ALL SENIORS SHOULD COMPLETE THE FAFSA
IN OCTOBER OF THEIR SENIOR YEAR!
Every college-bound senior, whether attending a 2-year college, a 4-year university, or a technical school, anywhere in the US, should be filing a FAFSA in October of their senior year. Complete the FAFSA so you are able to obtain the most financial aid possible. Pell grants, work-study programs, and subsidized loans are all part of FAFSA. The 2019/2020 FAFSA will be completed using 2017 (prior/prior) tax returns and provides financial aid for students beginning in fall 2019.
Cost of colleges:
How much financial aid are you likely to get from FAFSA? Get an estimate from the FAFSA4caster.
Informative sites on cost/financial aid (click on links):
Financial Aid Terminology
What is a grant?
Awards based on financial need that do not require repayment (unless the student withdraws from a class that was paid for by a grant). Schools determine whether a student receives a grant based on FAFSA information. This includes PELL Grants.
What is a loan?
Awards based on financial need that must be repaid after graduation. Student loans are based upon FAFSA information. There are Parent Plus loans that require payment while the student is attending schools.
What is a Stafford Loan (subsidized)?
Subsidized Stafford loans are awarded to students based on proven financial need (via FAFSA). The government pays the interest while the student is in school, in deferment (if applicable), and during the grace period before repayment begins.
What is a Stafford Loan (unsubsidized)?
Unsubsidized Stafford loans are not awarded based on need and/or income. Not all students are eligible for the maximum loan amount. Both undergraduate and graduate students are offered a low, fixed interest rate with flexible repayment terms. For unsubsidized Stafford Loans, students are responsible for all of the interest that accrues while the student is enrolled in school.
What is the FAFSA? This form is free to complete. It is advisable to fill it out in early October of the student 's senior year of high school. This form may enable the student to receive federal loans and grants (free money). Family and income information provided by you and your parent will determine your financial need and qualify you for loans, work study, grants, and in some cases, scholarships.
In the state of Florida, the FFAA is also required to receive state funds for college expenses.
What is a Student Aid Report (SAR)?
SAR is the report that students receive after they have filed the FAFSA with the calculations for financial need. The SAR provides the student the opportunity to make corrections and provide information for schools to determine the financial assistance they will be able to provide. This report is automatically sent to the post-secondary institutions that the student indicated on their FAFSA for the process to begin.
What is Financial Aid?
Aid for paying college expenses is made available from grants, scholarships, loans and part-time employment funds based on financial need that do not require repayment (unless the student withdraws from a class that was paid for by a grant). Schools determine whether a student receives a grant based on FAFSA information. This includes PELL Grants.
What is a financial aid package?
Amount of financial aid a student receives from the post-secondary institution, including grants, scholarships, loans, and work study.