FAFSA FAQ
FAFSA stands for the Free Application for Federal Student Aid. There is no cost to file a FAFSA and it is used by the federal government, as well as many colleges and universities, to determine if you are eligible for financial aid, and if so, how much you will receive. Many schools will not offer you financial aid until you have completed the form. Once you have completed the FAFSA, most colleges will offer a combination of scholarships, grants and loans to meet your financial need.
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What Information is Needed?
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When you complete the FAFSA, information about your finances is needed, which includes income and savings. You are allowed to fill the information out before you file your taxes, but you must file an updated form if the information changes. Depending on your age, marital status, type of program you are enrolling in and service in the armed forces, you will be classified as an independent or a dependent student. If you are classified as a dependent student, you will need your parents' information and signature, as well as your own.
How Do Schools Get a Copy of My FAFSA?
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When you fill out the FAFSA online, you can list up to 10 schools on the form and those schools will automatically receive a copy of your completed form. If you apply via a paper application, the limit is four schools. However, if you want your information to go to other schools, you can change your report. Be aware that schools that were deleted from the original list will not receive updated information. You may also send a copy of your Student Aid Report to additional colleges through the mail.
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What Aid Can Filling Out the FAFSA Qualify Me For?
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Completing the FAFSA is the first step in applying for government aid, including Pell Grants, Stafford Loans and Perkins Loans. Pell Grants do not have to be repaid. Stafford Loans can be either subsidized or unsubsidized. The federal government will pay the interest on subsidized loans until you leave school. Perkins Loans are similar to subsidized Stafford Loans except that they are distributed by the schools rather than the federal government.
How Long Does it Take to Process the FAFSA?
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Usually it takes between three and five days for the FAFSA to be processed if it is completed correctly and submitted. Once the FAFSA has been processed, you will be sent your Student Aid Report.
What does EFC Mean?
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EFC is the expected family contribution. To the extent that your family can afford it, it is your family's responsibility to pay for your college education. Your EFC is the amount of money that the federal government believes that you and your family are capable of paying. The difference between the EFC and the estimated cost of attendance is your financial need. This is just an estimate and colleges are not legally bound to offer you any aid at all. Some may offer less than your EFC, some may meet your EFC and other may go above and beyond your EFC.
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