What is FAFSA?
The cost of college education continues to increase at a rate well above the growth rate of average American income. Federal student aid is therefore an important part of getting a college education for most students in the U.S. To get help from the government paying for your education, you need to fill out a Free Application for Federal Student Aid ( also known as FAFSA). In addition to the federal government, state governments, schools and other financial institutions will also use the information from FAFSA to ascertain your eligibility for non-federal student aid programs.
The FAFSA consists of 102 questions which are intended to create a picture of your personal, financial, and academic situation. After examining your application, the government will create and send you a Student Aid Report (“SAR”) which contains your Expected Family Contribution (“EFC”). Your EFC determines your eligibility for various financial aid programs, both federal and non-federal.
To begin the FAFSA process, visit the following URL: http://www.fafsa.ed.gov.
Documents You Need
You will need several documents and pieces of information to complete the FAFSA. These include:
- Your social security number
- Your driver’s license number
- W-2s and other records of income
- The previous year’s federal income tax return
- If you are a dependent student, your parents’ previous year’s federal income tax return
- Untaxed income records
- Current bank statements
- Business and investment records
- If you are not a U.S. citizen, your alien registration or permanent residence card
You can download a FAFSA on the Web Worksheet, which will help you organize your documents, at http://www.fafsa.ed.gov/before012.htm.
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