FAFSA 411

What is FAFSA?

The FAFSA, or Free Application for Federal Student Aid, is a form most of us are aware of, or have at least heard of, in our lives. The FAFSA is a form new and current college students have to complete each year to find out if they are eligible for financial aid.

When do I do it?

You’ll need to complete a FAFSA for each year that you attend college. The form becomes available on October 1^st of the year before the academic school year it’s needed. Typically, it needs to be completed and submitted before June 30 of that next year.

How do I get to the form?

You can access the official FAFSA form at fafsa.gov. When searching for the form, be careful. Make sure you use the official site and the official form because fake FAFSA applications are popular among scammers. You’ll need to enter very personal information, so always double check your site. The official application is free, so avoid any sites asking for payment.

If you have questions or issues while completing the form, check out FAFSA’s Q & As here.

Okay, it’s submitted. Now what?

Once your FAFSA is submitted, you’ll be able to see your Student Aid Report (SAR). This report shows what type of aid you may be eligible for as well as your Expected Family Contribution (EFC). Your EFC is an estimated cost of what you are able to pay for college.

That sounds annoying. Should I even fill out a FAFSA?

Yes! You should always fill out a FAFSA. Some colleges require it. Also, you may not be able to take advantage of your best student loan options with a completed FAFSA. Last, who knows what type of funding you may be eligible for! It doesn’t take too long to complete the form and it could really pay off for you.

While you’re getting your student finances in order, consider financing some of that schooling here at DECU.