What is the Free Application For Federal Student Aid, or FAFSA

What Is The Free Application for Federal Student Aid, Or The FAFSA? JR’s Two Minute Financial Aid Tip


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This is Episode one, and today we cover the Free Application for Federal Student Aid, also known as the FAFSA. The FAFSA form is one of the most important forms a parent or student will fill out each year.


Hi, This is JR the College Money Man, giving you my Daily Scholarship and Financial Aid Tip in about two minutes.

This is Episode one, and today we cover the Free Application for Federal Student Aid, also known as the FAFSA. The FAFSA form is one of the most important forms a parent or student will fill out each year.

The FAFSA is the form that is used by schools to determine a students eligibility for financial aid. It takes information such as a parents and/or students annual salary, number of people in the household, tax information, and other asset information and boils it down to a single number that helps to determine eligibility for program such as Pell Grants, Federal Work Study, and Federally backed student loans.

Its also important to keep in mind is In addition, 41 out of the Fifty states that fund state-level financial aid programs utilize the FAFSA to determine eligibility for those as well. Even private scholarships will often use the FAFSA results to determine a students financial aid.

Because the FAFSA is utilized for so many different programs, avoiding it is not an option. Students and parents should Fill out the FAFSA every year, as early as possible, because financial aid funds run out quickly nowadays.

In fact some state budgets for scholarships are so tight, if you haven’t filed by a certain time, you’re out for the year. So if you are the parent of a student, or a student getting ready to go to school, head on over to F-A-F-S-A dot E-D dot G-O-V Right now,

Because if you wait to long, the money you were eligible for might be gone

Remember thats F-A-F-S-A dot E-D dot G-O-V (fafsa.ed.gov)

Tune into our next episode when we discuss the number the FAFSA produces, the Expected Family Contribution, or EFC

Have a problem with financial aid or scholarships? go ahead and send JR a tweet @ CollegeCashMan. Thanks for listening to JR’s Two Minute Financial Aid Tips at www.collegemoneyman.com.

The College Money Man Podcast, and JR’s Two Minute Tips are available for subscription for FREE via iTunes, and Stitcher. New episodes of 2-Minute Tips are released everyday Monday thru Friday, and our weekly broadcast is released each Wednesday. Subscribe, like, and comment! Download and get your dose of financial aid help on the go.

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3 thoughts on “What Is The Free Application for Federal Student Aid, Or The FAFSA? JR’s Two Minute Financial Aid Tip”

  1. Dear College Money Man,

    Last year my income was pretty good. Excellent actually. I had a high paying, union job with a major company. Now, not so much. I was downsized without a payout or “bronze parachute”. But that’s ok, I have no regrets.

    I have my unemployment and want to use the time to finish a degree and move forward. FAFSA being based on last years income I could look like I don’t need the funds.

    Am I stuck with that figure?

    Thanks for the help, CMM.

    Like

    1. Hello Outpost Trail,

      Thanks for the email. So, to help me clarify, you were laid offi this year, currently on unemployment, and do not have a degree yet? Also, what was your EFC from you FAFSA this year. I think we can not only get your EFC way down, but get you non-loan based aid and other great items if we dig a bit. Let me know and I can answer this question more fully.

      regards

      JR

      Like

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