The Free Application for Federal Student Aid (FAFSA) an application that collects information used to determine a student's financial need. It is required for any student who wishes to apply for federal student aid, including federal grants, loans, and work-study. Information submitted on the FAFSA is also used in most applications for state and college aid, in addition to some private financial aid.
Once the FAFSA has been completed, you will receive a Student Aid Report (SAR) that has a value on it showing your Expected Family Contribution (EFC). Your EFC is a measure of your family's financial strength. It is an estimate of the money the government perceives your family can contribute to your educational expenses for a particular year. Keep in mind though, your EFC is an estimate! It is NOT the amount your family is expected to pay.
Students must complete the FAFSA each year in order to apply for all federal financial aid programs. The results are forwarded to the schools listed on the student's FAFSA to determine aid eligibility.
The FAFSA asks lots of questions, but now there's an easier way to answer some of them.
With just a few simple steps, students and parents who have completed their IRS tax return will be able to view their tax information and transfer it directly into their FAFSA, saving time and reducing errors.
To get started, go to the FAFSA online: Free Application for Federal Student Aid (FAFSA)