College is expensive, and looking at the raw price tag for tuition can be discouraging. There are, however, many things that you can do to cut down on the cost and make college affordable. One simple approach (so simple, actually, that there’s no reason not to do it), is to fill out the FAFSA application. This is an easy first step that will open the way to numerous sources of financial aid, including grants and scholarships.
What is the FAFSA Application?
Well, “FAFSA application” is redundant, because FAFSA stands for Free Application for Federal Student Aid. It’s a standard form provided by the Department of Education to determine eligibility for all types of federal student aid (Pell grants, direct loans, etc.). Many schools also use it for their own financial aid programs, so it’s worth filling out even if you’re not looking for federal aid (remember, it’s free). Some private schools also require the CSS Profile, a separate fee-based application, for in-school funding.
How do I apply?
To apply for federal aid, simply go to https://studentaid.gov/h/apply-for-aid/fafsa
The form can be filled out and submitted electronically, printed out and mailed, or done through your school. The FAFSA website has abundant information (FAQs, videos, infographics) to guide you through the process, though it really isn’t that complicated.
Each state has different deadlines for submitting the FAFSA (you can use the FAFSA website to look these up). When filling out the form you’ll have the option to list your desired universities. Your application will later be sent to these schools for them to review. The schools may also have distinct application deadlines, and it’s important to take note of these. Try to have the FAFSA completed and submitted a few weeks prior to the deadlines. After you’ve submitted the FAFSA, your application will be reviewed, and, assuming eligibility, within a few weeks you’ll receive aid offers. Nearly everyone who is eligible will receive some kind of aid, so it’s always worthwhile to fill out the application form.
To fill out the FAFSA you’ll need the following personal information:
- Social security or alien registration number (or driver’s license number)
- Tax information (W2s or 1040s), tax returns, or records of untaxed income
- Details on any financial assets (checking/saving account balances, investments, cash), to establish your financial need
If you are a dependent of your parents (i.e. if your parents are claiming you on their taxes), you will need their information as well. The FAFSA website has FAQs if you’re unsure about finding and entering the correct financial information.
Requirements
To be eligible for federal aid you must have the following:
- US citizenship, or be a US national or eligible non-citizen
- A valid social security number
- Satisfactory Academic Progress (a measure of attempted vs. earned credits, basically ensuring that you’re actually progressing toward graduation)
- A high school diploma or GED
- No convictions for selling illegal substances
These criteria will need to be maintained throughout your college career to remain eligible for student aid. Also, if you are a veteran or active-duty military, you are still eligible for the FAFSA, in addition to the GI bill or other military aid programs.
In short, don’t be intimidated by the high cost of a college education. There are many ways to bring that price tag down, and the FAFSA application is an easy, accessible step to cut costs and help you invest in your education and your future.