It’s that time of year again! Yes, millions of students, like you, will be seeking federally funded financial assistance to reach their college goals.
So, what’s the mystery? Exactly, what is FAFSA? The acronym stands for Free Application for Federal Student Aid.
The FAFSA is an electronic form used to determine your eligibility for student grants, work-study, and loans. The application is important because it decides whether you will receive free money, like a Federal Pell Grant, and is used by universities to distribute financial aid packages.
The comprehensive form, roughly 100 questions, asks for details about you and your family’s financial background, including income and assets. Then, the government reviews your answers to determine your expected family contribution (EFC). The amount of money you cannot afford for college is simply referred to as your NEED. Your need is used by colleges to determine financial aid awards. Continue Reading…