FAFSA
The Free Application for Federal Student Aid is a form that can be filled out annually by current and prospective college students in the United States to determine their eligibility for federal student aid. The Department of Education begins accepting the FAFSA on January 1st of each year. For previous FAFSA applicants, a renewal form is provided, but tax and income information must be updated annually. In addition to using this information to determine eligibility for federal student aid, most states and schools use FAFSA information to award non-federal student aid.
The FAFSA consists of questions regarding the student’s finances, as well as the family’s finances, number of siblings in college, number of dependents in the family, and dependency status. The information provided in the FAFSA determines the level of student aid by entering the given information into a formula that determines the “Expected Family Contribution”. A flaw in FAFSA methodology is that the use of this information implies that the parents will contribute to their child’s education, whether that is true or not.
A Student Aid Report, which is a summary of the FAFSA responses, is forwarded to the student. The student should review the SAR carefully for errors and make any necessary correction. Schools may award aid on a first-come, first-served basis, and students are advised to fill out the FAFSA as early as possible for consideration for maximum financial assistance.
FAFSA eligibility
Don’t neglect the FAFSA because you think you will be ineligible. Nearly every student is eligible for some form of student aid. Students ineligible for need-based aid may qualify for an unsubsidized Stafford Loan, regardless of income or circumstances. A student that can meet the following criteria may be eligible for student aid:
-Completes a FAFSA promising to use any federal student aid for education purposes.
-Is not in default on any student loans
-Has not been found guilty of the sale or possession of illegal drugs while federal student aid was being received.
-Is registered with the U.S. Selective Service
-Has a valid Social Security number
-Has a high-school diploma or GED for adult students, or pass an Ability to Benefit test.
-Is a U.S. citizen, national, or an eligible non-citizen
The FAFSA does not have any questions related to the student or family’s race, ethnicity, creed, sexual orientation, disability, or religion.