The FAFSA (Free Application for Federal Student Aid) is the primary form used by colleges to determine eligibility for need-based aid. The FAFSA should be filed as soon as possible after January 1st of the student’s senior year, and then yearly while attending college. The FAFSA collects basic information about both the student and his/her parents’ income and assets, and uses this information to determine an expected family contribution (EFC). The EFC is the amount that the student and family is expected to contribute towards that individual’s college expenses during the next academic year. The difference between the EFC and the total cost of attendance at your college of choice is known as demonstrated need. Colleges use this information to prepare a customized financial aid package for each admitted student who qualifies for financial aid.
This package may include both grants and loans, as well as self-help such as work-study opportunities. Relatively few colleges guarantee to meet 100% of established need, so financial aid may not cover all of your expenses at a particular college.
Complete the FAFSA online at fafsa.ed.gov as soon as possible after January 1st. You’ll need your 2013 tax return and other financial records as noted on the site. It is possible to complete the FAFSA even if you do not have your taxes done yet—use an estimate, since filing as early as possible is better than waiting for a completed return. You’ll also want to apply for a PIN for both student and parent so you can sign your form electronically. Do this now at pin.ed.gov.
Not a senior? Families of underclassmen can get an early estimation of their eligibility for need-based aid by completing the FAFSA4caster found at FAFSA4caster.ed.gov. Information about other sources of financial aid for college can be accessed at the Federal Student Aid site at studentaid.ed.gov.
