Everything You Need to Know About FAFSA

If you’re planning to attend college, you may have heard about the FAFSA application. College costs have been on the rise for more than a decade. In fact, it has increased by around 25 percent in the last ten years. Most Americans are not able to pay for their classes out of pocket, but most don’t have to.

Completing your FASFA can give you access to federal student aid, including loans, scholarships, grants, and work-study programs. Here’s a detailed look at everything you need to know about the FASFA application.

Slide 1: What is a FASFA Application?
fafsa application
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The FASFA application, which stands for the Free Application for Federal Student Aid, is a government form that every student must complete before receiving access to financial assistance. This application is used to assess your financial needs and determine how much you can afford towards the cost of your post-education. Your completed application is sent to the school you intend to attend, allowing you to potentially receive financial aid through:

  • FAFSA Student Loans
  • Grants
  • Scholarships
  • Work-Study Programs

Applications must be submitted before the set deadline each year. However, certain financial opportunities, such as word study programs, have limited availability, so you should complete your application as soon as possible. 

It’s recommended that you apply for federal student financial aid even if your family is well-off or you can pay for your tuition. Even if your family has a high income, you may be eligible to receive grants and scholarships to reduce your out-of-pocket costs. However, to be qualified to complete a FAFSA, you must meet the following criteria:

  • You are a United States citizen in possession of a Social Security number
  • You are not a U.S. citizen, but you are a United States national or a legal permanent resident
  • You are not a U.S. citizen, but you are a human trafficking victim, or you have been granted political asylum
  • You have a GED or high school diploma

Completing and submitting a FAFSA is free, regardless of your income. However, before you can complete your application, you will need to register for an FSAID. Your FSAID is a unique username that you may use for electronic signatures on your FAFSA forms. In addition, at least one of your parents must register for a username if you are a dependent student.

After you submit your FAFSA application, you will need to take additional steps to accept any student aid that you would like to receive. Students renewing FAFSA may continue to receive financial assistance in subsequent years. However, if you do not renew your FAFSA, you will not be eligible to receive any form of financial aid for the new academic year.

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By Admin