One important part of choosing a college or university is its cost. In addition to the expenses associated with tuition, college students need to plan for other student fees, housing (if the student plans to live on campus), meals, transportation and miscellaneous expenses. All of those costs can add up to a surprising figure. Fortunately, there are federal and state grants and loans available for qualified students, as well as scholarships and grants through individual colleges. However, to qualify for and be considered for financial aid awards, students must complete and file applications on time.
In this blog post, we’ve compiled some of the most frequently asked questions our financial aid staff hears about the financial aid application process.
Q: What is federal student aid?
A: The U.S. government provides billions of dollars every year in financial aid for eligible college students each year. Some programs are need-based grants that do not have to be repaid.
Students can also borrow funds under Federal Stafford student loan programs. If your student financial aid award includes “subsidized” student loans, it means that the government pays the interest on the loans while you are enrolled full time in college. “Unsubsidized” loans are also federal loans, but the interest begins accruing while you are still in school.
Q: What is the FAFSA?
A: If you want to attend college in the U.S., you should complete the FAFSA (Free Application for Federal Student Aid). This standardized financial aid application is the only way to find out if you are eligible for financial aid.
Q: What is involved in filling out the application?
A: The FAFSA consists of more than 100 questions about the student’s finances and his or her parents’ finances, if the student is a dependent. When you sit down to complete the FAFSA, you will need information about your income, your assets (including bank account and investment account balances), and information from your most recent income tax return. If you are a dependent, your parents will also need to answer the same questions about their financial situation(s).
You can complete the FAFSA online or use a paper form. The online version is the fastest way to submit your information. When completing the web version of the FAFSA, you can elect to transfer information from your federal income tax return online to your financial aid application. This streamlines the process, in many cases eliminating the need for additional income tax verification.
Your answers to the FAFSA’s questions are used to generate a Student Aid Report (SAR), which includes a number known as your Expected Family Contribution (EFC). When you elect on the application to have the results sent directly to your college, your school’s financial aid office will use the information provided to determine eligibility for loans and grant programs.
Q: When should I fill out the FAFSA?
A: The FAFSA application period begins each year on Oct. 1, for the following school year. For example, if you intend to enroll in college beginning in Fall 2022, you may complete the FAFSA for that year starting on Oct. 1, 2021.
Students should also understand that the FAFSA is not a one-time filing requirement. You must complete the FAFSA every year that you want to apply for aid to pay for college.
Q: When is the FAFSA due?
A: There is a federal deadline for the FAFSA of June 1 each year. However, financial aid professionals recommend students complete the FAFSA as soon as they are able to do so. If you wait until the end of May to submit your FAFSA, you run the risk that some college financial aid programs could be exhausted before your application is submitted. There are also state-specific deadlines for financial aid that are often earlier than the federal deadline.
STILL HAVE QUESTIONS? GENERATIONS COLLEGE’S FINANCIAL AID OFFICE CAN HELP!
Applying for financial aid can be confusing, especially if it’s the first time you have had to fill out the FAFSA. Your financial aid award hinges on you submitting accurate, complete information before the deadline. It is important to plan and to carefully read and complete the required information on the financial aid application.
Generations College’s Financial Aid office is here to help new and returning students with all details financial aid-related. Don’t be afraid to ask us additional questions if you don’t see the answer you’re looking for in the Q&A above.
To learn more, see our list of the six steps to apply for financial aid or contact us online today.