Almost every college in the United States based on the FAFSA to determine how much financial aid – including grants, loans, and work study – a student can get. All FAFSA process can be a daunting and difficult one for those who do not know what to expect. Before filling out and filing the FAFSA form, it is first important to understand what it is and what it does. Otherwise, it is responsible to look like so much Greek. The following is a brief description of the fundamental things the Free Application for Federal Student Aid.
financial package student depends primarily on the expected Family contribution, or EFC. The purpose of the FAFSA is to figure out what the Expected Family Contribution is a student. That is why the United States Department of Education created a free application for Federal Student Aid. FAFSA determines what is known as a “need analysis,” which is based on financial information for the student. Important factors are the income and assets – which means that the student is not necessarily out of luck simply because they or their parents make a lot of money. For example, if the family makes a lot of money but most of it goes to paying bills, leaving only a small amount, the student can still get a very good financial aid package. However, this only applies if the student is a dependent student – that is, dependent on their parents. When the FAFSA form is analyzed and processed, the results are sent to the university student selection
There is some kind of financial aid out there for every student, no matter what his or her income -. And no matter what his or her family income. There are however certain eligibility requirements for FAFSA. The student must be either a citizen of the United States or otherwise recognized not a citizen of the United States. He or she must have a valid Social Security number, as well as either a GED or high school diploma. He or she has to have completed a FAFSA form, he or she promises that federal assistance will be used for education. If the prospective student is a male between the ages of eighteen and twenty-five, he must be registered with the United States Selective Service. To be eligible for FAFSA, the student may not owe any reimbursement of federal grants, can not have defaulted on any student loans, and can not have been convicted of the sale or possession of illegal drugs, when he or she was receiving financial aid.
The FAFSA form must be completed before a student can get any financial aid. It is the first and most important step in the financial aid process. FAFSA is the most important when it comes to determining how much financial aid a student will receive as well, so it is important to be thorough and truthful when filling it out and very prompt filing it.