Need money for college? Here you will find all the answers on how to apply for FAFSA.
Did you know that by completing one application, you could receive free federal financial aid for college? All you have to do it spend roughly thirty minutes with your financial statements. This is a guide on how to apply for FAFSA.
In 2015, $2.9 billion were left in unused grants and loans by students across the country. Why? They did not complete the FAFSA. Ohio students alone counted for $92.3 million unclaimed.
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Typically, students are able to complete their FAFSA application beginning in January of each year. However, this year, applications were available three months prior. Yes, this means that applications were available in October and many have already submitted for their financial aid.
Beginning with the 2017–18 FAFSA, students are required to report income information from an earlier tax year. For example, on the 2017–18 FAFSA, students (and parents, as appropriate) must report their 2015 income information, rather than their 2016 income information.
If you choose the Renewal FAFSA option when you start your application at fafsa.gov, some basic information from your 2016–17 FAFSA will be pre-populated in your 2017–18 FAFSA. However, your tax and income information will not. (Too much could have changed in your life since you filled out the 2016–17 FAFSA.)
For more information, view FAFSA Frequently Asked Questions for the 2017-18 Academic Year.
How to Apply:
1. Gather these documents:
– Social Security Number or Alien Registration Number (if you are not a U.S. citizen)
– Recent Federal Income Tax Returns, W-2s and other records of money earned
– Bank statements and records of investments (if applicable)
– Records of untaxed income (if applicable)
– FSA ID to sign electronically. (Create FSA ID)
2. Visit the FAFSA website and begin your FAFSA application.
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FAFSA money can come in three types: grants, loans, and work study.
Grants: Through the Department of Education, the federal government gives away Pell Grants, free money and are the largest source of federal funds for college.
Loans: Federal loans, another source of financial aid available from FAFSA, have lower fixed interest rates than private loans. If you attend graduate school right after graduating or enlist in the armed forces, these loans can be deferred.
Work Study: Work study through the federal government is part-time work in order to help decrease the cost of college.
Also, different schools have different deadlines. To make sure that you are turning in your information on time, check the school’s website or with an admissions counselor.
By not completing the FAFSA application, students remove themselves from these options. $2.9 billion could keep millions of students out of debt, and help them pay for the education they deserve. Take a look at these scholarships to see what money is available for you.
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Completing the FAFSA application can really help students received funding for college. However, be sure not to commit any of these common FAFSA mistakes while preparing your application.
Do you need more assistance completing your FAFSA application? Here is a step-by-step guide to help you apply for FAFSA. There are many ways you can pay for college, and the FAFSA is a quick and easy one. But, don’t delay because deadlines are approaching!
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