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federal financial aid / FAFSA

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federal financial aid: What you need to know.

Many students and their families believe that student financial aid is only for low-income families. Not true! The good news is that certain programs, like the unsubsidized Federal Stafford Loan, offer below-market rates and deferred repayment to almost anyone.
All you have to do is apply.

Determining your eligibility for financial aid
Just about everyone qualifies for federal student aid of some type. Still, some basic restrictions apply.

FAFSA: The place to start for financial aid
The number one thing you need to do is to complete and submit the Free Application for Federal Student Aid (FAFSA). This is the starting point for applying to most student financial aid programs. Many state and schools also use the FAFSA as part of their application process for non-federal aid.
To increase your chances of getting student financial aid, be sure to submit the FAFSA as soon as possible after January 1 of the year for which you are requesting aid. NOTE: If you apply before January 1 — or without a Social Security number — your application will not be processed.

You'll need to submit a FAFSA every year you're in college. It takes time, but getting help to pay for college can definitely make your efforts worthwhile.

Completing your FAFSA: 5 Steps and You’re Done

If you are dreading the FAFSA, take a deep breath and relax. It takes a little time, but it is not as difficult as you may think. And completing the FAFSA is free! If you follow these basic steps, you could complete your FAFSA on the Web in as little as an hour or two.

Step 1:

Get a Social Security number (SSN)
If you submit the FAFSA without an SSN, your application will not be processed.

Step 2:

Request a PIN
If you plan to submit your FAFSA online, you (and one of your parents) can request a PIN from the U.S. Department of Education. With a PIN you can apply and “sign” the FAFSA online, check the status of your submitted FAFSA, and make corrections.

Step 3:

Make note of state and college deadlines and requirements
College and state deadlines tend to be earlier than the federal deadline (many are as early as February or March) and may require an application in addition to the FAFSA.
Play it safe — collect these dates and information early.

Step 4:

Use the FAFSA on the Web Worksheet
This tool will help you gather the information needed on the official FAFSA. Worksheets are available from your high school guidance office, public libraries, and fafsa.ed.gov.

Step 5:

Access FAFSA on the Web
Complete your FAFSA on the Internet. Apply as soon as you can (after January 1) because funding can be awarded on a first-come, first-served basis.

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