What is FAFSA and How to Apply
Going to college can be a costly experience and for some families it can be too big of an investment. That’s why services like FAFSA exists, by completing a FAFSA you can determine what your contribution will be.
FAFSA is a part of the U.S Department of Education that provides students with financial aid. They provide $150 billion in federal grants, loans and work-study funds each year to more than 13 million students.
From 2017-2018 school year, on forward, FAFSA has changed the date you can officially submit your application, moving it from the 1st of January to the 1st of October. The new date aims to give families more time to evaluate different options, before deciding what school to attend. However, the deadline will still be by midnight Central Time, June 30.
It is important to keep in mind the application date, as most colleges give out financial aid on first-in basis, therefore the sooner you apply the bigger the chance to receive help.
Another change for this year is that you will have to provide older income information. As a result, for the coming 2017-2018 year, students and parents will have to provide their 2015 information instead of the 2016 as previously required.
The money can come, not only from the Federal Government, but from your state, college or a non-profit or private organization.
The different types of aids you may receive are:
· Grants: They don’t have to be repaid unless you, for example, withdraw from school.
· Loans: You must repay loans with interest as they are borrowed money for college.
· Work-study: A program through which you earn money to help paying for school.
You may apply through 3 different methods:
· Online at https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid
· By telephone at 1-800-433-3243
· By mail filling out a PDF FAFSA form
Make sure that you prepare in advance to fill out the application and good luck.