Why Is this this still the Best Kept Secret?

The existence of grant money and low cost loans via the federal government using FAFSA has been in place for a very long time. However, there still seems to be a gap in general awareness about the internet online based application to determine if free money or low cost loans are available for you or your college bound student. The way it works you have everything to gain and nothing to lose except a little time ands effort to complete the application. The core purpose of the program is to provide financial aid to everyone that qualifies in the US. There are no penalties for applying and not accepting or for applying and not being awarded financial aid. So what is the downside, good question not much other than some of the information required may not be readily available and there may have to be a bit of digging through stored tax returns and related documents. There is no guarantee that you or your son or daughter will be awarded a grant which is financial aid that has no required to be repaid by the benefactor. What still may be available even in this case are federal low cost loans that will better position for needed funds than applying via a bank. The process is set up to provide immediate notification to the colleges you chose to highlight in the application. The additional benefit of this action is to get your student thinking about the cost of a college education, what college they might want to attend if given a choice and the selection and ranking of colleges that provide the educational areas of study they have decided to pursue. How long does it take to complete an application, maybe an hour or so depending on your ability to compile the required information and the reward for taking that time could reduce the cost of you or your student’s education significantly. When should you be completing an application to determine possible grant or loan support? It should be no later than the junior year in high school that you begin to acquire the needed information. The application also provides an early notification to college you or your student attend to apply for acceptance.

So a bit of information from the FAFSA internet site.

. "Sadly, many students, up to 8 million in fact, don't even apply for aid, in part because of all the red tape. We believe most would have been eligible for assistance. (U.S. Secretary of Education Margaret Spellings )

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What Is a FAFSA?

All college students are expected to contribute towards their education costs. How much you and your family will be expected to contribute depends on your financial situation — and is what’s called your Expected Family Contribution (EFC).
The Free Application for Federal Student Aid (FAFSA) is the form the U.S. Department of Education (ED) requires to determine your Expected Family Contribution (EFC). The government conducts a “need analysis” based on financial information, such as income, assets, and other family information, which you (and your parents if you are a dependent student) will be asked to provide.
Your application is examined by a federal processor and the results are sent by computer to the financial aid offices of the colleges you’ve chosen.
The FAFSA is the application most colleges use to determine eligibility for federal, state, and college-sponsored financial aid, including grants, educational loans, and work-study programs.

Eligibility

Nearly every student is eligible for some form of financial aid, including low-interest Federal Stafford and/or parent PLUS loans, regardless of income or circumstances, provided that you:

•Are a U.S. citizen, a U.S. national, or an eligible non-citizen;

•Have a valid Social Security Number;

•Have a high school diploma or GED;

•Are registered with the U.S. Selective Service (if you are a male ages 18 to 25);

•Complete a FAFSA promising to use any federal aid for educational purposes;

•Do not owe refunds on any federal student grants;

•Are not in default on any student loans; and

•Have not been found guilty of the sale or possession of illegal drugs during a period when you received federal student aid.

Deadlines


You can file your FAFSA starting January 1. (You can do it earlier with us and we’ll file the form January 1.)

Federal aid is limited and much of it is offered on a first-come, first-served basis, so the earlier you file the better your chances of accessing the most financial aid possible.

Many states, colleges, and universities have filing deadlines as early as the first weeks in January.

Pay close attention to how colleges word their deadline instructions. Some refer to the date by which your FAFSA must be submitted – the Transaction Receipt Date – while others refer to the date your completed aid application must be sent by the federal processor to a college’s financial aid office.

Missing deadlines can ruin your opportunity for financial aid. You should check with your colleges’ financial aid administrators to learn each college’s exact FAFSA deadline. Filing as close to January 1 as possible is highly recommended.

http://www.fafsa.com/understanding-fafsa/


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