How does fafsa work?

Question

I have a few question about how fafsa works.

1.Do I have to file for fafsa every year?

2.Since I will be living on campus, and not with my parents, will I have to include my parents tax return information in fafsa?

3.If I decide to live off campus and rent an apartment near the campus, will fafsa cover my apartment expences?

Answer 1

1. Yes, you have to renew your FAFSA application EVERY year.

2. Yes, you have to use your parents tax return if you are under 24, not married, or claimed as a dependent.

3. If you EFC is 0 (that is, that you can't contribute financially to your education), you will get approx. $4,000/yr. This will probably not cover housing. You will need student loans for housing.

Information on Aid:

Financial aid administrators and guidance counselors from around the country agree that the following tips speed up the application process.

Important: Read the instructions!

Many questions on the FAFSA are straightforward, like your Social Security Number. But many questions are asked specifically for purposes of student financial aid. Common words like "household," "investments," and even "parent" may have special meaning. Read all instructions carefully.

Apply Early!

State and school deadlines will vary and tend to be early. Check with them to find out their exact deadline dates.

Federal Student Aid will process your FAFSA if it is received on or before the deadline. However, in order for you to actually receive aid, your school must have correct, complete FAFSA information before your last day of enrollment.

Complete Your Tax Return!

We recommend that you (and your parents if you are a dependent student) complete your tax return before filling out your FAFSA. This will make completing the FAFSA easier. If you have not filed your tax return yet, you can still submit your FAFSA but you must provide correct income and tax data once you have filed.

Save Time: File Electronically!

Complete and submit your FAFSA online. It is the fastest and most accurate way to apply for student aid.

Ask: Do I Need Additional Forms?

Many schools and states rely on the FAFSA as the single application for student aid. However, it would be wise to check with your state agency and the financial aid office at the school that you plan to attend to find out if they require additional forms.

Why fill out a FAFSA?

The (Free Application for Federal Student Aid), or FAFSA, is the first step in the financial aid process. Use it to apply for federal student financial aid, such as the Pell Grant, student loans, and college work-study. In addition, most states and schools use FAFSA information to award their financial aid. For instructions on how to complete the FAFSA, select Completing the FAFSA.

Why all the questions?

We enter your FAFSA responses into a formula (known as the Federal Methodology), which is regulated by the Higher Education Act of 1965, as amended. The result is your Expected Family Contribution, or EFC. The EFC is a preliminary estimate that measures your family´s financial strength. It is subtracted from the Cost of Attendance at the school(s) you plan to attend to determine your eligibility for federal student aid.

How do I find out what my EFC is?

We will send you a report, called a Student Aid Report, (SAR), by e-mail or by postal mail depending on the addresses that we have on file for you. The SAR lists the information you reported on your FAFSA. At the upper right of the front page of the SAR, you´ll find a figure called the EFC.

How much aid do I get?

Schools use your EFC to prepare a financial aid package (grants, loans, and/or work-study) to help you meet your financial need. Financial need is the difference between your EFC and your school´s cost of attendance (which can include living expenses).

TIP: If you or your family have special circumstances that impact your financial situation, contact your school´s financial aid office. Some examples include: unusual medical expenses, or a large change in income from last year to this year.

When do I get the aid?

Your financial aid will be paid to you through your school. Typically, your school will first use the aid to pay tuition, fees, and room and board (if provided by the school). Any remaining aid is given to you for your other expenses.

Where can I get more information about student aid?

The financial aid office at the school you plan to attend is the best place to get information about federal, state, school and other sources of student financial aid.

Answer 2

If you've received more student aid than the school needs for tuition, then you get the change. You can use the change for any expense related to attending school. Including housing. A 0 EFC is the best. Here's the formula

coe (cost of education) 15000

-efc                                           0

=need                                 15000

So you should get the maximum allowed in all grant types the school has to offer, work-study and low interest loans if they're still available and the maximum subsidized loans for your grade level. Congrats.

Answer 3

1. Yes you have to file every year in order to qualify for it. Seems like a pain but it is worth it.

2. I didn't live with my parents but still had to include their info. for more on this I would seek a financial planner at the school you are going to attend.

3. You will probably qualify for grants in one semester I qualified for over $3,000 in grants and about $2,000 of this went into my pocket.

Answer 4

You should file every year. ...  to find out if you are eligible for any money. And you do need to provide you parents info as long as you are under I think 22 or something or your parents have not claimed you as a dependent on their taxes. I was out on my own at 18 and still had to provide my parents info even though they didn't contribute to my education expenses. I think you can file a waiver if your parents refuse to give you their info. But odds are if your parents make a decent living you won't receive any funds but you will be eligible for stafford loans ( low interest federal loans) or other loans. Good luck!

Answer 5

Yes you must file for FAFSA every year.

Yes FAFSA will ask for your parent's information and they will also ask what schools you plan on attending. For each school you put you must add if you would live on campus or at home if accepted.

No FAFSA will not cover off campus appartments for the very reason that they have nothing to do with your school.

Apply for FAFSA early to ensure you get enough money.

The FAFSA is simple to fill out but you must have your parents with you when it comes to income questions you may not know.

Answer 6

Yes you do have to file every year and yes even if your living in a dorm you have to have your parents tax info unless your over 24 your married or you have a child.  If you live off campus they wont pay for your apartment.  However if you get grants, what ever is left over can go towards your apartment.

Answer 7

http://www.fafsa.ed.gov/

1. Yes

2. Probably, as you fill it out it will let you know whether you have to include your parents.

3. not sure but would be decided on by your uni