The Ins and Outs of FAFSA
Jan. 1, 2008 is the first day high school seniors can file the FAFSA (Free Application for Federal Student Aid), and the government recommends that students file as close to the first as possible.
The FAFSA is extremely important. FAFSA opens the doors to a variety of financial aid options. You need this form if you want to receive a Pell grant or apply for student loans. Many colleges and states use a student’s FAFSA information to award their own grants and scholarships. In fact, many schools require the FAFSA as part of their scholarship application.
If you’re a senior and haven’t yet filled out a FAFSA, don’t worry. The deadline to file is July 30, 2008. But, like we said, they recommend you get it in earlier. Some states have earlier deadlines, and a college may require you to have it submitted earlier to be eligible for their financial aid programs.
If you do have application work to do, get started as soon as you can. FAFSA requires a host of forms and information including driver’s license, your family’s tax returns, bank statements and Social Security numbers.
You can fill out the FAFSA online. First, get the FAFSA on the Web form which clearly outlines everything you need to file. Don’t dive in without looking at what information you need first; the form is eight pages long!
But the effort required is a small price to pay. FAFSA opens up all the financial aid available to college students. Ignoring this form could cost you thousands of dollars.
For more information, to apply, to download all FAFSA forms necessary, and for a full list of deadlines, visit www.fafsa.ed.gov/.
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January 2nd, 2008 at 10:20 am
i tried applying for the online FAFSA yesterday - but they ask like million questions on finances - and my dad doesn’t know any of them. We haven’t filed for the tax return yet.
Does anyone know how much a family’s yearly income should be (approximately) in order to get a federal grant?
And even if we do get a federal grant, how much do they give?
January 18th, 2008 at 4:14 pm
Federal financial aid is determined not just on income but on how many people in the family are in college. If your dad has last year’s tax return, you can use those numbers to estimate what financial aid you will qualify for. The website that will help you estimate your financial aid is www.fafsa4caster.ed.gov. My understanding is that you can roll this data right into the FAFSA website and update with this year’s tax return data. Pell grants are a max of $4310 per year. If you qualify for a Pell grant, there are state grants that you may also qualify for. Those amounts and qualifications differ from state to state. You and your parent can get help by contacting any nearby college financial aid office.
January 21st, 2008 at 11:08 pm
thanks for the help, Joanne. My family makes under 40,000, will (now) have 3 daughters in college by this fall, and has some occasoinal trouble with medical expenses, since my sister has bipolar disorder. I know, trouble. The thing is that my dad has also gottan a great boost in stocks this year, with a capital gain of 35-40K. He’s also lost about an accumulated 38K for the past 10 years, so the capital gain for all of those years is less than the tax return of 08 will make it seem. Much of it has also been put into paying back loans and family loans. How am I able to maket this known on my FAFSA or to schools? This intangible makes me somewhat confused.
Thanks,