The FAFSA form is perhaps the single greatest asset you have when applying for student financial aid. Providing complete, accurate information when submitting your application is vital to receiving the assistance you need to help pay for college. Mistakes on a FAFSA form result in delayed approval times. Because falsification of information is prohibited, certain mistakes might lead to larger problems including disqualification. Most students attend college to achieve specific career and salary goals.

Grants, loans, and scholarships are necessary for many students to afford the costs of reaching these goals. Following these three effective strategies helps ensure your application is accepted and processed quickly:

  • Submit your application well ahead of the deadline.
  • Proofread twice; verify all information is legible, thorough, and correct.
  • Prepare all documents in advance to avoid stressful last-minute searches.

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Need Financial Aid through FAFSA? Here’s How to Apply
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To submit a FAFSA application you must first create a specific username/password. Your unique FSA ID (Federal Student Aid Identification) is the key to logging into the U.S. Department of Education online system. Your FSA or FAFSA ID is considered to be a legal signature. You will use your ID when first submitting your FASFA application. You will also use this ID when you renew your FAFSA application each time. Barring unexpected circumstances, your FAFSA ID will remain the same in perpetuity.

Your income-based verification documents are top priorities. Tax returns from the last two years for all applicable household members is a standard request. Your Expected Family Contribution (EFC) is another prioritized factor. Your EFC is the amount of money you and/or your parents can pay toward the cost of your college or trade school attendance without financial assistance. EFC amounts are calculated by comparing your cumulative household income and assets/investment values to the price of your tuition. Other school-related expenses might also be included. This means any applicable financial accounts and information might be reviewed by your FAFSA agency before approving your application. Additional required documentation includes:

  • Government-issued photo identification.
  • Social Security Number (SSN) card for you; SSN cards for your parents (dependent students only).
  • Verification of all untaxed income as applicable to your financial status.

Submitting your FAFSA form online is possible via the StudentAid.gov website. The more evidence you provide pursuant to your financial need the more likely your application will be accepted, and your approval expedited. Competition for federal student aid is strong. School-specific, state, and federal deadlines all apply. Research your deadline(s) in advance. Be certain to understand all guidelines, rules, and terms before applying. Apply early to give yourself the best chance to receive financial assistance before funds are awarded to other applicants (and ultimately depleted).

A DIRECT Plus Loan, also referred to as a FAFSA Grad Plus Loan, is purposed to help pay for non-tuition-based expenses. No aggregate loan amount limitations are set. The current interest rate (APR) on a DIRECT Plus Loan is 5.30%, with a 4.236% DoEd funding fee deducted from the total loan amount.

You must meet the following qualification criteria to be approved for this type of student financial aid:

  • Graduate students OR half-time to full-time professional students only.
  • Curriculum must result in a graduate or professional certificate or degree.
  • No defaulted student loans; no long standing delinquent accounts; no bankruptcies.
  • U.S. citizens or legal residents only.
  • Satisfactory academic progress must be maintained throughout your tenure as a student.

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