Applying for Financial Aid
Applying starts with one form.
Applying for financial aid requires some work on your part. You won't get any money unless you ask for it, and asking for the money means completing some forms.
To obtain financial aid, there are three very important things to understand:
- You only have to complete one financial aid application (FAFSA or TASFA) to start the financial aid process.
- The financial aid office at the college you plan to attend will be in charge of awarding you financial aid.
- Deadlines matter. The earlier you submit your forms, the more likely you are to get a good financial aid package.
What Is FAFSA?
FAFSA stands for Free Application for Federal Student Aid. As the name indicates, the application is free and there is no charge for the processing of your application. No matter how many schools you are applying to, you only need to fill out one FAFSA application. Once your application is processed by the federal processor, you and the schools you have selected will be notified of the results and the school can then start the process of determining the funding for which you are eligible.
If you are not eligible to complete the FAFSA because of your immigration status, you may be eligible to complete the TASFA (the Texas Application for State Financial Aid). Take our "Which financial aid application should you use?" survey to find out which application you should use.
Where Can You Find the FAFSA?
The FAFSA is typically available at the high school counseling office, or you can obtain a copy from any college financial aid office. If you would like to complete the application electronically, you can obtain the Web version at www.fafsa.ed.gov.
Note: Completing the FAFSA online is the fastest way to apply. The processing time for forms submitted online is about two weeks. The processing time for paper applications is about six to eight weeks.
When Should You Complete the FAFSA?
The FAFSA should be completed and processed as soon as possible after January 1 for students expecting to enroll in college in the following fall.
Remember, the financial aid for which you are applying has limits, so the sooner you complete your forms, the better your chances of getting a good financial aid package. Although there is over $60 billion in financial aid distributed each year, this is not enough to meet the financial need of all college students in the United States.
How Should You Complete the FAFSA?
To complete the form, you and your parents will need to share information on your financial condition (income, assets, savings, etc.). This is the same information you would be required to share with a bank or other lender when requesting a loan for a new car or home, or that you are required to put on your tax return each year
What's Next?
Once you have completed the FAFSA, your next step is to contact the financial aid office to determine if there is any other information you need to provide. Some colleges will require that you complete additional forms. Many of the more costly schools will require you to submit what they refer to as a "profile." You can register to receive the application form over the Internet at www.collegeboard.com or the college can provide you with the application. Remember, you must have been admitted to the college before you will be considered for financial aid awards, so be certain to send in your application for admission.
And, remember, financial aid offices are extremely busy places. The sooner you can complete the information required for financial aid, the better chance you will have of receiving aid.
