Free Application for Federal Student Aid (FAFSA)
Are you a student of the United States of America who is having financial troubles? Do you need help and get a loan or receive aid for your studies? There are many scholarships, funding or financial aids that you can avail as long as you meet their qualifications and requirements. FAFSA is one of them.
What is FAFSA?
FAFSA (Free Application for Federal Student Aid) is the biggest provider of federal financial aid for students for the citizens of the USA. FAFSA is responsible in the management of providing programs for financial assistance that is authorized by the Title IV of the Higher Education Act of 1965 to students. They give out loans, work-study funds, and grants to students who are currently in career school or college.
What is the FAFSA Forecaster?
A lot of students find it frustrating that they have no idea how much federal financial aid they are going to expect. This is the reason why the Department of Education has made the FAFSA Forecaster, an estimator for financial aid. FAFSA Forecaster is a tool that enables students to get an estimation of their FAFSA EFC (Expected Family Contribution).
The FAFSA Forecaster helps in the calculation of federal aid that a person is qualified of getting, based on a few factors like income, age, school year, and expected attendance cost. After putting down all the information that are necessary, the student can get a view of the estimated amount that he or she is entitled of and is broken down by categories- this includes Stafford loans, work study and federal grants.
When to Apply for FAFSA / When is FAFSA due?
The application of FAFSA usually begins around the vacation break before a semester starts until the end of the second term. For the school year of 2013-2014, the FAFSA due date is on June 30, 2014.
There are three ways for you to apply for FAFSA:
- FAFSA on the web: Register on the FAFSA website ( www.fafsa.ed.gov/options.htm)
- Completing the FAFSA pdf file (you must mail this file to be processed)
- Call FAFSA at numbers 319-337-5665 or 1-800-4-FED-AID and request for a paper FAFSA. If you have troubles with your hearing, you can call their TTY line, which is at 1-800-730-8913.
What is the FAFSA EFC?
The FAFSA EFC is used to measure the strength of your family’s finances. The formula that is applied to calculate this is the one that was established by the law. Some things that are taken into consideration in the formula are your family’s assets, untaxed and taxed income, and benefits like Social Security and unemployment. Your family size and the number of dependents who are going to be in college in that year are also included.
As a citizen of the United States, you are entitled to many federal financial grants to help you with what is considered as a key for success – education. There are many ways for you to learn more about FAFSA. You can go to their office, call their hotline number, or go to their website for further information.
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