FAFSA

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The Free Application for Federal Student Aid ( FAFSA ) is a form that can be prepared annually by current students and undergraduate (undergraduate and postgraduate students) in the United States to determine their eligibility for student financial assistance.

FAFSA should not be confused with the CSS Profile, which is also required by some universities. CSS is a cost-based product of the College Board and is typically used by colleges to distribute their own institutional funding rather than federal or state.

Video FAFSA

Feasibility

Almost every student is eligible for some form of financial assistance. Students who may not qualify for needs-based assistance may still qualify for Unsubsidized Stafford Loans regardless of income or circumstances.

A student who can meet all of the following criteria may be eligible for assistance:

• has been registered with a Selective Service System (for Obligations in the United States) between the ages of 18 and 25, if required to do so (women are excluded from this requirement);
• maintain satisfactory Academic Progress (SAP);
• is a U.S. citizen, a US citizen, or a qualified citizen;
• has a valid Social Security number;
• have a high school or GED certificate;
• signed a certification statement stating that: 1) is not in default on federal student loans and does not owe on federal student grants and 2) federal student assistance will only be used for educational objectives;
• have not been proven guilty of selling or possession of illegal drugs when federal assistance is received.

Student Assistance and the Fiscal Responsibility Act (SAFRA) in 2010 amend the criteria for suspension of eligibility for drug-related offenses. Previously, students could lose eligibility either for ownership or sale of controlled substances during the enrollment period. SAFRA impose penalties for having controlled substances but withholding penalties for the sale of controlled substances. SAFRA increases the suspension for up to two years for first offense and is not limited to a second offense.

Students who are military veterans and active service members can apply for financial assistance by filing FAFSA even if they also apply for education and housing benefits offered by Post-9/11 G.I. Bill and the accompanying Yellow Ribbon program. The amount of military aid a student receives for a college education does not delay eligibility or reduce the amount of student assistance that students can receive from four federal grant programs - Pell, SMART, FSEOG, and TEACH - and much of the state grant program assistance.

Maps FAFSA

Preparation and archiving options

Starting with the academic year 2017-2018, FAFSA is available to the public on October 1st. The academic year 2016-2017 is the last time the FAFSA is available on January 1st. The US Department of Education made FAFSA available early. to better align the timing of the financial aid application process with a typical college application process. In addition, a 2-year US tax information is used to supplement the FAFSA's financial section beginning with the academic year 2017-2018. Changes in using "year before tax" information enable families to use the IRS Data Collection Tool at FAFSA to verify their tax information without delay from IRS processing tax information. Some financial assistance is provided on a first-come, first served basis, and students are encouraged to submit the FAFSA as soon as possible.

According to the website of the US Department of Education, students have three preparation options:

• online at fafsa .ed .gov
• by phone at 1-800-433-3243
• with paper

The Higher Education Opportunity Act of FAFSA-based official fee preparation of 2008. Under the law, a fee-based FAFSA preparatory service should be made on initial contact with students, notifying them of free options and being transparent about their non-affiliation with the US Department of Education and their costs. Students should not engage with FAFSA preparatory companies that are not transparent about FAFSA options and their fees upfront, or promise to get a scholarship.

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Application process

In addition to demographic and financial information, applicants may enroll up to ten schools to receive results from applications once they are processed. Historically, there have been some concerns that colleges may refuse admission, waiting list of applicants, or offer less financial assistance as a result of the order in which the applicants list the school on apps, or FAFSA positions. However, the US Department of Education changed the FAFSA for the academic year 2016-2017 to prevent schools having access to view other schools that may be enrolled in the app.

Upon completion of FAFSA, students are presented with a Student Assistance Report (SAR). SAR provides students with their eligible potential for various types of financial assistance, their Hope Family Contribution (EFC), and a summary of the data students provide in the application. The learner should carefully review the SAR for errors and make corrections as necessary. The electronic version of SAR (called ISIR) is available for colleges/universities including students at FAFSA. ISIRs are also sent to state agencies that provide assistance on a need basis.

src: lyndonstate.edu

Type of financial assistance

Federal Student Assistance offers several types of financial assistance. The four most common types of student assistance offered from the federal government as a result of completing the FAFSA are:

• Pell Grant - Grants up to $ 5,815 (per Year Award 2016-17) for students with low expected family contribution. A 2016 NerdWallet study found that students lost $ 2.7 billion in free Pell federal grants by not completing FAFSA.
• Stafford Loan - From 1 July 2015, Federal Direct subsidized loans will have a fixed interest rate of 4.29% and interest paid by the government while students are enrolled at least half the time. Federal Direct unredited lending also has a fixed interest rate of 4.29% and accumulates to the outstanding balance.
• Federal Perkins Loans - Loans that are like Stafford but lent directly by schools that have Title IV-are eligible. The interest rate is set at 5%.
• Federal Employment Study Program - Program where students can work part-time, up to a certain amount. In many cases, the federal government pays half the wages of students and schools pay the other half.

src: blog.ed.gov

See also

• College admission in the United States
• CSS Profile
• Edifi
• FAFSA Position
• Transfer transfers in the United States

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References

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External links

• The official government website for FAFSA
• FAFSA4caster - US Department of Education - Tools for FAFSA assistance estimation
• "EFC Formula, 2010-2011" (PDF) .

Source of the article : Wikipedia