The FAFSA application is perhaps the most important form pursuant to obtaining financial aid for higher education pursuits today. Completing and submitting the FAFSA form gives you access to financial aid from a huge variety of sources. Not all applicants qualify for federally funded education-based financial aid but many do.
Federal student financial aid programs consider the household income level, demographic status and other factors for each applicant. If you or your household are experiencing financial hardship or you are a minority in a qualifying situation you might need assistance to pay for your college expenses. Continue reading to learn what FAFSA is, what type of financial aid it provides and how to apply for yours today.
The acronym FAFSA stands for the Free Application for Federal Student Aid. The FAFSA form is literally one of, if not the most important forms you will ever submit when applying for financial aid to help pay for the costs of your higher education. Submitting this form is required when you apply for any financial aid funded by the U.S. federal government.
The federal government is the source of many financial aid programs to help qualified students pay for college expenses including:
- Room and board.
- Additional supplies.
Obtaining federal student aid is not necessarily a guaranteed right, although the benefits are offered to any applicants who qualify for respective program guidelines. In fact, more than thirteen million students who successfully complete and submit the FAFSA form receive over $120 billion in grant funds, work-study monies, and low-interest student loans via the U.S. Department of Education.
U.S. states and participating colleges and universitates all utilize the FAFSA form and program guidelines to help determine which students are eligible for government financial aid. The FAFSA form also lets states, colleges and universitas determine how much funding each student is eligible to receive.
Applying for and renewing FAFSA applications requires you follow specific regulations and guidelines. Standard verification documents are required. Proof of household income, financial need, residence, citizenship, and more are all necessary to submit.
Filling out the FAFSA form is free but any applicant who does not submit the necessary documentation will be disqualified. Any applicant falsifying information will also be disqualified from receiving financial aid for college via their FAFSA form submission.
Please note: Provided you fill out your FAFSA form by the applicable deadline you will have a chance to receive federal financial aid to help pay for college. It is important to fill out your form and submit it as quickly as possible, however. FAFSA submissions also provide access to grant monies in addition to student loan programs. Grant programs are highly competitive and when funds are depleted, no more are disbursed until the next funding period or year.