FAFSA stands for Free Application for Federal Student Aid which is what the US Department of Education or US ED uses as a form in determining the EFC or Expected Family Contribution. The EFC is determined by the â€œneed analysisâ€ which takes in consideration the various financial data such as assets, income and other household information provided by the student applicants.
The student applying for aid for studying has to submit the form which will be processed by the federal processor that the US ED has contracted. The processed results are transmitted electronically to the different offices providing financial help coming from the different academic institutions where the student has applied to.
FAFSA is widely used by almost all universities and colleges in determining the eligibility of the student to avail of financial help from financial aid offices that are supported by the states which include educational loans, grants as well as work-study programs.
More on FAFSA
Practically all students can qualify for any type of financial aid that also include Federal Stafford that is of low interest, and loans regardless of the household income or financial background as long at the student satisfies the following conditions.
- The student is a US citizen, an eligible non-US citizen or a US national
- The student has a Social Security Number
- The student has GED or high school diploma
- If male and registered at US Selective Service ( for those ages 18 to 25)
- The student has a correctly filled out FAFSA that indicates the promise to avail of any federal help for academic needs
- The student has never been declared as guilty for selling or being in possession of illegal medicines or drugs while availing of the federal assistance for educational needs
It is important for students to answer and complete the FAFSA properly.