FAFSA is the form that students love to hate. It's a necessary first step in the process of applying for almost any type of financial assistance.
FAFSA stands for Free Application for Federal Student Aid. If you want to apply for any type of federal student aid"grants, loans, or work-study"you must complete this form. Most states and many colleges also require or use this form for their non-federal financial aid programs. So by completing FAFSA, you have a triple advantage because you can apply for three levels of assistance: federal, state, and college.
FAFSA is important because the financial information that you supply will help determine the amount of money that you (or your family) will be expected to contribute to your college costs that year (Expected Family Contribution).
The difference between the Cost of Attendance (a standard amount determined by rules established by law, which may differ from your actual expenses) and the Expected Family Contribution equals your financial need.
Fast FAFSA Facts
- This form is free and there is no charge to file it. You do not need to pay anyone or any service to obtain the form, complete it, or file it.
- You may complete a FAFSA form even if you have not yet been admitted to a college. You can file a print form or complete the process online via FAFSA on the Web (www.fafsa.ed.gov).
- File the form as soon after January 1 as possible, but not before January 1. The final filing date is usually June 30 of that same year. Filing by mid-March of the year you are planning to attend college will help maximize aid available to you.
- It takes between four to six weeks for your FAFSA form to be processed and for you to receive your Student Aid Report, which will show what you (or your family) is expected to contribute to your college education that year (Expected Family Contribution).
- FAFSA must be filed again EVERY YEAR to receive federal student aid because your financial circumstances and thus your eligibility may change.
This information from your FAFSA form will be used by the college to calculate your financial aid package, the combination of financial aid resources"grants, loans, work-study, scholarships"that the college financial aid office puts together to meet your individual needs as closely as possible.
The FASFA form is available in print from your high school counselor, the community college financial aid office, or from the federal government. It is also available free online via most college Web sites and from www.fafsa.ed.gov. If you want to send your FAFSA form electronically, you can download FAFSA Express software to your computer.
You can also do a test run of FAFSA on the Web by going to www.studentaid.gov and then to the FAFSA demonstration site. This is a good idea, as you will get a preview of the documentation that you (and your parents) will need to complete the form, such as annual tax return, earnings records, Social Security numbers, and so on, and of the amount of time you'll need to fill in the form.
TIP: You may not be done with financial aid forms even after you complete FAFSA. Sometimes, colleges may require additional information and will ask you to complete their own forms or the College Scholarship Service (CSS) PROFILE (www.fafsa.com/profile.htm), another widely used form to help determine eligibility for financial aid. Scholarships often have their own special application forms.
It doesn't cost you anything but time (and some aggravation) to make the FAFSA application. Help in completing the form is available from your high school, the college financial aid office (which often has workshops for parents and students, sometimes at your local high school), and as well as online at www.fafsa.ed.gov.
Financial Aid Tips
Carol Mowbray, Director of Financial Aid and Student Support Services, Northern Virginia Community College, has these practical tips for students who are interested in obtaining financial aid.
- Apply for financial aid as early as possible and apply for all forms of financial aid for which you are eligible. Don't assume that you are ineligible for financial aid. You may be overlooking significant financial help.
- Read forms carefully and pay attention to detail when you are completing forms, especially FAFSA. Mistakes cost you time and can cost you money.
- Make sure that your name matches exactly the way your name is stated on your Social Security card, especially for the FAFSA documents. Lack of a match can delay your application.
- Open your mail (print or electronic)! Follow up and respond to requests, whether they're from the government or from the community college. For example, if you complete FAFSA and there is a mistake or additional information is needed, you need to respond quickly.
- Read the information in your award letter carefully so you understand what you need to do to maintain your grant, loan, or scholarship. For federal funds, you must maintain satisfactory academic progress or you may not qualify for more financial aid.
- Be sure to tell your college whether or not you are accepting some or all of the financial aid package they offer you.
- CASH YOUR CHECK. Most checks are good for 60 days or they are cancelled. After tuition is paid to the institution, you may still have some funds available. If you don't claim them or use them, especially federal funds, they may disappear at the end of the fiscal year.
- Be organized. Keep copies of all the financial aid applications and correspondence.
