FEDERAL FINANCIAL AID (FAFSA)
Soft Launch of the 2024–25 FAFSA® Form
Colleges won't receive FAFSA data until March | Here's what that means for students. Colleges won't start receiving students' financial aid data from the Free Application for Federal Student Aid, known as the FAFSA, until the first half of March - more than a month later than expected.
Colleges won't receive FAFSA data until March | Here's what that means for students. Colleges won't start receiving students' financial aid data from the Free Application for Federal Student Aid, known as the FAFSA, until the first half of March - more than a month later than expected.
What is new on 2024 FAFSA click on link for updates:
What is FAFSA?
FAFSA stands for Free Application For Federal Student Aid. This application determines your eligibility for Grants, Loans, and Scholarships through the Federal Government.
FAFSA aims to lower costs for students by calculating your EFC: Expected Family Contribuitions to see how much you would qualify for aid based on family income requirements.
FAFSA opens October 1st and goes until June 30th.
If you are thinking of going to college within the next two years, you SHOULD apply for FAFSA.
FAFSA stands for Free Application For Federal Student Aid. This application determines your eligibility for Grants, Loans, and Scholarships through the Federal Government.
FAFSA aims to lower costs for students by calculating your EFC: Expected Family Contribuitions to see how much you would qualify for aid based on family income requirements.
FAFSA opens October 1st and goes until June 30th.
If you are thinking of going to college within the next two years, you SHOULD apply for FAFSA.
FAQ's
What is the Difference between Grants, Loans, and Scholarships?
Sudent Loans: Aid you DO pay back, given through the Federal Government or loan company. Everyone is offered these.
Grants: Aid you DON'T pay back, given from the Federal Government to people who need assistance on a family income basis.
Scholarships: Aid you DON'T pay back, rewarded by many different people and companies, that may or may not come with stipulations.
Am I Eligible for FAFSA?
To be eligible for federal financial aid, you must meet the following requirements:
- Be a U.S. citizen, permanent resident or eligible noncitizen
- Have or be on track for your high school diploma
- Be accepted or enrolled at a Title IV school
- Be registered with Selective Service, if you’re a male student
- Maintain satisfactory academic progress in college or grad school. If your GPA falls too low, you’ll lose eligibility for FAFSA loans and financial aid
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The FAFSA asks for personal and financial information. You’ll fill out your contact details, as well as your Social Security number or resident ID. You’ll also indicate up to 20 colleges to receive your FAFSA information.
You or your parents will also provide information from the prior year’s tax return. Beyond gross income, the form asks for your bank account balance, investments and recurring expenses.
Do I need to submit the FAFSA every year?
Yes, you will need to submit the FAFSA every year to remain eligible for federal student aid. After filling it out the first time, you can submit a renewal FAFSA in subsequent years. The website will automatically fill in most of your information from the previous year.
You just need to double-check that everything is still correct. You can also start from the beginning if you need to make significant changes.
Can I edit the FAFSA after I submit it?
Yes, you can edit the FAFSA after you submit. In fact, you’re required to do so if there’s a change in your dependency status, in the number of your family members or in the number of people in your household who are in college.
You can also fix mistakes you made when filling out the form. To make corrections to the FAFSA, log in to your account and click on “Make FAFSA Corrections.” Enter your FSA ID, make any updates and then hit submit.
You can correct any field with the exception of your Social Security number. If you entered an incorrect Social Security number, contact the financial aid office of your college. They might advise you to submit an entirely new FAFSA.
What do I do if my (or my parents’) income changes?
If your family’s income changes dramatically (a parent lost their job, for example), speak with your school’s financial aid office. The college might be able to accommodate your new circumstances. However, additional aid isn’t guaranteed.
The government determines your EFC based on the information that was accurate at the time. If that information is no longer accurate, you’ll need to discuss the changes with your school.
Should I file for the FAFSA even if I don’t think I’ll qualify for financial aid?
Yes. Don’t neglect to fill out the FAFSA because you think you won’t qualify. There’s no income cutoff for financial aid. Plus, some schools rely on the FAFSA to award scholarships.
Filling it out will also protect you in the event your financial circumstances change. If a parent loses their income, for example, you can speak with your college’s financial aid office about readjusting your financial aid package. But you won’t qualify for federal aid if you never filled out the FAFSA in the first place.