About FAFSA – Financial Assistance For College Students

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College is expensive. This is the same for high school students and for non-traditional students who must pay for full tuition and the other expenses associated with higher learning. Those expenses can keep many people from going to college but there is help and hope. Financial aid for students is out there if you know where to start. It all begins with filling out the necessary paperwork associated with the FAFSA.

FAFSA stands for Free Application for Federal Student Aid and is the paperwork from the Department of Education that determines if you are eligible for financial aid and how much money you will get. It provides them with information on your income and is the only way that you will be eligible to receive a Pell Grant and some student loans.

When filling out the application, you will need some information about yourself. Obviously, you will need to supply very important personal information, such as your name, address, school of choice (up to three that will receive your report), social security number and your previous year’s tax information. The tax information is used to determine how much you make and how much money in Pell Grants you will be able to receive.

Pell Grants are free grant money from the United States government that you do not have to pay back. It is awarded based on your financial need. This is the best way to help pay for school since you do not have to worry about accumulating student loan debt. Granted, you will probably still need to take out student loans to help finish paying for your expenses but the Pell Grant can lessen the debt load.

After filling out the application for aid you will receive what is known as a SAR report. SAR stands for Student Aid Report. It will list how much money you are eligible to receive and when you can expect to receive that money. Even if you know that you do not qualify for a grant, then still fill out the FAFSA since many student loans require the same information on their applications. If you find yourself stalled or confused on any paperwork, then visit your university’s financial aid office for help.