What is the FAFSA?

The FAFSA explained

The acronym "FAFSA" stands for the Free Application for Federal Student Aid. It is the key document in obtaining Federal student loan assistance for university students and/or their parents.

Typically completed and submitted annually during a student’s college years, this application predominantly consists of questions regarding the student’s (and his/her parents’) financial situation.

After submission, their statistics are entered into a database to determine the family’s EFC (Expected Family Contribution) and eligibility for Federal student assistance.

Assistance can be a combination of Pell grants, Stafford loans, PLUS loans, and/or work/study programs. Often completed through FAFSA online, the information on the application is input into a formula that estimates the components necessary to achieve sufficient financial assistance to meet higher education costs on an annual basis.

Like grant writing necessities, student and parent information should be clear, understandable, accurate, and sufficient to create an honest picture of the student’s financial position. Private and public scholarship awards should also be noted so the puzzle of college financing displays all the missing pieces to permit a successful financing plan to be created.

While there is no trick or mystery to completing a FAFSA, don’t be afraid to ask for help from education financing experts to complete and submit your FAFSA correctly. The goal is to obtain the necessary financing required to meet your higher education costs.