FAFSA Application

People that decide to attend college are expected to help pay the costs of the education. The amount you and your family pay is dependent upon your financial situation. This is known as Expected Family Contribution, or EFC. The U.S. Department of Education requires a form to be completed in order to figure out the EFC.

This form is known as the FAFSA, which means Free Application for Federal Student Aid. The form gathers the financial information like income and assets to perform a need analysis through the examination by a federal processor. The financial aid office of your selected college receives this information, which is then used to determine eligibility for grants and scholarships.

Nearly all students are eligible for some sort of financial assistance. There are some eligibility requirements and these include:

• Being a citizen of the U.S., a U.S. National, or a non-citizen with eligibility
• Having a valid Social Security Number
• Possessing either a High School Diploma or a GED
• A male 18 to 25 years old that’s registered with the U.S. Selective Service
• Completing and submitting a FAFSA agreeing to use all federal aid received for the purposes of education
• Don’t owe any federal student grant refunds
• Haven’t defaulted on any student loans
• Haven’t been found guilty of having or selling illegal drugs after having received federal student aid

The first step in applying for financial aid is completing the FAFSA and getting it submitted on time. Typically, the earliest date that you can submit the FAFSA is January 1. Since federal financial aid is limited, it’s awarded in the order of forms received. So the faster you get your completed form submitted, the better. In addition, some colleges and states require additional forms to be completed so you need to look into that.

Missing deadlines can cost you any financial aid that you may have qualified for. It’s wise to pay very close attention as to how deadline instructions are worded by the college of your choice. Some of these are worded differently from others and can confuse you about when the actual deadline is.

Still, the best rule of thumb is to get your form turned in as close to January 1st as you can. In doing so, you’re sure to make any deadline no matter how it may be worded in the instructions, thus insuring that you’ve done all you can to get your financial aid.