Free Application for Federal Student Aid (FAFSA) Information

FAFSA Overview: FAFSA stands for Free Application for Federal Student Aid.  In order to apply for Federal Student Aid, you must FIRST complete and submit a Free Application for Federal Student Aid (FAFSA).

Federal student aid Programs: The programs covered by the FAFSA include the following:

Federal Grants - Grants, unlike loans, do not have to be repaid. The newer grants are the TEACH, ACG, and National SMART grants. The most well known grant is the Federal Pell Grant.  The FSEOG and other Institutional Grants are less well known. More Federal Grant Information...

Campus-based Programs - These programs are administered by the financial aid office at each school. These programs include the FSEOG, the Federal Work-Study and the Federal Perkins Loan. More info...
 
Stafford Loans - The FFEL and Direct Loan Programs for students are known as the Stafford Loans. The Plus loans are the FFEL and Direct Loan Programs for parents.  More Federal Student Loan information...

FAFSA Application: The FAFSA has several steps that ask about you, your school plans and your financial information.  Applying online with FAFSA On The Web is quicker and easier than submitting a paper application.

FAFSA Process:
1. Complete and sign the FAFSA.
2. Within 5 days they will process your FAFSA and send you a Student Aid Report (SAR).
3. Review the SAR to check for errors. The SAR will summarize the data you report on your FAFSA.
4. Keep a copy of your SAR.
5. View your Expected Family Contribution (EFC). If your FAFSA information is complete, an EFC will appear in the upper right corner of your SAR. Your EFC is based on the financial information you provide on the FAFSA.
6. Check with your school. Your school will use your EFC to award your financial aid.
7. For additional help filling out the FAFSA, visit a FAFSA website.

As with all financial matters, don't wait until the last minute to fill out your application.  Do your research, start gathering the appropriate financial information and submit your application BEFORE the deadline!

Federal Student Loans
Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and mortgages. You cannot have these loans canceled because you didn't like the education you received, didn't get a job in your field of study or because you're having financial difficulty. Loans are legal obligations, so before you take out a federal student loan, be sure and think about the amount you'll have to repay over the years.

Federal Perkins Loan
The Federal Perkins loan is made through participating schools to undergraduate, graduate and professional students.  The Perkins loan is offered by participating schools to students who demonstrate the greatest financial need and the Federal pell grant recipients get top priority.  The Perkins loan is made to students enrolled full-time or part-time in a college.  These loans must be repaid by you to your financial aid office.

Eligibility and Interest Rates
Students who are undergraduate and graduate students are eligible.  Students have to be enrolled at least half-time.  The amount you earn can't exceed your total Federal Work-Study award. When assigning work hours, your employer or financial aid administrator will consider your class schedule and your academic progress.

The Federal Perkins loan has a 5 percent interest rate.  The interest rate is purposely kept low to reduce the burden of paying for your college education. Learn more about Federal Student Loans!

The Federal Pell Grant
A Federal Pell Grant is actually one of the few grants that does not have to be repaid.  Most Pell grants are available to students working on an associates or Bachelor's degree.  There are some exceptions.  Teachers working on post-graduate certification programs are also sometimes awarded Federal Pell Grants.  Federal Pell grants are the initial building block to securing the financial needs for our college education.  Be careful to not be intimidated by the required paperwork as this form of financial aid is well worth the effort.  Remember... the Pell Grants do not have to be paid back.