1 of your senior year. However, the FAFSA Forcaster can help families get a jump on the financial aid process. This financial aid estimator will calculate your Expected Family Contribution (EFC) - the indicator used by colleges to estimate your family's ability to contribute towards the cost of your education. This is the only EFC forecaster from the U.S. Department of Education, the people who process the FAFSA.

The FAFSA should be filed online. It is available to fill out after October 1 of the senior year, and should be filed as soon as possible after that date. The FAFSA will call for figures from the past previous tax year's return due on April 15. The U.S. Department of Education processes the form and sends it and the "need analysis" to the colleges and scholarship programs you have designated.

When you fill out the FAFSA, both you and one of your parents need a FAFSA ID (FSAID). The ID will allow you to sign your FAFSA electronically and submit your application online, which cuts down on processing time. You should request your ID at fsaid.ed.gov by before you complete your FAFSA.

Filing the FAFSA online is a fairly straightforward process. It is helpful to download and print the 2017-18 FAFSA Worksheet (available below). The Application and Verification Guide, as well as the Frequently Asked Questions Sheet (both attached below) also provide additional information if you have questions. The worksheet will help you locate the needed information and have it available when you log in and fill out the online form. If you have the completed worksheet with you, completing the online form will take about 20-30 minutes. To continue to receive financial aid, you and your parents will have to fill out the FAFSA each year you are in college or graduate school.