What Is Considered With an Application for Student Financial Aid?
The Free Application for Federal Student Aid, otherwise known as the FAFSA, is an application all students should fill out if they want to request government grants, loans, scholarships, work-study or other forms of aid. They can also request that the financial information be given to the school they attend. This ensures the school will understand the student's financial situation.
If a student needs more financial help, sometimes a university or college can help provide funding in addition to federal loans and grants. The FAFSA determines a student's estimated family contribution, or EFC, which determines what the student or student's family will have to pay for college. The student should always speak directly with the university's financial aid office for more specific information.
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General Eligibility
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Students must meet certain requirements. The FAFSA requires all students applying for financial aid to meet specific requirements. These requirements include being a U.S. citizen or eligible non-citizen and having a valid Social Security number. Males between 18 and 25 who apply for financial aid must register with the Selective Service. All students must have a valid high school diploma or General Education Development (GED). Applicants must also be accepted or enrolled in a degree or certificate-granting university or college. They must also not have a drug conviction that occurred while receiving student aid. More specifics are listed on the FAFSA website.
Parent's Salary
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Parents' salaries must be included for dependent students. The FAFSA wants to know if a student is independent or dependent. According to the FAFSA, an independent student is one who has left the home due to an abusive family environment, or one whose parents are incarcerated or whose parents have disappeared. When filing, the FAFSA helps to determine the status.
Students of independent status do not typically have parental help when paying for college. According to Fast Web, "Dependent students are assumed to have parental support while independent students are not. The result: Independent students might qualify for more aid."
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Income
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Salaries are taken into account. The FAFSA wants to know what a student's parents earn each year. If the student is a dependent, how much their parents make can directly affect the student's federal aid. Though each situation differs according to the family, the estimated family contribution tends to be higher with students who live with both earning parents.
The independent student is not required to list their parents' salary or income tax information.
Savings
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The FAFSA inquires about savings. The FAFSA inquires about any parental or student savings, especially savings directly related to paying costs of tuition. The FAFSA also inquires about bonds and other forms of money.
Grades
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Some grants are dependent on grades. Some students are eligible for certain grants, including the Academic Competitiveness Grant and the National Science and Mathematics Access to Retain Talent Grant (National SMART Grant). In order for a student to receive these additional grants, they must meet certain grade and major requirements.
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