The Federal Application for Federal Student Aid (FAFSA) looks much different this year than in previous years. In late 2020, the federal government passed changes to the FAFSA application to simplify the process of applying for financial aid.
Traditionally opening Oct. 1, the FAFSA form will now open on Dec. 1 for all enrolled or aspiring university students to apply for financial assistance during the next academic school year. The FAFSA form was created to give all students an equal opportunity at higher education while awarding financial aid to students who needed it to help in their academic careers. “Eligibility [for the FAFSA] depends on your Expected Family Contribution, your year in school, your enrollment status and the cost of attendance at the school you will be attending. The financial aid office at your college or career school will determine how much financial aid you are eligible to receive.”
The FAFSA form is important for all students to fill out because colleges use FAFSA data to determine federal aid eligibility, such as grants and loans. According to studentaid.gov, “Many states and colleges use FAFSA data to award their own aid.” This means that certain grants and scholarships can be awarded to students depending on the data recorded by their FAFSA application.
What is the FAFSA?
The FAFSA application is a form filled out every year online by students who expect to receive financial assistance from the federal government. At no cost to the student, the FAFSA application determines the Expected Family Contribution (EFC) and Student Aid Index (SAI) of a student’s finances. The EFC is determined by the expected financial contributions from parents for their child to attend university.
According to studentaid.gov, “Your EFC is an index number used to determine your eligibility for federal student financial aid. This number results from the information you provide in your Free Application for Federal Student Aid (FAFSAĀ®) form.” It is important to fill this form out annually and correctly to ensure financial aid is awarded correctly, such as the Federal Pell Grant. This grant is the most common form of assistance provided to students and does not have to be paid back when a student completes college or drops below full-time enrollment. The EFC also affects the amount of financial assistance a school can provide to the student.
Filling out the FAFSA form is a simple process for all students. This year, the application window was opened later as revisions were made to the form to make it simple to fill out and complete. With an alarmingly high rate of applications going uncompleted, schools and the federal government lost time between awarding assistance and finding final applicants.
How to fill out the FAFSA form
Returning students who have created an account on studentaid.gov will log in and have access to the form on Dec. 1 when it becomes active. Additionally, the form can be accessed by searching studentaid.gov and clicking on the ‘FAFSA Form’ button on the home page. If this is a student’s first time filling out the FAFSA or going to the federal student aid website, an account will need to be created before going further.
Once that is complete, it’s time to fill out the form. It’s important to have a few items with you, such as your parent’s tax information from the previous year (2022), annual household income information, and any contributions they have made and helped pay during the student’s time in college. Filling the form out should take 30 minutes to complete.
If a student is emancipated or has a special circumstance that has made them the primary head of household, they will need to provide their tax information from the previous year as well.
When the form is complete, it will ask the student where the information can be shared. There will be a box for students to type in the school they wish to attend, are currently enrolled in, or are transferring to. Finally, a confirmation email will be sent to the student which explains their EFC, and Student Aid Report (SAR) and to notify which schools now have that information.
Once a confirmation email is accounted for, the FAFSA form is completed and schools can then determine grant, loan and scholarship eligibility for the next school year.
For more information about financial aid, students are encouraged to visit the One Stop Shop in Clement Hall at 224 Clement Hall or call the office at (731) 881-4677. For more information about what the FAFSA is and how eligibility is determined, please visit studentaid.gov.
