Federal student financial aid is available by completing the FAFSA form online. FAFSA, known in longform as the Free Application for Federal Student Aid form, is the primary source of federally funded student financial aid today. Submitting this form provides access to multiple sources of financial assistance to help pay for college tuition and other school-related expenses.
In fact, one benefit that you can gain from using this form is the recognition of all federal financial aid options for which you qualify. Basically, when applying for federal student aid loans, most applicants must meet specific income-based thresholds and criteria. So, the information you supply when submitting your FAFSA form could ultimately be a foundation for qualifying for all federal financial aid options. Continue reading ahead for a comprehensive walkthrough and guide to completing the FAFSA form today.
The Free Application for Federal Student Aid (FAFSA) form is the number-one resource for U.S. college students seeking financial aid in the U.S. today. FAFSA student loans and grant money have helped approximately thirteen million students obtain more than $120 billion in funds for college. Low-interest student loan and grant programs are not the only types of financial aid available when you submit your FAFSA form, however. Funds provided by work-study programs are also disbursed to qualified candidates through the FAFSA platform.
When you apply using the FAFSA form you are requesting financial aid from the U.S. Department of Education (DoEd or ED). This federal agency awards funds usable for tuition, books, room/board, and additional school-related expenses. Financial aid for college is not simply offered to every student as a general right, however.
Applicants must meet all FAFSA qualification criteria. Applicants must also meet the qualification criteria mandated by each applicable financial aid program. Completing the FAFSA form simplifies this process significantly, however.
FAFSA does more than help the DoEd determine which students qualify for federal financial aid. The information you supply on your FAFSA form also helps U.S. states, universities, colleges and vocational (trade) schools determine how much money is available for each qualifying student. To obtain funds through FAFSA you must be attending (or about to attend) a participating institution. This means your school must currently be accepting FAFSA submissions and willing to receive applicable financial aid monies via the platform when you submit your form.
Standard types of verification documents are required when applying. Such documents include proof of cumulative income for your entire household. Your level of financial hardship and/or need must also be verified. Your government-issued photo ID, proof of citizenship or legal residency and the amount of all expected college-related expenses (including tuition) are also needed.
Please note: Any person who attempts to obtain federal student financial aid by submitting falsified information will be instantly disqualified. Additional penalties might also apply. Double-check all information you enter on your FAFSA form and submit in advance of any deadline.
FAFSA provides access to EDU grant programs, which are typically overloaded with requests for financial aid. When allotted funds for each grant are exhausted, they are typically not replenished until the following funding year.
