What is the FAFSA?

Let’s take a look at the Free Application for Federal Student Aid, more commonly known as the FAFSA.

What is the FAFSA?

The FAFSA is a form that families complete in order to be considered for need-based financial aid. The form is maintained by the federal government and requires families to submit a range of financial information that is used to determine their eligibility for financial aid.

Who completes the FAFSA?

Anyone that is interested in being considered for need-based financial aid, including the Direct Stafford Loans should complete the FAFSA. This form is for students in or applying to college.

When do I complete the FAFSA?

The FAFSA becomes available October 1 of each year for the application to the following school year. For example, the form will be available October 1 of 2022 for those applying for the 2023-24 school year. Incoming students will have earlier deadlines than returning students. The earliest FAFSA deadlines tend to be in November for incoming students while returning students generally don’t need to complete the form until the spring of each year.

What is Expected Family Contribution?

When you complete and submit the FAFSA, you will be given an Expected Family Contribution. This number is what schools use to determine your need as a family. For example, if the school costs $50,000 and your Expected Family Contribution is 25,000, your family would show a need of $25,000 (50,000 - 25,000). Schools then award some portion of need-based financial aid to meet your family’s need, generally a combination of loans, grants, and work study.

Do you have FAFSA questions, or would you like help completing the form? Contact us now to discuss more (financialaidcoach@gmail.com).