The Free Application for Federal Student Aid (known as FAFSA) is a form that can be filled out annually by current and prospective university students (both undergraduate and graduate) - and sometimes their parents - to determine their eligibility for federal student financial aid including grants, loans and work-study programs. In addition, most states and schools use information from the FAFSA to award non-federal aid. Students will need to create an FSA ID and use it every year to complete and electronically sign the FASFA. Please check with
fafsa.gov for updates to the FAFSA process.
You can fill out the FAFSA online at fafsa.gov. If you need a printed FAFSA form, you can download a FAFSA PDF or order a print-out of the FAFSA PDF. Additionally, you can ask the financial aid office at your college or university if you can file it there.
What type of information do I need to complete the FAFSA?
You will need a number of documents, including the following:
- Your Social Security number (SSN) and your parents' SSNs
- Your driver's license number
- Federal tax information/tax returns (IRS/W-2) for you and your parents for two years prior to the academic year
- Records of untaxed income, such as Social Security benefits, welfare benefits (e.g., TANF) and veterans benefits, for yourself and your parents
- Bank statements and information on savings, investments and business/farm assets for yourself and your parents
What is a SAR and how do I get one?
The SAR is a Student Aid Report produced by the U.S. Department of Education and sent to students who have applied for federal student financial aid. It is also sent to any schools a student lists on the FAFSA. The SAR summarizes the information from the student's FAFSA and provides families and schools with the student's Expected Family Contribution (EFC).
Expected Family Contribution (EFC) is an estimate of the parents' and/or student's ability to contribute to college expenses. Eligibility for a number of federal, state, local and institutional aid programs is based on a student's EFC. EFC is calculated based on a student's FAFSA application. The lower the EFC, the less money a family has to contribute to a child's education. The EFC is usually subtracted from the Cost of Attendance (COA) to determine a student's financial need. If COA - EFC > 0, then a student has financial need.
Are there factors that will lower a student's EFC?
Some of these factors include:
- Additional family members supported by the head of household, e.g., additional brothers and sisters or grandparents living at home
- Additional siblings in college
- Lower income (especially student income)
- Fewer assets (especially student assets)
All the schools you applied to will send you a financial aid award notification sometime between December and March. Make sure to respond to your award notification ASAP so you don’t miss any aid deadlines. This notification may include information such as the following:
- Estimated Cost of Attendance
- Expected Family Contribution
- Need (which is defined as the difference between your total expenses and the amount of money your family is expected to contribute)
- Aid you're awarded from that school to help fill that need
What is a grant and how do I get one?
Federal grants are a type of aid that is awarded by the federal government. Grants for college students do not have to be repaid. Grants are based upon financial need, as calculated by the federal aid program. The first step is to complete the FAFSA. A school grant is awarded directly from your chosen school. To learn more about your school's grants, visit their Web site or financial aid office.
What is a Direct Loan and how do I get one?
A Direct Loan is a low-cost student loan offered to eligible students enrolled in American institutions of higher education and is sponsored by the federal government. See the "Direct Loans" section for more details.
What is a PLUS Loan and how do I get one?
A Federal PLUS Loan (Parent Loan for Undergraduate Students) is designed specifically to help parents fill the gap between their child's current financial aid and the rising cost of tuition. PLUS loans are sponsored by the federal government. See the "PLUS Loans" section for more details.
What is a Private Loan and how do I get one?
Tuition and fees are rising every year, but federal loan limits are not. To help you manage the remaining cost of your education, lenders have worked with your school to offer an option for financing: private loans, also known as school-certified private loans or alternative student loans. The money borrowed through a private student loan, which is subject to credit approval by the lender, can be used for tuition, room and board, books and supplies, a computer, studying abroad and more. See the "Private Loans" section for more details.