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FAFSA: Free Application for Federal Student Aid

The explanation and analysis of the FAFSA safety net. By Taylor Hughes and Luis Perez.

Luis Perez Medina

on 10 September 2012

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Transcript of FAFSA: Free Application for Federal Student Aid

FAFSA is a government-run program/application responsible for offering more than $150 billion each year to help millions of students with the expensive college price tag. What is FAFSA? FAFSA hands out money on a first come, first serve basis. Academic history, academic rigor, clubs, sports, and volunteer service are unimportant and not looked at on the FAFSA. How Does FAFSA Hand Out Its Money? Why and When was FAFSA Founded?
What is its budget? Created in 1992.
Started to simplify the financial aid application process.
Once again, $150 billion is given out every year. What Criticisms or Concerns are There? Students say it is complicated with pages of over 100 questions.
A large group of male students find it burdening to have to apply to the Selective Services. (Some students try to avoid the SS and do not apply to FAFSA). Taylor's Opinion: It's very beneficial because it helps students pay for college that would not normally be able to afford it, like me.
Luis's Opinion: I think it is an awesome program. Without it many people probably would be even more debt. You can retrieve the application on fafsa.gov or fafsa.com
You can submit the application from January 1st to February 14th. (New Year's Day to St. Valentine's Day) How and When Can I Apply to FAFSA? http://dosomething.org/blog/chatterbox/the-fafsa-necessary-evil-or-financial-aid-fiasco, The FAFSA: Financial Aid Fiasco?, August 31, 2012
http://finaid.ucsb.edu/fafsasimplication/index.html, 7 Easy Steps to the FAFSA, August 31, 2012
https://fafsa.ed.gov/FAFSA/app/fafsa?locale=en_US, August 31, 2012
fafsa.ed.gov/help.htm, Browse Help or Search, August 31, 2012
studentaid.ed.gov/about, About Us, August 31, 2012
http://www.adulted.about.com/goingbacktoschool/a/fafsa/services.htm, www.fafsa.gov vs. www.fafsa.com, September 4, 2012 Cited Resources: FAFSA Free Application for Federal Student Aid By: Luis Perez Medina & Taylor Hughes What Are Some Terms I Need to Know for the FAFSA? *Expected Family Contribution (EFC)
The amount of money the government feels your family will be able to contribute based on a formula. The amount of family members, yearly income of your parent/s or guardian/s, and the amount of people in your household attending a university, college, or vocational school *Student Aid Report (SAR)
A document students receive once the FAFSA is completed stating all the answers the students provided on the FAFSA. *FAFSA Pin
A 6-8 digit code needed for various reasons; signing your FAFSA, viewing the status of your application, etc. Students must apply for a PIN on the official FAFSA website. You can use your pin year after year. *FAFSA Renewal Form
Form used by students who already filled out the FAFSA the previous year. Must simpler as it requires only the student to update his/her information. There are four types of financial help students can receive:
Grants - Money issued by the government that usually does not have to be paid back. When it is, it usually won't have interest.
Scholarships - Money given by private companies that rarely, if ever, has to be paid back.
Work Study - A deal between you & the university you will go to. Student obtains a job on campus to help with university living and tuition expenses.
Common Arrangement:
75% University 25% Personal
Loans - Money borrowed that will almost always need to be paid back with interest. Who is Eligible? What Do I Need to do? US Citizens or eligible non-citizens with a valid SSN.
A high school diploma, GED certificate, complete homeschooling, or pass an approved "ability to benefit" test.
Must/Will be enrolled in an eligible program to achieve a diploma or certificate of higher education.
Must not have been convicted of possession or sale of illegal drugs while receiving financial aid.
Must have financial need. (No rich people)
Male Students! If you are between the ages of 18 and 25, you must register with the Selective Service. (Requirement by US Law with or without FAFSA for all male US Citizens, Green Card Holders, Refugees, Dual Citizens, & Illegal Immigrants between 18 and 25. Pros Cons What Do We Think? It's FREE!
Reduces the burden of funding for college
Makes college a possibility for many students
Based on financial need Why Are There Two Websites for the FAFSA?
FAFSA.GOV vs. FAFSA.COM Though there are several differences, the main difference is:
At FAFSA.gov FAFSA is free and at FAFSA.com you pay $80 for someone to do the application for you. (Given prices may change. 102 Questions of Interrogation
Time Consuming
No guarantee or personal selection of the financial package you receive
Loans Tips:
You can submit your application by estimating your income if you have not received your tax income already. There's no penalty but once you receive your income taxes, you must submit your SAR with corrections.
If your parents are divorced, you report the information of the parent you live with the most.
Look at colleges' websites. Some have different FAFSA deadlines.
If you have a job (including work study), you must also include this on the FAFSA. It is expected that 50% of your salary will be used to pay for college. http://www.finaid.ucsb.edu/fafsasimplification/index.html Can You Elaborate? http://fafsa.com http://www.fafsa.ed.gov/
Full transcript