Why the FAFSA Is More Important Than Ever This Year

As the average American family is feeling the effects of a volatile economy, many are struggling to cope with how to finance a college education this year. Many alternative sources of paying for school, such as home equity lines of credit and private loans are not as accessible compared to this time one year ago. 

No matter what your particular situation may be, every student attending college should fill out the Free Application for Federal Student Aid (FAFSA). 

The FAFSA provides you with the opportunity to receive the four components that make up financial aid:

• Grants
• Scholarships
• Work Study
• Low-cost, Federal Student Loans
  • don’t require co-signers
  • flexible repayment options  

How does the FAFSA work and where can I go to get more infromation?
To get more information about the FAFSA, and to fill out the FAFSA, go to the Department of Education’s official FAFSA website: www.FAFSA.ed.gov

Please be wary of other websites that charge a fee to help you fill out the FAFSA.  Remember, it’s the FREE Application for Federal Student Aid!

How it works:

1. You fill out the FAFSA (if you’re considered a “dependent student”, you will also need your parents’ financial information in the FAFSA).
2. The FAFSA is then submitted to the Department of Education (DOE).  There, the DOE generates your Student Aid Report (SAR) and sends it to you so you can confirm the information is correct.  A copy of your information (the Institutional Student Information Record or ISIR) is also sent to each of the institutions (colleges) you listed on your FAFSA.
1. The SAR also discloses your Expected Family Contribution (EFC) - meaning what the Department of Education expects you to pay out of pocket for the upcoming school year.  
3. Based on your Student Aid Report, your institution’s financial aid office generates a financial aid award and sends it to you for review and acceptance.
4. You need to confirm which components of financial aid you wish to accept or decline.   

I think I make too much, so why bother filling out the FAFSA?
There is a common misconception that based on your or your parents’ income, you won’t qualify for financial aid and have no need to fill out the FAFSA.

FACT: Any individual REGARDLESS OF INCOME is eligible to receive some form of financial aid, such as a low-cost Unsubsidized Federal Stafford Loan, by filling out the FAFSA.