Student Loans
Get The Ball Rolling:
Applying For Federal Financial Aid
It sure looks like there's a lot of information here. And that might make you think that the application process is complicated. But it's simpler than it looks.
- First, you can get the Free Application for Federal Student Aid, (FAFSA) at college financial aid offices, online at www.fafsa.ed.gov, or you can call the Federal Student Information Center at 1-800-433-3243.
- To complete the FAFSA, you'll need to provide information about your family's assets and investments, the number of people in your family, and how many are in college. You will also need to include copies of your prior year tax return if you filed one, and your parents' completed tax returns for the previous year.
- When you complete the FAFSA, you need to know that you are applying for all available kinds of federal student aid, including loans, grants, scholarships and work-study programs.
- You can begin applying for financial aid after January 1. And while you are in school, you will need to re-apply every year as soon after January 1 as possible.
- Even if you are applying to numerous schools, you only need to fill out one FAFSA. The results of your Needs Analysis (for which the FAFSA is used) are put into a Student Aid Report (SAR). And the SAR will be sent to up to six schools of your choice. Each school will use the information to determine a Financial Aid Package for you. And they will send you the details in an Award Letter.
- Besides federal aid, there are other sources of financial aid. For example, your school might have its own scholarship funds available, and there are various state-based programs. To apply for these, you might be asked to fill out some additional forms by the school so they can determine if you are eligible for any other assistance.
