FAFSA: Neither FASA nor FAFASA
Not all students can afford a college education and that is why, they are searching for various financial aids that could help them continue their education. If you are searching for a financial aid, FASA is a good answer to your problem. Wait, is it FASA or FAFASA? You probably mean FAFSA (Free Application for Federal Student Aid).
What is FAFSA? FAFSA refers to a form that can be prepared annually by the students (current, incoming, or prospected) in the United States to determine if they qualify for a financial aid. If you want to receive a financial aid through FAFSA, you shall submit the FAFSA form as early as possible because the process is first-come, first-serve. The program will just end until the program runs out of money for a specific school year.
Types of Financial Aid
In applying for a federal financial aid through the FAFSA, you can possibly be granted one of the following financial aids:
- Pell Grant
This grants a student of up to $5645 (for 2013-2014). This is granted to the students who ranked lower in EFC’s based on the FAFSA estimator or FAFSA calculator.
- Stafford Loan
This requires all federal direct subsidized loans to apply a fix interest rate of 3.86%. The interest is to be paid by the government.
- Federal Perkins Loan
This program is just like Stafford Loan, but this is lent directly by schools and the interest rate is fixed at 5%.
- Federal Work-Study Program
This requires a student to do part-time work. Half of his tuition will then be paid by the government and the other half is paid by the school.
The annual FAFSA form shall be submitted immediately. Thus, there are three options available on how you can file your FAFSA form:
- You can apply it online via www.fafsa.gov
You have to visit the FAFSA website and fill out the form online. You also need to provide a FAFSA pin to your application. This is the most used method because of the convenience in filing.
- You can file it by paper.
You need to get the FAFSA form in any authorized FAFSA provider near you.
- You can file by phone.
You need to call the office of the FAFSA.
FAFSA results will be notified to you the earliest time possible if you are eligible to receive any of the grants currently available. Most likely, if you have provided an email address in your application, you will receive a student aid report stating the results of your application.
The best way to know more about FAFSA is to search it on the internet. FAFSA on the web is very helpful in minimizing the hassle in knowing more about FAFSA and reading some FAFSA FAQ.
FAFSA is a legal financial aid program held by the federal government, which is legalized by the Higher Education Opportunity Act of 2008. However, because of the limited resources, students are also encouraged to look for other programs like TAP financial aid, for them not to solely depend on FAFSA’s availability.