If you're
planning to go to college, filling out and filing your Free Application
for Federal Student Aid (or FAFSA) is the first step in finding a way
to pay for your post high school education. Still the source for
college funding, the Federal government lays out more than 80 billion
dollars of student aid each year as grants, work-study programs or
loans. To get your piece of the pie, make sure you submit your FAFSA
application as early as possible.
Often described as being difficult to understand and hard to complete,
the FAFSA application process by no means deserves this unfavorable
rap. The less than stellar reputation may in part be attributable to
fee-for-service providers that are in business to help college-bound
high school juniors and seniors complete the application. The Federal
government has made the application easy to complete online by offering
extensive online help that guides applicants through the application
process. Unlike third-party companies, the government never charges an
application or processing fee. The FAFSA application is free for all,
just as it should be.
Step One in the FAFSA application process is to apply for a PIN, or
personal identification number. In essence, your PIN makes it possible
for you to apply for Federal student aid online, which is much easier
than filing a written application. You can also use your PIN to sign
your FAFSA application online and access and correct information
contained in your Student Aid Report, or SAR. The SAR is the report
you'll receive once your FAFSA application has been processed. It
contains important information about your financial need, which
ultimately determines the amount of aid you may receive.
You'll need to get your PIN as soon as possible at pin.ed.gov before
beginning Step Two of the application process. In this step, you should
complete your FAFSA application online at
www.fafsa.ed.gov, a site also
known as FAFSA on the Web. The government has designed this site to
offer step-by-step instructions as you answer each question in the
FAFSA application. The online process also catches any potential
mistakes you make and prompts you to correct them. Finally, filing your
FAFSA application online is fast. You'll receive confirmation of the
receipt of your application immediately and the typical FAFSA
application is usually processed in just a few
days.
Once you've filed your FAFSA application, expect to start Step Three,
the final phase in the application process, in about three to five days
if you filed your FAFSA application online, or in seven to ten days if
you filed by mail. That's when you'll receive your SAR, or Student Air
Report. In addition to compiling the information contained in your
FAFSA application, the report also determines your financial need,
which is calculated by subtracting your Expected Family Contribution,
the amount your family is estimated to be able to contribute to funding
your college education, from the cost of attending a particular college
or university. Once you receive your SAR, review it for any errors and
once it's complete, contact the financial aid office at the college or
colleges you're considering. The financial aid office will let you know
the type and amount of financial aid a particular college is willing to
offer.
The three-step FAFSA application process isn't difficult to understand
or complete, but it is more involved than can be covered in a brief
article like this. Fortunately, the government has prepared a
comprehensive 60-page document that fully explains and guides you
through the FAFSA process. Called "Funding Education Beyond High
School", the document is available in PDF format from studentaid.ed.gov.