If you're a college student looking for financial aid, your first stop is filling out a financial aid application. Financial aid applications gather information about your income, your parents' income and your school and education program to determine whether you're eligible for need-based financial aid.
The Importance of Filling Out Your Financial Aid Application
The Free Application for Federal Student Aid (FAFSA) is the first stop for any college student looking for financial aid. This FAFSA financial aid application determines whether you're eligible for government assistance in the form of federal grants or loans, which are generally preferable to loans from private institutions. Therefore, you should try to maximize your government financial aid in order to ensure you're paying the lowest interest rates possible, and see whether you qualify for Pell Grants, which don't have to be repaid at all.
Using Financial Aid Calculators
Depending on your living circumstances, there may be a number of ways you can complete the FAFSA. You can use a financial aid calculator to help determine how much financial aid you'd be eligible for by completing the financial aid application with certain scenarios. However, please be aware that falsifying information on the FAFSA carries a criminal penalty, so make sure that the information you submit is complete and accurate, and treat these calculators as a way to get ballpark figures so you know what to expect.
Beware Organizations That Offer to Do the Work for You
ome organizations take advantage of people who aren't familiar with the financial aid process by offering "help" filling out a financial aid application. These organizations may charge fees or require you to sign up for ongoing programs, or they may even tell you that you're not eligible for federal financial aid in order to get you to sign up for student loans through their preferred lenders. Beware of these organizations.
If you're filling out the FAFSA online, make sure you're at the government Web site, which ends in ".gov." Beware of Web sites ending in ".com" that offer to "help" you with the FAFSA, as the help usually comes at a cost and that cost may be your federal financial aid.
Tips for Completing Your Financial Aid Application
First and foremost: Complete your financial aid application before the deadline. Avoid putting off your financial aid application, as you may discover that you don't have all the necessary information to complete it and may have difficulty obtaining the information in time to complete it by the deadline. Make estimates when you can because you can update your FAFSA later.
When you do complete your financial aid application, double-check all information for accuracy. Inaccurate or inconsistent information can delay the processing of your financial aid and can even result in losing financial aid. If you need help filling out the financial aid application, your college financial aid office or the US Department of Education can answer your questions.
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