FAFSA Facts

FAFSA Facts

 7 FAFSA Facts

 (College Planning Series)

By:  Krystal W. Abbott

1. FAFSA stands for Free Application for Federal Student Aid.  Any high school student applying to college must complete a FAFSA form  during the winter of his or her senior year (i.e., roughly between January and March) if he or she wants to be eligible for government aid.

2. A student’s  eligibility depends upon the student’s financial need. The FAFSA application is evaluated by a federal processor. The information on the form will assist in determining the student’s expected family contribution or the EFC.

3. FAFSA form data includes the parent and the student’s income and  asset information, as well as and other family information.

4. The FAFSA is used by most universities to determine the award of grants, loans, or the enrollment in a work study program.   

5. FAFSA funds are awarded on a first come first serve basis so the earlier the completed form is submitted, the better the student’s opportunities are for receiving a financial aid award.  Check with the universities the student is applying to and adhere to their deadlines. Missing the FAFSA deadline will destroy the student’s chances of receiving financial aid.

6. There is over $170 billion in government  aid which is available to help students with the cost of attending (COA) college.

7. Consult with a college planner or surf the college planning websites to assist the student and his or her family with completing the FAFSA form. The objective for the college student in completing a FAFSA form is to demonstrate a low EFC, which would support  receiving a larger government aid award.  A college planner  can legitimately make that happen with their in depth knowledge about credits, deductions and other EFC lowering strategies.  Enlisting the guidance of a college planner will increase the student’s opportunity for receiving a larger financial aid award and potentially save the student and his or her family money. However, a college planner can be costly.  If you have the time and patience to research how to complete the FAFSA form properly, you can achieve the same results for FREE!  College planning websites and blogs like this one are invaluable resources to parents like you and I of high school students who are trying to finance their children's college education without going broke!