The cost for higher education is increasing whether you're looking at a public college, private university, or community college. The average cost of community college attendance was $10,300 per year in 2020. This is a significant amount that many students cannot afford. There are many programs that can help students and parents pay college costs.
The FAFSA is required for most programs. Continue reading for more information about the FAFSA.
What is the FAFSA?
FAFSA stands in for Free Application For Federal Student Aid. You will need it to apply for federal financial aid to pay for college. Your FAFSA information is used by the federal government to determine your financial eligibility. You must disclose the financial information of your family and federal tax returns on your application.
The FAFSA is also used by colleges and states to determine if you are eligible for loans, grants, or scholarships. Even if the federal financial aid you seek is not available to you, it is still a good idea to complete the form. The FAFSA is available in many formats.
- Online submission via Federal Student Aid
- A paper version can be picked up from your school's financial aid department
- FAFSA forms can be filled out on myStudentAid.
If you have any questions about filling the FAFSA form, the FAFSA Procedure graphic will help guide you. You can also contact StudentAid.gov via email or chat by clicking the "Contact Us" link on the online form. Ask for assistance from your school's financial aid department. CollegeFinance.com has many resources to assist you in completing your FAFSA.
FAFSA requires you to give financial and personal information. These documents may be required to complete your application:
- Your Social Security Number
- Your driver's licence number, if applicable
- If you are not an American citizen, your Alien registration number
- If you are married your federal tax information.
- You must keep records of all income that is not subject to tax (e.g., child maintenance, interest income, veterans non-educational benefits)
- Information about checking, savings and cash balances
- Investments made in stocks, bonds, or real estate.
Parents are required to give the following information to dependent students:
- Social security numbers
- Federal tax information, including W-2 information
- Record of income not subject to tax (e.g. interest income, veterans noneducational benefits, child support)
- Information about checking and savings accounts, cash, and checking balances
- Real Estate, stocks, bonds, and investments in stocks (but not their principal home) are prohibited.
You can complete the FAFSA form if your family has experienced a major change in their financial situation that isn't reflected on tax returns. For financial aid adjustments, please contact the school you are planning to attend.
Who is the FAFSA for?
Anyone planning to enroll in college for the following academic year should fill out the FAFSA. The FAFSA isn't transferable from one year to the next. Each school year, you need to complete an application.
Applications are now open for the school years 2021-2022. It is important to apply quickly as financial assistance is often available on a firstcome,first-served basis.
If you cannot, be sure to know the following dates before submitting your request:
- Check to see if the deadline for schools has been extended by. Clarify the deadlines they use. Does this mean that you must submit your application by the deadline?
- State deadline:Find your state's deadline here.
- Federal deadline To be used for the school-year 2020
2021. FAFSA forms should be submitted no later than June 30, 2021. All corrections and updates must be made by September 11, 2021. The deadline for submissions is June 30, 2022 for school year 2021-2022. Corrections and updates must reach us by September 10, 2022.
The FAFSA: Why students should take advantage
The FAFSA should be used even if your situation is not one of need. There may be other criteria that apply to you, depending on which aid program they offer. FAFSA forms are free. If you do not apply, it doesn't mean that you won't receive the benefits.
FAFSA is not only a financial aid program, but there are also many benefits.
- Federal student loans offer lower interest rates that private student loans. You are automatically qualified for them. This means that you will save money on your loan payments. Loan forgiveness programs may also apply to federal student loans.
- Federal Pell Grants are available to qualified students.
- Many colleges and agencies in the US use FAFSA as a tool to help students apply for grants and scholarships.
- FAFSA is required for many programs, including Federal Work-Study and College Work-Study.
- FAFSA is also required for merit-based scholarships to be awarded.
- Students are required to complete the FAFSA in order to be eligible to receive institutional scholarships or grants.
FAFSA: How it works for community colleges
Community colleges have lower tuition fees, so students don't get financial aid. Tuition fees don't cover all the costs of education. It can also include expenses such as board, lodgings, meals, and transport, which can quickly add to the cost of education and turn out to be expensive.
It doesn't matter which institution you plan to attend, the FAFSA must be completed and submitted. This applies to all students, regardless of whether they are full-time or part time. You might be eligible for grants, loans, scholarships, work-study, or other financial aid through the FAFSA.
For more information on specific programs, contact the financial aid department at your community college. Also, you can search for grants and scholarships that are specifically for community college students. Make sure you submit all necessary documents on-time.
The FAFSA offers a variety of financial aid that community colleges can access.
- Direct Loans Community College students with financial need can apply for direct subsidized loans, while those without financial means are eligible to receive Direct Unsubsidized loan. Federal student loans offer better rates and repayment terms that private student loans.
- Federal Pell Grants : Federal Pell Grant award amounts vary according to the school year. This is determined by Congress. Eligibility is determined by financial need. The credit hours required to enroll in approved courses are used to determine eligibility.
- Federal Supplemental Educational Opportunity Grants – Awards are given by the FSEOG program based upon academic promise and financial need. Each school's financial adviser office assesses each student's eligibility.
- Parent PLUS loans Parents can borrow money to pay for college expenses for their children with Parent PLUS loans. To be eligible, applicants must pass credit checks. You should know that PLUS loans are more popular than private student loans for parents because they have lower interest rates.
- For information about state grants, please contact your school's finance office. North Carolina, for example, has the North Carolina Community College Grant. It provides financial assistance to students attending community colleges who are citizens of the state and have a need.
CollegeFinance.com – Learn more about financial aid
College tuition is expensive, and it keeps rising every year. Research all available programs to help you afford community college. FAFSA forms are a great starting point.
CollegeFinance provides many guides and resources.
For help in preparing and starting your FAFSA submission, please visit www.fafsa.com. We want to make sure you have the best college experience possible by helping you make sound financial decisions.
