The Free Application for Federal Student Aid (FAFSA) is a form that is filled out by college students on a yearly basis to evaluate their eligibility for federal student financial aid. This includes PLUS loans, Stafford loans and Pell grants. The majority of schools use details from the FAFSA to give approval for non-federal aid.

Before Starting

• Gather all the documents you will need in order to fill out the form. It includes driving license, bank statement, social security number and income tax returns.
• Make sure that you print out your FAFSA on the web worksheet. Check all your answers before sending in the information.
• To avoid any issues, it is advisable that you sign electronically.

Questions

On the FAFSA, you will find a wide variety of questions ranging from student’s finances to family income. All these details are entered into a formula that evaluates the Expected Family Contribution. In calculating, a number of factors are taken into account, including income, household size, assets and number of students studying in college from the same household. These details are very important because parents are going to play some sort of financial role in their child’s education. You do not need to answer any questions related to family race, religion, sexual orientation or ethnicity on the FAFSA.

Student Aid Report

The Student Aid Report is basically a FAFSA responses summary is passed on to the student. As a student, it is your responsibility to make sure that you review the Student Aid Report carefully for mistakes. If you find any mistake, corrections should be made.

You also get access to the electronic version of the Student Aid Report. The electronic version is also sent to state agencies that give need-based grants and other aid. There are plenty of schools that grant aid on a on a first-come, first-serve basis so it is recommended that you fill out the FAFSA early rather than waiting for a deadline. Almost all students are eligible for some kind of financial aid. For example, if you are not eligible for need-based aid, there is a strong possibility that you may qualify for an unsubsidized Stafford Loan or academic-based aid irrespective of your income.