The FAFSA (Free Application for Federal Student Aid) is the first step in the
financial aid process. You use it to apply for federal student financial
aid, such as grants, loans, and work study. In addition, most states and
schools use information from the FAFSA to award non-federal aid.
When you file your FAFSA (anytime after January 1st of your senior year) your
answers to the questions are entered into a formula from the Higher Education
Act of 1965, as amended. The result is your Expected Family Contribution
(EFC). The EFC measures your family's financial strength. It is used to
determine your eligibility for federal student aid. Your state, and the
schools you list on your FAFSA may also use some of your responses to
determine if you are eligible for school or state aid, in addition to federal
aid.
After filing your FAFSA you will be sent a Student Aid Report (SAR), through
the mail or the internet. The SAR lists the information you reported on your
FAFSA, and will tell you your EFC. It is important to review your SAR when
you receive it. Make sure all the information is correct. Be sure to make
any necessary changes or provide additional information.
Your EFC is made available to all of the schools you have listed on your
FAFSA. The schools will use this information to prepare a financial aid
package for you. If you or your family have special circumstances that
should be taken into account, contact your school's financial aid office.
Any financial aid you are eligible to receive will be paid to you through
your school. Typically, your school will first use the aid to pay tuition,
fees, and room and board (if provided by the school). Any remaining aid is
paid to you for other expenses.
The best place for information about student financial aid is the financial
aid office at the school you plan to attend. You can also check out these
resources: www.studentaid.ed.gov
www.students.gov
The federal Student Aid Information Center at
1-800 4-FED-AID (1-800-730-8913.
Your high school counselor's office
Your local library's reference section.
WARNING: Be wary of organizations that charge a fee to submit your
application, or find you money for school. Some are legitimate and some are
scams. Generally, any help you pay for you can get for free from your school
or the U.S. Department of Education.
