The time has finally arrived. Graduation day has come and gone and your college career is just around the corner. The only problem is a lack of money. Don’t fret. Uncle Sam is willing to come to the rescue in the form of federal student aid–all you have to do is qualify. If you’re unsure whether or not you are eligible, or if you don’t understand the ins and outs of the program, the following information on how federal student aid works may help.
What Is Federal Student Aid?
Basically, federal student aid is financial help with the costs associated with earning a college degree. If you would like to attend college, it is going to cost you money unless you have a full scholarship. Most families aren’t able to come up with the full cost of tuition, books, room, and board out of their pocket, not to mention other associated costs, such as transportation, insurance, or other classroom fees, so they must borrow money from somewhere. Federal student aid can make up the difference between what you need to pay and the amount you’re actually able to.
FAFSA
In order to be considered for federal student aid, you must first complete the application process. That means filling out the FAFSA, which stands for Free Application for Federal Student Aid. The process will go a lot smoother if you do some groundwork before starting. You need to gather all the financial information that is required, including your tax return from the previous year if you held a job, plus the tax returns of your parents. You will be required to provide your driver’s license number and up-to-date bank statements. The form will also ask for information regarding any business investments or a mortgage held by you or your parents. If you assemble this information beforehand, it will speed up the process of filling out the application.
It’s an Annual Process
Filling out the FAFSA form is an annual requirement. Each year you apply for federal student aid you must fill out the forms that supply the information needed in order to decide upon your eligibility. Fortunately in this age of the Internet you can access these forms online by visiting Fafsa.ed.gov. The process starts by requesting a PIN number. It’s vital to remember this number and use it any time you try to access your account information. The number can’t be changed or replaced, so you should make sure you know it, or it is stored somewhere you can get to it when you need it. Once you access the website you will have to fill out the application line by line, which makes it important to have all the financial information you will need readily accessible. It will speed up the process.
Deadline
The application must be completed and submitted prior to June 30 for the upcoming school year. The deadline for funding may vary from state to state, and funds are generally released between the middle of February and July 1. It would be a good idea to check the deadline dates for your state on the FAFSA website.
Eligibility Requirements
Many factors go into determining who meets the financial requirements to receive federal student aid, or how much aid they may be entitled to. If you want to have some idea ahead of time just how much federal student aid, if any, you are eligible to receive you can visit the Internet website FinAid.org. By entering some information into the EFC (Expected Family Contribution) calculator you will be able to get an estimated amount. Among the things the government checks on in determining your eligibility is the amount of money your parents make and how much tuition you’ll be required to pay.
Wait Time
It usually takes anywhere from four to six weeks to find out if you qualify for federal student aid. If you are deemed eligible, a check will be delivered to you prior to the beginning of the school year. The money you receive can be spent any way you see fit, but you would do well to keep in mind that it is intended for your higher education.
Guest post from Pat Singer. Pat writes about accredited online colleges for AccreditedOnlineColleges.com.
Authors bio is coming up shortly.
