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To obtain financial aid, a student must first apply to determine if he or she is eligible. The first step to finding out is to complete a Free Application for Federal Student Aid (FAFSA) . This application will use income, assets and other factors to determine the amount a student’s family is expected to contribute to educational expenses. Most of the questions are demographic-related and the rest of the answers come from the student’s tax forms and/or those of his or her parents (if the student is a dependent). A student’s eligibility for financial aid will be determined by the student’s or his or her family’s financial situation and by filing the application on time. Visit the U.S. Department of Education Web site to understand more about this process. A student can complete the FAFSA online or use a paper FAFSA. Paper FAFSAs are available at high school counseling offices, college financial aid offices, public libraries, and various lending institutions.
Once processed by the U.S. Department of Education, the student will receive a summary of the FAFSA results, called the Student Aid Report (SAR). The colleges listed on the student’s FAFSA will also receive the student’s results, in order to determine the student’s financial aid eligibility and prepare a financial aid package.
Students should fill out their FAFSAs as soon after January 1 as possible, prior to the fall the student plans to enroll. For the quickest results, apply online.
For help completing the FAFSA, be wary of hiring a consultant. It may not be wise to pay for a service that’s free of charge elsewhere, and sometimes these services are simply scams. During Financial Aid/Admissions Awareness Month in February of each year, colleges and other community sites host events free to the public. Most events feature FAFSA Workshops with financial aid professionals available to answer any financial aid questions and help students and their parents complete the FAFSA—at no charge. Students should be sure to bring their parents’ tax forms and their own tax forms to any workshop they attend.
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