Hey, Do You Know What FAFSA Stands For?

Applying and getting accepted into college is only one step toward starting your education. If you don’t have the funds set aside, you’ll need to figure out how you’re going to pay for it all. That’s where the Free Application for Student Aid comes in, also known as FAFSA.

Understanding How FAFSA Works

FAFSA is a grant application available to students who are ready to attend college or graduate school. It can help people whose family incomes fall below $50,000 a year fund their college careers.

FAFSA looks at your expected family contribution to determine your eligibility. The types of aid you receive and the amount you’re eligible for can vary based on your income level and how many classes you’re taking. Some of the grants available through FAFSA include the Pell Grant, TEACH Grant and Federal Supplemental Educational Opportunity Grant.

Why FAFSA Is Helpful for Many Students

FAFSA is easy to fill out, you can do it online from home, and you can use it to access numerous grants and other programs. For many lower-income students, FAFSA can make the difference between whether or not a college education within reach. In 2016, the Department of Education awarded $125.7 billion to more than 13 million students in need.

Tips to Help You With the FAFSA Process

Getting started with FAFSA might seem overwhelming, but the process is very user-friendly. You’ll need to provide some information, such as your Social Security number and your college’s Federal School Code. You’ll also need your tax returns to answer the financial questions.

If you’re a dependent student, you’ll need your parents’ tax information as well. If at any point you need to stop, you can always save the FAFSA form and return to it later. Finally, don’t forget to apply as early as possible and mark the deadlines on your calendar so you can keep track of how much time you have.

FAFSA offers a chance for students to get the funding they need to attend college. Even if you aren’t sure if you qualify, apply anyway and see which grants may be available to you. FAFSA might help you get the funding you need to start and complete your college education.

~Here’s to Your Success!