Every fall a large number of people decide that they want to attend college. Some look to traditional four year schools, others go to community colleges, and others choose trade schools. However, most students realize that they will need financial assistance. Thus, interested parties should fill out the FAFSA.
In order to qualify for federal aid there is an application process. If the individual still lives at home with parents, then the parent income is used for determining the financial aid. The federal government uses a term called the Estimated Financial Contribution (EFC) of the parent household.
However, if the student is married or if they are at least 23, the application does not use the parent income. At this point, the EFC is determined by the tax return of the student and/or the spouse.
After the application process is completed, the student will be sent a document called the SAR. This form let's the individual know what their EFC amount was determined. Then, the student will be given the amount and type of money they qualify for. There are two major types of aid: loans and grants.
A grant is money that does not have to be repayed to the government. Most states have a limited amount of grant money that a student may qualify for. Also, there are grants based on on financial need. A loan is money that must be paid back. The most commonly known are subsidized and unsubsidized.
Overall, in order to move forward a student will need to fill out the FAFSA form. Once this step is completed, they will receive additional information regarding what they qualified for. Whether it is loans, grants, or scholarships filling out the federal form is the first step towards furthered education.
In order to qualify for federal aid there is an application process. If the individual still lives at home with parents, then the parent income is used for determining the financial aid. The federal government uses a term called the Estimated Financial Contribution (EFC) of the parent household.
However, if the student is married or if they are at least 23, the application does not use the parent income. At this point, the EFC is determined by the tax return of the student and/or the spouse.
After the application process is completed, the student will be sent a document called the SAR. This form let's the individual know what their EFC amount was determined. Then, the student will be given the amount and type of money they qualify for. There are two major types of aid: loans and grants.
A grant is money that does not have to be repayed to the government. Most states have a limited amount of grant money that a student may qualify for. Also, there are grants based on on financial need. A loan is money that must be paid back. The most commonly known are subsidized and unsubsidized.
Overall, in order to move forward a student will need to fill out the FAFSA form. Once this step is completed, they will receive additional information regarding what they qualified for. Whether it is loans, grants, or scholarships filling out the federal form is the first step towards furthered education.
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Aspiring students, check out our site to learn all there is to know about Federal Grants and the FAFSA form, now. You can also find details about the advantages of College financial aid at http://www.easyaid.com/fafsa-verification.html today
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