The first step in applying for financial aid is to complete
the Free Application for Federal Student Aid (FAFSA), which
is one of the most important applications of any financial
aid process. The FAFSA is used by the
U.S.
Department of Education to determine your Expected Family
Contribution (EFC) and eligibility for federal aid through
the Student Financial Aid Program (SFA) administered by the
Federal government.
Many state education agencies and institutions also use the
information submitted on your FAFSA to determine your eligibility
for State and Institutional Aid. Some state agencies and institutions
may require you to fill out additional forms to determine
your eligibility for their State and Institutional Aid. You
must complete the FAFSA, each year, to be eligible for federal
aid.
It is important that you understand how the FAFSA process
works:
• When to Apply
• Completing
the FAFSA
• Need
Help
• Submitting the
FAFSA
• After
submitting your FAFSA
When to Apply
It is important to submit your completed FAFSA as soon as
possible
after January 1 of each year. Do
not sign (in print or electronic format), date, or send your
application before the January 1. If you apply before January
1, your application will not be processed.
You should not wait until you are admitted to a college before
completing the FAFSA. Many state education agencies and institutions
also use the information submitted on your FAFSA to determine
your eligibility for State and Institutional Aid. State education
agencies and institutions typically award their financial
aid (i.e. scholarships, grants, work-study) on a first-come,
first-serve basis until all funds are exhausted. If you delay
submitting your FAFSA, it will affect your chances of receiving
the maximum amount of aid you may have been eligible to receive
for the upcoming academic year. Therefore, you should submit
your FAFSA early, after January 1, to meet State and Institutional
Aid deadlines. Contact your state education agencies and the
institution’s financial aid office to make sure you
are aware of and able to meet – all financial aid deadlines.
State education agencies deadlines are listed on the FAFSA.
Note: You must
reapply for federal aid each year. Also, if you decide to
change schools, your aid does not automatically transfer to
the new school. Check with your new school to find out what
steps you must take to continue receiving financial aid.
