A common question by our clients is what is FAFSA? The FAFSA or Free Application for Federal Student Aid is the form and process you need to complete in order to qualify for federal financial aid. All of the colleges and post high school education programs that offer federal financial aid require the completion of the FAFSA. Due to Prior Prior or Early FAFSA, the process will now be available on October1st of each year.
The process requires the applicant and their family to submit financial information on income and some assets. The FAFSA information generates a number called your Expected Family Contribution (EFC). It is recommended that every person complete the FAFSA form. No matter what your financial strength, the student will qualify for a Stafford Loan.
Due to the different school deadlines you may need to submit the information with estimated numbers initially. It is important to update that information as soon as possible with the correct information. This is especially important for the entering freshman. The FAFSA is now linked to the IRS system for information verification.
The FAFSA video will cover the following items:
Timing of form completion
Link to the IRS
Reason why you should complete the form