Not only is trying to determine the appropriate college a difficult decision, but also so too is figuring out how to pay for school. Continue reading to find out more about federal financial aid options and what you can do NOW to get ready!
Last year, the federal government released an updated application, and many students experienced various difficulties. The release date was pushed back, technical difficulties occurred, and colleges, universities, and families were left scrambling at the last minute trying to figure out financial aid opportunities. This blog aims to make this process much less stressful!
Introduction to the FAFSA
The Free Application for Federal Student Aid [FAFSA] assists eligible prospective college students in determining whether they qualify for scholarships, grants, work-study programs, and loans for school. Colleges and universities also use the FAFSA information to award their own financial packages. To be considered, a student must meet certain criteria, including, but not limited to the following: demonstrate financial need, be a US citizen or an eligible noncitizen, and have a valid Social Security Number [click here for a complete list of requirements]. NOTE: This application is free, so if you ever are prompted to pay to fill it out, you are at a scam site!
Types of Financial Aid
The following list details the most common forms of student aid. For further information, click here!
Scholarship
A scholarship is considered free money and comes from nonprofit and private organizations. It could be based on talent, academic merit, financial need, or an area of study.
Grant
A grant generally is considered free money--unless a person's educational or financial situation changes.
Work-Study Program
A work-study program allows a person to earn money to pay for school by working part-time. The baseline pay is at least minimum wage [could be higher based on one's skills].
Loan
A loan occurs when a person borrows money and agrees to pay the money back with interest.
To-Do List
So, now what? The form is now available to everyone during beta testing. Here are pieces to take care of first so that the process is much less time-consuming!
Create a StudentAid.gov account [if you don't already have one]
Gather necessary documents you may need to fill out the form [e.g. parents' social security numbers, tax returns, child support records, current account balances, etc.]
Determine your dependency status
If you are a dependent student, use the Who's my FAFSA Parent? wizard to identify which parent(s) will be a required contributor on your form
Follow Federal Student Aid via social media for updates and changes
Be on the lookout for various school and/or district personnel providing FAFSA assistance
As a former high school educator of over 20 years, I know how daunting this process can be. With the right preparation ahead of time, it doesn't have to be. Best wishes to you, Class of 2025!
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