The cost of higher education is a major concern for many students and families. Fortunately, there are several ways to offset these expenses such as grants, scholarships, and loans. One way to get free money for college is by completing the Free Application for Federal Student Aid (FAFSA). This article will provide an FAFSA guide with tips on how to receive free money during college.
What is FAFSA?
The FAFSA is a form that students and their families must fill out to apply for federal student aid, such as grants, loans and work-study programs. The application process is free; students must submit it each academic year they are enrolled in college.
Who Qualifies for FAFSA Aid?
To be eligible for federal student aid, students must meet certain criteria, such as:
- Demonstrating financial need
- Being a U.S. citizen or eligible noncitizen
- Possessing a valid Social Security number
- Enrolling in an accredited degree or certificate program
- Maintaining satisfactory academic progress
How to Complete FAFSA?
Completing the FAFSA requires gathering information about a student’s financial situation, such as tax returns, income and assets. This data is then used to calculate their Expected Family Contribution (EFC).
The Educational Funding Calculation (EFC) is the amount that families are expected to contribute toward a student’s educational expenses. This data helps the federal government decide who qualifies for various forms of student aid such as grants and loans.
FAFSA Offers Various Types of Grant Money
The FAFSA can offer students access to various free money options for college, such as:
- Federal Pell Grant: A need-based grant that does not need to be repaid.
- Federal Supplemental Educational Opportunity Grant (FSEOG): A need-based grant designed for students with exceptional financial need.
- Work-Study: A program which offers part-time jobs to students with financial need, enabling them to earn money to finance their education.
- State Grants: Many states provide grant programs designed to assist college expenses for college students.
- Institutional Grants: Colleges and universities may offer their own grants to students to help cover tuition and fees.
Tips for Maximizing FAFSA Benefits
To maximize the advantages of FAFSA, students should:
- File the FAFSA as soon as possible: Many types of financial aid are awarded on a first come, first serve basis.
- Review the Student Aid Report (SAR): After submitting the FAFSA, students will receive a SAR that compiles all information they provided. Review this SAR carefully to confirm all data is accurate and up to date.
- Apply for Additional Scholarships and Grants: FAFSA is only one way to access free money for college. Students should search for and apply for other scholarships and grants that may help reduce the cost of education.
Filing out the FAFSA is a necessary step for students seeking free money for college. By understanding its eligibility requirements and completing it accurately on time, applicants can access federal, state, and institutional grants as well as work-study programs that help cover college costs.
In addition to the FAFSA, students should research and apply for other scholarship opportunities that may help cover tuition, room and board costs, as well as other living expenses. Scholarships can be awarded based on academic achievements, extracurricular activities, community service involvement, among other factors.
One way to locate scholarships is through online scholarship search engines such as Fastweb, Scholarships.com and Cappex. These websites enable students to create a profile and search for scholarships that match their interests and qualifications.
Students should consult their high school guidance counselor, college financial aid office and community organizations for scholarship opportunities. Many local businesses, nonprofits and civic groups offer scholarships to students within their communities.
It’s essential to note that scholarships and grants are usually awarded based on merit or financial need, while loans must be repaid with interest. Therefore, students should prioritize applying for scholarships and grants before considering taking out loans to finance their educational expenses.