What is FAFSA? Free Application For Student Aid (FAFSA) is a form that students fill out to receive financial support, including loans, grants, and work studies. FAFSA is very important to funding your college experience, helps colleges determine financial need, and helps students acquire federal student loans. Subsequently, there are many requirements and qualifications that you need to reach before being considered for student aid. 

Requirements

There are many requirements and special circumstances in receiving aid. Here are a few basic requirements: one must demonstrate financial need, have a valid social security number, and be a US citizen or an eligible non-citizen; more in-depth information can be found at studentaid.gov. Even after you successfully fill out your application, submit it, and get accepted, you still have to keep up with your college academics and schoolwork, a significant factor in maintaining financial aid. 

Maintaining Aid

To continue receiving aid, you have to maintain the standards of the Satisfactory Academic Progress (SAP). Most of the time this just means keeping up a good GPA and completing your degree in the timeframe your school expects of you. Each college is different, but every college has the Satisfactory Academic Progress policy. This policy outlines the requirements for your continued reception of student aid, which includes a GPA you need to sustain, how frequently your progress will be evaluated, and what might affect your eligibility. Remember that every college is different, and to get your school’s information, you can go to their website or contact the school’s financial support office. 

Estimation

Now onto the monetary aspect of the financial aid process. The amount of financial support you can receive varies from household to household. Your school’s financial aid office will calculate the support you can get, and to get an estimate of how much money this will be you can use the studentaid.gov website to find the Student Aid Index estimator (SAI). The SAI is a short quiz that can help you better understand your payment options for college; however, please remember that what you receive on the quiz is not a definitive answer, just what it could be. 

Even though you can estimate how much you can receive, some things can influence the amount of money possible. The cost of attending the college you choose is a factor that influences this. These costs include your room and board, meal plans, supplies, and transportation. With understanding the estimations of financial aid, it is also important to know what some of the misunderstandings about FAFSA include.

Common Misconceptions

After going through what FAFSA is, here are some common misconceptions that need to be cleared: FAFSA is NOT a one-time thing; you must fill out this form every year or you won’t be able to get aid. There is no cost to filling out and submitting a FAFSA form. You don’t have to wait to be accepted into a college before filling out your FAFSA forms, and you can even list the colleges you’re interested in on the form. These colleges can also use your FAFSA information to help determine what aid you will receive.

There is NOT only one set deadline. Your state, your school, and the federal government each have different deadlines that you should look out for. You can find your college’s deadline on their website under the financial aid section; studentaid.gov will have information on the state that you live in. The federal deadline will most likely be the last of the deadlines and will be your last chance to submit your FAFSA forms for that year. The federal deadline for each school year is June 30th of that school year.

Conclusion

Knowing what FAFSA is and having an understanding of how to fill out a FAFSA form is something that you should know, especially if you’re a senior. Do not be afraid to apply! Apply even if you may be skeptical of your eligibility and financial need. Applying is free, and it can facilitate your college experience, creating many opportunities. Good luck!

Sources:
studentaid.gov

studentaid.gov

studentaid.gov

vernoncollege.edu