What Is FAFSA? Everything You Need to Know in 2022
One of the biggest concerns for students planning their higher education is the financial burden college creates. That’s why financial aid programs like FAFSA are so important for students. But, what is FAFSA, exactly?
The phrase stands for the ‘Free Application for Federal Student Aid’ and refers to a process which helps determine a student’s eligibility for receiving financial support.
How Does the FAFSA Work?
The Department of Education’s Office of Federal Student Aid delivers the money to help pay for your schooling. Here’s how you can access those funds:
You must fill out the FAFSA form along with your college code before you start college. Once you submit your FAFSA form within the federal deadline, you’ll receive a detailed student aid report (SAR) containing the list of federal student loans and Federal Pell Grant that you can receive. Colleges use the FAFSA data to determine a student’s federal aid eligibility. Consult the colleges’ financial aid offices you’re interested in to know the total amount you’ll receivepare the cost and aid offers, and select the best offer. After accepting an offer, the federal student aid department will send the money directly to your college. Your college financial aid office will deduct this amount and send you the remaining balance to spend on college costs. Once you graduate, you can start repaying the loan. Graduate students have a six-month grace period before they start repaying their loans.
Please note that you must fill out the FAFSA form every year and maintain satisfactory academic progress to receive federal financial aid.
To help you filter through all the information available online, we’ve put together a guide to answer the most common questions about FAFSA.
