Hi Money Masters,
I know school is just around the corner for most students and some have already packed up and started their journey to college! What an awesome, exciting adventure! I also know that last year only about 60% of high school students who planned on going to college filled out the FAFSA. This should be Step #1. Keep reading to find out everything you need to know about this valuable tool.
Q. What is the FAFSA?
A. The Free Application for Federal Student Aid (FAFSA) is a form filed out and submitted by students entering or currently enrolled in college to determine eligibility for financial assistance.
Q. What type of student aid is available?
A. Grants, loans, and work-study jobs.
Q. What does federal student aid cover?
A. Federal funds can help with the costs of tuition and fees, room and board, books and supplies, and transportation.
Q. When is the deadline for submitting the FAFSA?
A. For 2019/20 the deadline is June 30.
Q. When can I submit the FAFSA for 2020/21? A. Forms can be submitted beginning October 1, 2019 at www.fafsa.ed.gov Q. Who can apply for federal student aid? A. U.S. citizens or eligible noncitizens. Q. Is it really “free” to apply with the FAFSA? A. Yes. The federal government will not charge you for submitting the FAFSA. Make sure you complete the form from www.fafsa.ed.gov Q. Do I have to submit electronically? A. No. The federal site provides a fillable PDF or you can request a paper copy. However, filing online can be quicker. Q. Does my submission last all 4 years for my 4-year program? A. No. Students who apply for federal student aid will need to re-apply each year they need financial aid. Q. Can I lose financial aid eligibility? A. Yes, it is possible. Some instances include defaulting on a federal loan, unsatisfactory academic progress, or conviction of certain legal offenses. Before you fill out the FAFSA, you will want to be prepared with what you need: social security number, Driver’s license, household or personal financial information including income, and copies of tax returns. Completing the Free Application for Federal Student Aid will take about 30 minutes but it is a worthwhile investment in saving on educational expenses. Blessings to you all, -Helen