If you’re a student looking for potential college aid, or a current student looking for loans and grants, the 2012-2013 FAFSA is now available online. If you’ve never done it before, it is similar to filling out a tax return, but also requests a lot of information from your parents as well.
What is the FAFSA
The FAFSA stands for Free Application for Federal Student Aid. It is required to be filed if you want to qualify for financial aid, such as grants, work-study, and federal student loans.
The FAFSA is required to be completed every year a student is planning on getting financial aid – even federal student loans. It is highly recommended that a student fills it out every year, regardless of the intention to get student loans, to show a continuity in case loans will be pursued in the future, such as in grad school.
How To Qualify For Aid
A common myth is that individuals can only qualify for aid if their income (or parent’s income) allows it. While that is generally true, there are types of aid available to just about every student.
To be eligible for federal aid programs, you need to meet the following criteria:
- Be a U.S. citizen or eligible non-citizen
- Have a valid Social Security Number
- Register for the Selective Service (if you’re male and haven’t already)
- Maintain satisfactory academic progress
- Show you’re qualified for a post-secondary education (grad school)
What Can a FAFSA Get You
By filling out the FAFSA, it is the first step to become eligible for student aid programs. There are three main buckets of programs available: grants, work-study, and student loans.
Grants
The most common grant is the Federal Pell Grant, which gives you$5,550 towards your undergraduate degree. However, there are other federal grants available, including a grant for veterans who served in Iraq or Afghanistan, and a grant for individuals looking to become elementary or secondary school teachers.
Some schools require you to fill out the FAFSA even for non-federal grants, so check with the organization offering the grant to find out.
Federal Work Study
Federal Work Study is designed to provide undergraduate and graduate students with part-time jobs to earn money and help pay for education expenses. Most work-study jobs are either at the school or university at which you attend, or a private non-profit organization or public agency. All work performed in work-study jobs must benefit the public interest.
Student Loans
Finally, you must fill out a FAFSA to qualify for any type of federal student loan program. I go into great depths on student loan debt in my eBook, which I highly recommend for more information on getting a student loan.
No matter what type of program you are looking for to pay for school, filling out the FAFSA is a must. Furthermore, the sooner you do it, the quicker you may qualify for programs that could have limited budgets. So, if you are looking for student aid, fill out your FAFSA today!
Related posts:
{ 5 comments… read them below or add one }
Great article!
I would point out thought that the $5500 in Pell Grant is the MAX that a student can receive per academic year. The Pell grant is based on a student’s (and parent’s) income, and is a sliding scale from $0 up to $5500. The $5500 award is also broken into two halves over the course of the academic year. $5500 is not per semester, but per year rather, which can really cut into the amount students thought they might receive towards their college tuition.
Very good point, thanks for the reminder!
Nice post but the one thing I would mention to any student is that if you can get by with just grants then do it. A lot of students get loans that they don’t need and end up owing so much money. Of course depending on the school you choose the Pell wont be enough but in most cases it might. Get a part time job if you need some extra funds. Work study is okay but last i check that cuts in to the amout of aid you can get so i think you are better off with getting a regular part time job.
Definitely – avoid student loans if at all possible!
I just filled mine out the other day! Definitely apply, and like you said, as soon as you can. Even if you don’t qualify for grants…I’d take federal loans over private student loans any day of the week.