- Keep your college updated about change of residential address or change of email address. If you move, the college needs to know so information goes to the right place.
- Think about financial aid in terms of your overall educational and career plans. If you know that you plan to go on to a four-year college or university, think about how much money you'll need not only at community college, but also for the next several years.
What You Can Get in Your Package
You might be eligible to receive assistance in several ways"grants, loans, work-study, and scholarships. Receiving one form of assistance doesn't necessarily preclude you from receiving another, but they will all be balanced together to form your financial aid package.
How much you receive depends on factors such as:
- Cost of attending the college
- Your financial need
- Availability of funds
- Your college's aid policies and federal and state financial aid programs in which they participate
- The number of students who request or need financial
assistance
The financial aid office will use federal and state guidelines to examine your eligibility for federal, state, and institutional aid programs based on your financial need. Staff will check your eligibility for grants and scholarships first, followed by your eligibility for the Federal Work-Study program or student loans. Scholarships from outside sources are also considered. The final product will be your financial aid package.
When the financial aid office has determined what your financial aid package will be, you will receive an award letter. It will tell you:
- The amount of your financial need
- How your financial need was determined
- Types and amounts of aid offered
- How and when you will receive the funds
- Student employment conditions if you are in a work-study program
- The terms and conditions of the offer, such as the number of credit hours you must take each semester or quarter to remain eligible or the academic requirements you must meet to maintain your funding
- Whether or not the award is subject to availability of funds
It's important to understand that your financial aid package may not cover all of your financial need, but it will go a long way to making college more affordable for you. You also can accept some or all of the financial aid package. For example, if you decide that you'd rather not have a loan, you can decline that portion of the package. Whatever you decide to accept or decline, you do need to inform the college!
Applying for Scholarships
Scholarships can take a bit of work to get, but they will reward you with funds that don't need to be repaid, recognition, and often the opportunity to participate in special programs or events designated for scholarship winners.
Scholarship forms vary in complexity. Some require only completion of a short form. Others that are very competitive require more thought and imagination to help you distinguish yourself from the crowd.
For example, for scholarships that are based on special talents, skills, community service, and so on, you may need to write an essay about yourself, your experience, why you need or merit the scholarship, or show a sample of your creative work.
FAST FACT: Scholarships can affect the amount of funding you receive from the federal or state government. Your financial counselor at the community college will help construct your financial aid package so that you can leverage all sources of aid to your benefit.
Here's how to apply for a scholarship:
TIP: Watch out for scholarship scams! For example, if someone online, on the phone, or through the mail claims that you've won a scholarship or that they can guarantee a scholarship if you'll just pay a small fee, run the other way! There's a reason it sounds too good to be true, and the person getting the money won't be you! You don't have to pay an individual or a service to find a scholarship. There's plenty of free information available.
- Check out scholarship opportunities online, at your high school or community college financial aid office, or through publications available at your local library. Be creative! Scholarships exist for the most unlikely reasons and can be found in unlikely places.
- Get the names, addresses and applications for scholarships from your high school counselor, community college financial aid office, or directly from the scholarship funder by writing or calling them. Sometimes, your college will have one scholarship application form that covers the ones available directly through it. Other times, funders might have their own special applications.
- Review the application deadlines and eligibility criteria carefully. If you're unsure about your eligibility, check with the funder or the financial aid office. Only apply for scholarships for which you are eligible so you won't be disappointed.
- If you need a recommendation or have to be nominated, choose individuals who know you well and who can write knowledgeably and positively about you. Some scholarships require nominations from your school.
- Fill out the application carefully and completely. Have someone else read your application to be sure your grammar and spelling are correct.
- Send out applications on time! Missing a deadline means you're missing out on an opportunity!
- Receive your award letter. If you receive a scholarship, sometimes checks are co-payable to you and your college, and the funds will be applied to your student account for eligible costs.
- Be sure to thank the scholarship donor!
- Stay on course! Even though you won't have to repay the money, you might have to continue to meet certain criteria, such as maintaining a certain grade point average or performing community service, to keep the scholarship.
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From Community College: Is It Right For You? Practical Answers. Practical Options. Copyright © 2006 by Susan H. Stafford. All Rights Reserved. Used by arrangement with John Wiley & Sons, Inc.
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