The Free Application for Federal Student Aid (FAFSA) is an important step in the college process that every student should complete. After applying for a Personal Identification Number (PIN), the student can input financial data and tax records that the federal government will use to determine an Expected Family Contribution (EFC).
Are the big words confusing? They don't have to be, because the FAFSA doesn't really take that long to fill out if your yearly taxes are already processed. Simply go online to the government's FAFSA website and enter your last year's income, intended course of study, and possible exemptions - and voila! Within a few days (maybe hours) you can find out how much of your tuition you are expected to pay, and how much you can request from the school.
Funding is limited, so the best bet is to apply early and meet with your school's financial aid or guidance counselor immediately after you receive the Student Aid Report (SAR). While applying early will improve your odds, it is not a guarantee of assistance. Any savings or investment you own can be counted toward your expected contribution. If the student is under 25, the parents' income and investment and even home equity will included as ways to pay for tuition. Even if this is the case, its good to file a FAFSA because other private scholarship programs may want to see that information as well.
Finally, be sure to file your FAFSA free at the U.S. Government Education website. Some websites have been popping up lately that will file your FAFSA for a fee, but they do not offer any particular advantage over the official FAFSA website. If you need money for school, there's no reason to spend money to have some one else send in a free application for you!
John McDonald blogs about financial aid and researches funding programs at a free online scholarship search engine.
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