Not only is FAFSA the gateway to all federal student aid, most states and colleges rely on the FAFSA to help formulate their non-federal aid awards. While not the financial aid itself, FAFSA is the actual form with which students request financial assistance from the government. Filing early in the calendar year may mean getting more money for next fall. So, if you're a senior who hasn't filed your 2008 FAFSA, what's the holdup?
"Why bother? I won't qualify for federal aid anyway." Virtually everyone is eligible to receive some form of federal financial aid, whether it is need-based or merit-based grants, student employment, or the low-interest federal loans. Colleges, states, and some scholarship programs also use FAFSA in awarding non-federal aid. Not sure of what aid you will receive from FAFSA? Bottom line: Unless you fill out and submit your FAFSA form, you’ll never know if and how much aid you actually qualify for.
"But our taxes aren't even done yet." Financial aid is handed out primarily on a first-come, first-served basis, so early filing can mean a better financial aid package. Get your FAFSA in before the schools that you’re applying to allocate their federal and non-federal financial aid. To encourage early filing, FAFSA lets you estimate your taxes then update your application online. Better yet, try to file both your taxes and FAFSA early. Think refund! Also, many professional tax preparers complete FAFSAs for their tax clients.
"My home life is complicated right now." Maybe you've recently lost a parent or your family is experiencing financial hardship. Perhaps a stepparent won't provide the information needed to complete part of the FAFSA. Maybe a separation or divorce is making the paperwork difficult. If the help section of the FAFSA web site can't guide you, count on your guidance counselor to advise you on special circumstances. Whatever the situation, you must provide truthful information. Your signature on the FAFSA is a promise that the specifics you reported are accurate. All your data are subject to verification.
"I hope to start school next fall, but it's not definite." Then it's wise to submit your FAFSA now. Filing is free. You're under no obligation to attend or to take the loans offered, but if you decide to go to college or a professional school later in the year, you're all set.
“My folks aren’t thrilled about putting personal information online.” The online FAFSA processing system is a fast, highly-secure federal government system, but you can certainly mail a paper FAFSA—and you will receive your Student Aid Report (SAR) within four weeks. Simply print out a FAFSA from their web site, or get one from your guidance counselor, local library, or a college financial aid office.
"What if I need help with the FAFSA?" Expert help is available at the FAFSA's higly-rated web site, www.fafsa.ed.gov, or talk to a knowledgable FAFSA customer service rep at the Federal Student Aid Information Center at (800) 433-3243. If you have a question while working on the online FAFSA form, hit the “Live Help” button in the application, and ask away.
Warning: Be sure to use the U.S. Department of Education’s official www.fafsa.ed.gov web site where there is no charge for filing your FAFSA form. There are all sorts of commercial, pseudo-FAFSA web sites out there. Beware of any company that says that it will process your FAFSA for a fee. Remember, the first “F” in FAFSA stands for FREE.
Students and parents can also explore nelliemae.com to learn more about what happens after you file your FAFSA, the financial aid process, federal student loans, and other financial aid options.