If you don’t know what the FAFSA is, look no further.
The PHEAA states that the FAFSA is the form you fill out to “qualify for almost all types of financial aid including federal, state, local, and private grants and scholarships.”
The acronym FAFSA stands for The Free Application for Federal Student Aid. The Federal Student Aid states that they are “a part of the U.S. Department of Education, is the largest provider of student financial aid in the nation.”
October 1 of this year is when the FAFSA becomes available. This early start allows prospective college students to get a better assessment of their financial aid packages when choosing a college.
CNBC discusses how the new FAFSA format “allows families to file using income data from their latest tax return.”
A T. Rowe Price survey that was released in September stated that “35 percent of parents say they will be able to cover most or all of the cost.”
Something that is of universal knowledge is how college is expensive. While there are other scholarship opportunities out there, the PHEAA states that filing the FAFSA is the only way you can receive federal and state grants. The FAFSA also offers the chance for students to receive scholarships.
The form also determines if you are eligible to receive federal student loans, which is one of the most important factors for some students when trying to minimize the college expense.
The school which the student attends also uses the information on the FAFSA. The information provided is a leading factor in a university’s decision on the amount of financial aid a student will receive.
When filing the FAFSA out online, there are a few items that are needed to complete the form, like one’s social security number, license, W-2 forms, as well as a few other documents depending on one’s situation.
There are a few warning signs someone seeking financial should look out for. Scams and fraudulent sites are in plenty and often are very difficult to spot.
To ensure that the personal information put in is kept private and only given to the Federal Student Aid, it is advised that only the official FAFSA site is used (fafsa.gov).
The FAFSA is easily accessed by going onto the PHEAA site, where you can complete it online. There is also the option of mailing in a paper copy.