FAFSA: Filling out the Free Application for Federal Student Aid

If there’s only one form you fill out, this is probably the most important. The first step to federal financial aid is applying for the Free Application for Federal Student Aid, better known as the FAFSA. With it, you will be automatically considered for the Pell grant, state grants, student loans, and work study. Most schools use the information from your FAFSA to determine the amount of aid you will be awarded.

Based on the information you provide on the FAFSA, an EFC (expected family contribution) will be mailed to you. The amount of aid you receive will be based on the cost of attendance for the school you plan to attend minus your EFC.

The amount of aid you receive will differ between schools as each financial aid office will determine the amount of grants, loans, and work study based on your financial need and funds available at that particular university.

Each school will send you a SAR (student aid report), a printout of your financial aid awards. The awards may consist of grants, loans and work study. The aid that you are to receive will be paid to your school. Your school will use the funds to pay your balance of tuition, fees, and other expenses. Any remainder will be given to you as a check that can be used for other college related expenses.

Having all of your personal information available will make it much easier to fill out the FAFSA.
Information needed to fill out the FAFSA:
Social Security Number
Drivers License
Previous Years W-2 or any record of money earned
Income tax return
If dependant, your parents' Federal income tax return
Your previous year untaxed income records including: Social Security, Temporary Assistance, Welfare or Veterans benefits
Recent bank statement
If applicable, recent business and investment mortgage information, business and farm records, stock, bond, and other investment records.
If not a citizen, Alien Registration Number or Permanent residence card

The application begins on January 1 of each year. It is in your best interest to apply early to avoid missing deadlines and to ensure maximum aid awards.

The deadline for the 2006-2007 school year is July 2. Corrections on the web must be submitted by September 17. For the 2007-2008 school year, the deadline is June 30, 2008. Corrections must be submitted by September 15, 2008.

Each state and school has specific deadlines that are usually before the FAFSA deadline, so it is best to file as close to January 1 as possible to gain maximum award amounts. Be sure to check when those deadlines are and file accordingly.

Grants

Federal Loans

Private Loans

Recommended reading: 101 Tips for Maximizing College Financial Aid - Definitive Guide to Completing 2007-2008 FAFSA

Paying for College Without Going Broke 2007

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