Conquering Your Financial Aid Application: FAFSA
Why file your financial aid application before the 15th of February? Conquering your financial aid application.
The most important piece in the college admission process is going to be financial aid because it will come down to money which will determine whether you will attend a college of your choice or not. This is why you should apply for financial aid as soon as you and your parents can get your taxes done because the application will require your financial information and your parents’ or parent financial information. If you qualify for any federal or state (free) moneys, the sooner you file your financial aid application the better off you will be. There are a predetermined number of dollars that are earmarked for federal grants and state grants and once the moneys are given out, you will have to wait until the next semester to see if some money frees up. You may have to wait until the following year to attend college.
Besides filing your FAFSA, you should check the website of each school that you will apply to or have applied to for any other financial aid application that you have to file.
Every student should file the application no later than February 15th of his or her senior year.
Who should file for financial aid? (FAFSA)
Everyone should file the application whether they think they qualify for federal and state grants or not because even if you don’t qualify for any free money, the institution will need your financial profile in order for them to give you any of their money. Any free money (grants) or loans will require your financial profile. If you are applying to any institution of higher education, you will need to file a financial aid application.
What drives the Expected Family Contribution number when you file your application? Is it income driven or asset driven?
The Expected Family Contribution is income driven for the most part. Other factors that will influence this number will be the number of people living in the household, the age of the older parent, the number of individuals enrolled in college and the number of properties owned by your parents. EFC is the amount money that the institution will expect you to come up with to pay for your education. This is your financial responsibility. The EFC is always higher than what you expect based on your current financial status. FAFSA is not asset driven and it does not dig deep into your family’s finances.
For more free information that can walk you through the whole process of applying for financial aid, please go to the website below.
By Leonel R. DaRosa, M. Ed., Guidance Counselor