FAFSA Grants: Everything You Need to Know
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What Is FAFSA?
The FAFSA is a form you can fill out to apply for federal student aid options like federal grants, student loans and work study programs. It’s free to complete and submit the FAFSA and it offers applicants the largest selection of financial aid to cover the cost of college or career school. Several states and colleges use an applicant’s FAFSA information to determine their eligibility for state and academic aid, and some private student loan providers may pull up a person’s FAFSA information to determine whether they qualify for a loan.
How to Apply for FAFSA
Gather the Documents You’ll Need
Social Security number Driver’s license number (if you have one) Your parents’ Social Security numbers (if you’re a dependent) Alien Registration number (if you’re not a U.S. citizen) Federal tax information, documents, and prior tax returns for you, your spouse (if you’re married) and your parents (if you’re a dependent). These would include: Records of untaxed income, i.e. interest income, child support received, and veterans noneducation benefits (for yourself and your parents if you’re a dependent) Financial records of available cash, investments (i.e. stocks, bonds and real estate), and savings and checking account balances (for yourself and your parents if you’re a dependent)
Complete FAFSA Form
Review Student Aid Report
If you provided an email address on your FAFSA form, you’ll receive an email from [email protected] with instructions on how to access an online copy of your SAR Otherwise, you’ll get a paper copy via postal mail You can also log into the FAFSA account you created online and access your SAR there
Respond to Aid Offer and Accept the Aid You Want
Accept financial aid in the following order: “Free money” like scholarships and grants first “Earned money” like work study funds second “Borrowed money” like federal student loans last Look into scholarships and grants:
Grants and Student Loans
For first-time borrowers and first-year undergrads, there may be a 30-day waiting period after the first day of school enrollment before funds are made available. The school itself determines whether this rule applies. For first-time Direct Subsidized Loan or Direct Unsubsidized Loan borrowers and Direct PLUS Loan borrowers, entrance counseling must be completed before funds can be disbursed from the school.
Direct PLUS Loans for Parents
Renew Your FAFSA Form
To Renew Your FAFSA Form:
Go to www.fafsa.gov and log in with your FSA ID username and password (if you forgot your username or password, click here) For students who previously downloaded the myStudentAid mobile app, the renewal will automatically display in the app Update any information that has changed and provide the requested financial information Sign and submit the FAFSA renewal
What Are the Eligibility Requirements?
Qualify to Obtain a College or Career School Education
Be Admitted/Enrolled in an Eligible Degree or Certificate Program
Possess a Valid SSN (Exceptions: Marshall Islands, Republic of Palau, Micronesia)
Students With a Parent Killed in Iran or Afghanistan
Be a US Citizen/National or Possess a Green Card or Arrival-Departure Record
Be U.S. citizens, which means they were: Born in the United States or; Born abroad to parents who are U.S. citizens or; Obtained citizenship status through naturalization Have been born in American Samoa or Swains Island, which would make them U.S. nationals Have a green card Have an arrival/departure record Have battered immigrant status Have a T Visa
3 Student Loan Tips
Refinancing your student loan can lower your monthly payments and help you adjust your loan term. Compare student loan refinancing rates to find a loan that works for you. Paying extra each month on your student loan can reduce the interest you pay and so lower your total loan cost over time. (The law prohibits prepayment penalties on federal or private student loans.) If you teach full-time for five complete and consecutive academic years in a low-income school, you may be eligible for federal student loan forgiveness.
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