| There is much talk about the "FAFSA" these days. | | | | -High school diploma or GED (once you are in college) |
| This is a form that helps many to get a considerable | | | | -Must register with the selective service (if you are a |
| amount of financial aid for college, so I will discuss | | | | male aged 18-25) |
| what it is all about. | | | | -Complete the FAFSA form; promise to use federal |
| The FAFSA, aka the Free Application for Federal | | | | aid only for educational purposes |
| Student Aid, is a form that college students (and | | | | -Do not owe refunds on any federal student grants |
| anticipating college students, such as a high school | | | | -Haven't been found guilty for possession/sale of illegal |
| senior) and their parents must fill out to determine their | | | | drugs during period that received federal aid. |
| eligibility for federal student financial aid. This financial | | | | -Not in default on any student loans |
| aid can be in the form of grants, loans, and also | | | | -And of course...not be filthy rich! |
| work-study programs. Schools will also often use this | | | | One important thing to remember is to fill out |
| to determine if you are financially deserving of any | | | | everything on the form correctly! If you don't this can |
| scholarships they may have available. The form must | | | | slow the application process, and you will most likely |
| be filled out annually in order to determine whether a | | | | have to fill it out all over again. And trust me, you do |
| student is eligible for aid each year. Students/parents | | | | not want to do that; it took me hours to fill this thing out |
| must do this annually in order to account for changes | | | | once! The FAFSA is a rather long form, so grab a cold |
| in income affecting their eligibility. For example, if a | | | | drink be prepared to sit at your desk for awhile :) |
| parent gets a pay raise from $50,000 per year to | | | | Later on after you submit this form, you will hear back |
| $1,000,000 per year the government will most likely no | | | | on what your expected family contribution will be. The |
| longer see the family as being financially needy. | | | | amount that you are determined to be eligible for in aid |
| The FAFSA contains a lengthy questionnaire about a | | | | could be given in anything from loans, to grants |
| student's and their parent's finances; these answers | | | | scholarships, to work-study. Obviously, the grants and |
| are entered into a formula that determines their | | | | scholarships are the best thing to receive. |
| Expected Family Contribution (EFC), or how much the | | | | I will say it again, make sure that you fill out this form! |
| family is expected to pay on their own for college | | | | Even if you don't think you are eligible for any federal |
| after financial aid. Factors that determine one's EFC | | | | aid, you might be surprised. I was expecting to receive |
| include family size, income, number of children they | | | | aid from this anyways, but the amount that my family |
| have in college, and assets (i.e. homes, investments, | | | | received still turned out to be a pleasant surprise. My |
| etc...retirement and 401k are not included). Such | | | | daughter was offered a Cal Grant that covered her |
| information is required as there is an expectation that | | | | full tuition during her first year at UCSD, as well as |
| parents will contribute to their child's education, whether | | | | several scholarships later on from UCSD as a result of |
| or not they actually do. | | | | our need (which filling out the form determined). She |
| In order to be eligible for any federal aid (loans, grants, | | | | has also taken advantage of several low-interest |
| etc.), and often awards offered through your college | | | | student loans that we were only offered because of |
| and other programs, you must fill out the FAFSA form! | | | | the FAFSA. A few of mycolleagues did not think they |
| This is how colleges and many financial aid programs | | | | would receive anything going in, but after filling out the |
| (almost always the case for government) determine if | | | | form their kids turned out to be eligible for thousands |
| you have the financial "need". Unless you fill this out, | | | | of dollars each (in forms including low-interest loans, |
| you will be rejected from scholarships that are | | | | work study, and even a school grant for one of them)! |
| "need-based" and will not be able to get many loans | | | | Like with applying for scholarships, it pays to take the |
| that can ease the high costs of college. | | | | time to fill out your FAFSA. |
| General requirements for to be eligible for federal aid: | | | | Filling out this form is certainly a tedious process, but |
| -U.S. citizen, U.S. national, or an eligible non-citizen | | | | taking the time to do it will definitely pay off. Good luck! |
| -Valid Social Security Number | | | | |