Question 1

What Is the FAFSA?

Accepted Answer

The FAFSA is an online form that serves as a centralized application for multiple kinds of student financial aid. The form collects information on your and/or your parent's or legal guardian's financial circumstances to calculate how much you can contribute toward the cost of your higher education. This Expected Family Contribution (EFC) is then subtracted from the tuition, fees, and related expenses of attending a particular college or university to determine the amount of need-based funding you're eligible for.

The FAFSA is the most important form to complete when it comes to applying for aid. This is because most funders 鈥� including federal and state agencies, universities, and private organizations 鈥� use it to award financial assistance. The FAFSA provides funders with a student's EFC, after which financial aid departments take into account various factors such as the student's academic performance, references, and enrollment status to make funding offers on a case-by-case basis.

Question 2

What Kind of Financial Aid Does FAFSA Provide?

Accepted Answer

The FAFSA is linked to many different types of financial aid provided by various public and private funders. These include federal and state governments, as well as universities, professional organizations, and private funders. In general, you can expect to receive funding in the form of:

Scholarships and grants that can be either one-time or renewable awards that do not have to be paid back
Work-study awards allow students to offset the costs of their education through part-time work
Federal student loans that need to be paid back once you graduate and typically offer various different payment plans

Some students may be eligible for additional types of aid as well. For instance, veterans or members of a military family can qualify for specific scholarships as well as various education benefits in the form of service grants, low-interest rate loans, and deferment plans

Question 3

What Happens After Submitting the FAFSA?

Accepted Answer

After submitting the FAFSA, the U.S. Department of Education begins processing your financial aid application. Depending on whether you filled out a paper or electronic version of the form, you will receive your Student Aid Report (SAR) within three to ten business days. Along with the financial and personal details you provided on the FAFSA, this report includes your EFC, so it's essential to make sure all your information appears correctly. If there are any mistakes, this is the time to make corrections.聽

Once processed, the SAR is sent to the financial aid departments of your selected schools, which, in turn, calculate how much aid you are eligible for based on your EFC and the cost of attending a particular college or university. You can then expect to receive individual aid packages from these schools 鈥� though it's important to note that there is no guarantee every institution you listed on your FAFSA will make you an offer.

Each aid offer will include the type of assistance being offered 鈥� whether that's a grant, scholarship, or loan 鈥� as well as a deadline for acceptance. At this point, you should review your options and determine which aid package fits you best. After you make your decision, the school's financial aid department will contact you to explain how and when the funds will be dispersed, along with information on additional paperwork you may have to fill out.

Question 4

How Long Does the FAFSA Last?

Accepted Answer

Each round of FAFSA lasts one academic year. This means that the funding you're offered is typically meant to cover some or all of your college costs for twelve months between July 1 and June 30 of the following year.

Question 5

How Often Do I Need to Fill out the FAFSA?

Accepted Answer

You need to fill out the FAFSA every year before June 30 to continue receiving student aid. This is because your financial situation can change, so the amount of aid you qualify for may fluctuate every year. Submitting the FAFSA annually will ensure you continue receiving the correct amount of assistance. After your first application, you can simply renew your FAFSA yearly without having to complete a new form every time.

Question 6

Can I Submit the FAFSA Late?

Accepted Answer

No, you cannot submit the FAFSA after the June 30 deadline. If you miss this date, you will have to wait until October 1, when the FAFSA becomes available for the next academic year. As mentioned above, states and schools have their own deadlines as well that fall before June 30, so you should consider filling out the FAFSA as early as possible.

Question 7

Can I Fill Out the FAFSA Without My Parents' Info?

Accepted Answer

Whether you can fill out the FAFSA without information about your parents or legal guardians is contingent on your dependency status at the time of submission. If you're considered a dependent, you must provide details about your parent or legal guardian's finances. However, if you qualify as an independent student, you can complete the FAFSA using just your information. There are 10 separate criteria that help determine which category applies to you.

Question 8

How Does the FAFSA Calculate Financial Aid?

Accepted Answer

The FAFSA calculates financial aid by first figuring out how much you and your parents can pay toward the cost of attending college. Known as the EFC, this number is determined using one of three formulas, each of which applies to a unique dependency status and considers factors like family size, total income, savings, and taxes. Once your EFC is calculated, each individual school will subtract this number from the cost of attendance determined for your specific situation.

Question 9

When is FAFSA Financial Aid Available?

Accepted Answer

Your school's financial aid department is responsible for disbursing aid. This is usually done twice a year, or once every semester. Funding is first applied to costs like tuition and board, and any leftover money is then transferred directly to you. This is the case for most types of aid, including grants, scholarships, and loans. However, those who receive work-study awards receive their funding in the form of a bi-monthly or monthly paycheck.

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