FAFSA

From Wikipedia, the free encyclopedia

Regulatory framework
Student loans in the U.S.
Higher Education Act of 1965 US Dept of Education FAFSA Cost of attendance
Distribution channels
Federal Direct Student Loan Program FFELP
Loan products
Perkins · Stafford PLUS · Consolidation Loans Private student loan

The Free Application for Federal Student Aid (known as FAFSA), is a form that can be filled out annually by current and anticipating university students (both undergraduate and graduate) and sometimes their parents in the United States to determine their eligibility for federal student financial aid (including grants, loans, and work-study programs). In addition, most states and schools use information from the FAFSA to award non-federal aid.

The FAFSA consists of numerous questions regarding the student's finances, as well as those of his or her family; these are entered into a formula that determines the Expected Family Contribution (EFC). A number of factors are used in determining the EFC including the family size, income, number in college, and assets (not including retirement and 401K). The FAFSA does not have questions related to student or family race, ethnicity or religion.

A Student Aid Report (SAR), which is a summary of the FAFSA responses, is forwarded to the student. The student should review the SAR carefully for necessary corrections. An electronic version of the SAR (called an ISIR) is sent to colleges/universities the student selected on the FAFSA. The ISIR is also sent to state agencies that award state need-based aid.