Battling the FAFSA
Written by Aric Schroeder, Former Student on Thursday, January 28, 2016
The FAFSA (Free Application for Federal Student Aid), also known as the FSA (Federal Student Aid) is just as it sounds- federal aid provided to students who apply. The determination of money that is received after applying for the FAFSA is based mainly on the financial income of your household (parents or guardian). The FAFSA not only grants student aid to students in need, but it also fulfills the requirement for many scholarships to have the FAFSA filled out completely.
Why would you want to apply for FAFSA?
As reasons were covered above, the FAFSA provides federal aid that does not need to be paid back, and also is a requirement to receive many scholarships.
How much can a student receive?
The amount a student can receive in federal aid is dependent on many factors. The most prominent is the current financial situation of their parents. This information is required when filling out the FAFSA.
How to fill out a FAFSA?
The first step to applying for a FAFSA is going to their website, https://fafsa.gov/, and creating an account in order to save and complete all the information. You are not required to fill out all the information in one sitting. It will store all information for 42 days, even if appliers are in the middle of the application process. Once your account has been created, it will guide you through a series of questions and personal information verifying who you are. Once you have created an account identified under your name, it will guide you through information such as whether you have had a job within the past few years, your education level, your educational level in the future, and your plans for furthering your education. It will ask you what schools you want to apply the federal aid to.
Then it gets complicated.
Tax information is required from both your parents and yourself if you have a job or had a job previously without filing your taxes. This could be difficult if you or your parents did not receive your tax information yet. If you do have the information required, it is not too difficult, and you just fill in all the required information such as estimated yearly earnings before/after taxes, back taxes, job transfers, etc.
It is encouraged that all students fill out a FAFSA just to see what they are qualified for. It is best done sooner rather than later because it is a first-come-first-serve basis. The FAFSA is also a requirement in order to get scholarships through the scholarship notebook.
