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Max Hargis
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FAFSA Student Loans – Financial Aid 101
Jul 17th
It is essential for every student to fill in the FAFSA or the Free Application for Federal Student Aid. This can help in assessing whether the student qualifies for any financial aid. The school can offer any financial aid package including grants, work study programs, scholarships and even loans, only if the FAFSA form has been submitted.
To complete the FAFSA form, you will need to furnish lot of information including personal particulars such as contact details, Social Security Number and date of birth. Then, there are other particulars to be filled relating to education level, financial background, living arrangements among many others.
These details will be based on your parents’ income, if you are below the age of 21. There is some exclusion to this point, for which it’s best if you clarify with a financial aid advisor or check on the website.
To help with answering the questions, you’d need copies of either your income tax returns or of your parents, and perhaps also details about any bank accounts that generate interest income.
Even though you may revise your answers as and when required, it is best to be acquainted with all details so that your answers are accurate. It is a good idea to have all the required details handy while filling in the form. Ensure that you drop your application well before the deadline. The state deadlines are usually much earlier than federal deadlines, so be aware of the correct dates.
The application can be submitted in either of two ways. First is by filling in the form and sending by post. Second option is to submit online. If you choose the latter, you will need to create an account, after which you will be given access to an auto-generated PIN. You can choose to access this PIN either online or get it posted to you. You don’t necessarily have to fill the form in one go. You can save information that you have filled and come back to proceed further. To acknowledge your application submission you will receive a unique reference number and an email confirming the receipt of the application.
The information provided on the FAFSA will calculate an estimated family contribution, commonly referred to as EFT. If the EFT is 0, you are not expected to have to pay for a portion of tuition costs. However, if the EFT is above 0 then you are responsible for paying some towards your education. Even if the student is not eligible for state or federal grants the FAFSA should still be completed. This helps to ensure that the student can obtain loans, work study, and apply for scholarships.
When the school receives FAFSA results, they will then contact the student regarding any additional information that may be needed. This may include but is not limited to a copy of tax returns, w-2′s, or any other document related. This process is called verification, not all students will be selected for this. Only after this process has been completed will the student be offered financial aid.
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FAFSA – Your Route To Financial Aid
Jul 3rd
The Free Application for Federal Student Aid, commonly called FAFSA, is considered a must for college students. It helps determine the eligibility of the student to receive financial assistance with their education. The FAFSA must be completed before the school can offer any type of award package. This may include grants, loans, work study programs, and scholarship money.
To complete the FAFSA form, you will need to furnish lot of information including personal particulars such as contact details, Social Security Number and date of birth. Then, there are other particulars to be filled relating to education level, financial background, living arrangements among many others.
Be aware that if you are below 21 years of age, the details would be relevant to your parents’ income. However, there could be anomalies to this procedure. It is advisable to contact a financial assistance official or to visit the FAFSA website to check if you are eligible.
In order to fill the form, you would require details about your tax returns or that of your parents and bank account statements for accounts that accumulate interest.
Although you can make corrections as necessary, try to be thorough and answer all questions accurately. It helps to have all the information in front of you before you begin. Be sure to adhere to the priority deadlines. The deadlines may differ from the government and your school, always double check.
You can submit your application either via the FAFSA website or can request for an application form and mail it in. If you want to use the website to fill your application, you would be first required to register for an account by creating a login and a password. You will then be given a PIN number which is automatically generated. This PIN can also be requested by mail if you choose so. You have the option of filling in the form at your convenience and you can save whatever information you have filled in and resume any time later. Once the online application is submitted, you receive a confirmation by email as well as a reference number.
The details submitted in the FAFSA form will assist in assessing your EFT or the Estimated Family Contribution. This number helps in assessing whether you have to make any contributions to the tuition costs. If the EFT is 0, this means that you do not have to pay any part of the tuition charges. On the other hand, if the EFT is more than 0, you would have to pay a portion of your tuition costs. Bear in mind that it is in your advantage to fill the FAFSA form, even if you are ineligible for the federal aid. The FAFSA application will help you in applying for and getting study loans, scholarships or even campus work-study.
The FAFSA results for all applicants are received by the respective school and you will be contacted by your school if any more financial or personal particulars are needed. Details required can range from copies of your tax returns, to W-2s, or any relevant documentation. This happens as part of the verification process, and is applicable for selected candidates. When the applicant clears this routine, they will be eligible for financial grants.
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About the author: Max Hargis can help you gain more knowledge about student loans. Start comparing student loans and read more on the various options for getting a student loan. Don’t reprint this exact article. Instead, reprint a free unique content version of this same article.