The Free Application for Federal Student Aid (FAFSA) is more than just a form. It could be your key to accessing funds from federal, state, and college student aid programs to help you pay for school. Here are some of the most common questions I get about the FAFSA Form. Get ready to make notes!
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The Free Application for Federal Student Aid, also known as the FAFSA, is not merely a form. It may be the key to unlocking funding from federal, state, and college student aid programs that will assist you in paying for your educational expenses. Even the wealthiest families may find themselves under financial stress as a result of the expensive cost of higher education in today's society. Â To qualify for federal student aid including grants, loans, and work-study, you'll need to fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA is used as a prerequisite for state and school aid by many states and universities. Your FAFSA information may also be used by some private financial aid providers to establish your eligibility for their assistance. If the FAFSA has any mistakes or is missing information, you may not get the full amount of help to which you are entitled.
Therefore, filling out the FAFSA Â is crucial. Let's get into common questions I get about the FAFSA Form to make the process easier for you!
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Complete the FAFSA on the Federal student aid website. If you submitted a FAFSA application last year, log in with your FSA ID and select FAFSA Renewal from the menu. You'll be taken to a form that has been partially filled out, where you can add new financial data.
For the school year for which you are filing, that is the 2021–2022, you have until June 30 to finish your application. However, the FAFSA deadlines at your school or in your state are typically much earlier. Find your state deadline on the FAFSA website.
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You can submit the FAFSA online. It’s a fairly easy process. First, gather your personal information, including your:
You’ll input this information data into the form. Your EFC and financial need will be calculated automatically. It makes sense to wait to until you’ve been admitted to at least one school before applying for the FAFSA because aid amounts are based on the cost of the school, so they vary.
You can add up to 10 colleges on a FAFSA. Once they receive your information and have evaluated your college application, they can create a personalized financial aid package for you that will include any federal aid you qualify to receive. You can compare the packages as part of your decision about where to attend.
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The last date you can fill out the FAFSA for aid for the 2021-2022 school year is June 30, 2022. Be aware, however, that most schools have their own deadlines. The application is available in October, so you can start quite early. States may have their own deadline for FAFSA submission if you want to be eligible for state-based aid. It’s a good idea to submit the FAFSA as close to the date it opens (Oct. 1) every year, since some financial aid is distributed on a first-come, first-served basis.
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On July 18, 2014, the Federal Student Aid office announced it had to reprocess approximately 200,000 financial aid applications due to an applicant error in entering income data. Since the income fields had been lengthened, applicants were able to add cents into the fields. The additional two digits were calculated as dollars, leading to miscalculations in Expected Family Contribution (EFC). That has since been corrected.
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After you complete the FAFSA, you will receive a Student Aid Report (SAR) summarizing the data you submitted. Check this information carefully to be sure there are no errors, as this could impact the amount of financial aid your student receives.
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Yes. You must submit the Free Application for Federal Student Aid (FAFSA®) form for each award year in which you are or anticipate being a student because federal student aid eligibility does not carry over from one award year to the next.
Your family's financial situation and the number of family members enrolled in college can both affect your eligibility for federal student aid on an annual basis. You can submit a renewal FAFSA, which allows you to simply update pre-filled information from a previous form. You can also benefit if there are changes to the calculations for federal aid. For example, calculation changes could mean you qualify for a slightly larger subsidized loan.
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Application processing time for the FAFSA is typically three to five business days for internet submissions and seven to ten business days for hardcopy submissions. Get in touch with the school's financial aid office if you have any doubts about whether or not they received your FAFSA information.
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If you are ready to start the college funding process, click here to connect with one of our advisors! We’d be happy to help!
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You may not want to fill out the FAFSA if there is no chance you will need any loans and your family will cover the whole cost of your school. Others, however, may find it beneficial to fill out the FAFSA because it may lead to financial aid, including need-based and non-need-based aid.
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Don’t stop thinking about financial aid after you file the FAFSA. This is the perfect time to look for state, college, or private scholarships and grants that could offer additional funds to help you pay for college.
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Avoid that crippling student loan debt with our Master College Funding Course!
In this course, you will learn:
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