10 Things That You Should Know About FAFSA

FAFSA or Free Application for Federal Student Aid is the free application form that is used by the US students to apply for Federal student aids. Annually, the Federal government of the US provides about $150 billion as financial aid. This Federal aid can be availed in the form of scholarships, grants, Federal student loans, and work-study programs. To know more about the available types of Federal student aid:

Eligibility Requirements

Students who are applying to study higher education programs in the US, such as undergraduate and graduate programs can apply for FAFSA.

To avail the Federal aid, a student must satisfy the following eligibility criteria:

• Financial need – The student should have a financial need to pursue his education


• US citizenship or recognition as an eligible noncitizen


• Valid Social Security Number

 

• Registration with Selective Service (male students must register between the ages of 18 to 25)


• Enrollment confirmation in an eligible degree or certificate program


• Good academic records in school or college

 

Application Modes

Students can apply for FAFSA through the online application available on the official website. Students can also apply for Student Federal aid through paper application forms or by calling the official phone.


While applying through FAFSA, a student should be aware of the following information to successfully complete and avail financial assistance:

1. Personal Identification Number (PIN)

To sign the FAFSA application electronically, the Personal Identification Number or the PIN is required. A student should get the PIN as early as possible from the official website of FAFSA in order to avoid process delays of the application.

2. Necessary Documents

Following are the necessary documents to be submitted along with the FAFSA application:

• Student’s Social Security Number


• Parent’s Social Security Number


• Driver’s License Number (if available)


• Alien Registration Number (for non-US citizens)


• Federal tax information


• Untaxed income


• Savings, investments, and balance account information

 

3. Help Tools

While filling the application, students can use free help tools available on the official website of FAFSA to complete the application correctly.

 

 4. Filling out FAFSA

When starting to fill the FAFSA for the first time on the official website of FAFSA, students should click the button that says ‘Start A New FAFSA’. If the application is not completed at the first time, students should save the password to login to the application later to complete it.

5. List of Colleges

While filling out the form, students should provide the name of at least one college in order to complete the application. This information is used to calculate the amount that may be required for a student. A student can list up to 10 colleges in the order of preference.

6. Dependency Status

A student should declare his/her dependency status. If the student is a dependent, information about the parents has to be filled out in the application.

7. Unable to Provide Parent Information

If a student is not able to provide information about the parents due to any reason, he or she will not be eligible for any Federal student aid except the unsubsidized loan.

Such students will not be able to avail the Expected Family Contribution. In such case, they should immediately contact the financial advisor of their college to avail the unsubsidized loan.

8. Financial Information

FAFSA asks for financial information of the student that should be filled based on the income records of the previous tax year. Students can use the ‘Income Estimator’ tool available in the official website of FAFSA to calculate the tax return if there is any change in the income.

9. Availability of Tax Information via IRS DRT

To know more information about tax return, students should use the IRS Data Retrieval Tool. For other related queries, students can contact IRS using the provided number: 1-800-829-1040.

10. Submitting the FAFSA

After filling out the application with necessary details, students should sign the FAFSA with the PIN and submit it.

Once the FAFSA application is submitted, students should follow up and monitor the status of the application on the official website. Students can also make corrections and update their application after submission, if required.

In this article, we have discussed about how to apply for Federal student aid through FAFSA. If a student can avail grants or scholarships, the money does not have to be repaid. In case of loans, the amount has to be paid back with interest, by the student.

In the next article, we will discuss about various loan repayment options available to student borrowers.


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