Free Application for Federal Students Aid (FAFSA)
Students qualify for Federal Student Loans provided they submit an application which is called the Free Application for Federal Students Aid (FAFSA).This application is required to be submitted annually by university students who wish to participate and avail federal student’s aid. Both graduate and undergraduate students and their parents from United States are allowed to participate in these loan programs. Making an application enables students to qualify for loans, grants and work and study programs.
A FAFSA application can also be made online. The process is so easy and convenient that you get your Expected Family Contribution printed on the page confirming successful submission of your application form.
FAFSA Eligibility
Every student who is interested in a Federal Financial Aid Program can make a FAFSA application. The FAFSA application form consists of various questions pertaining to the financial status of the students together with their parent’s financial position. These details are later used for computing the Expected Family Contribution (EFC). This EFC quotient is used for deciding the student’s repayment ability and thereby the loan amount granted.
Only those who are eligible for a Federal Student Aid can make a FASA application. And to become eligible you should satisfy the following conditions.
- Applicant should be an American citizen or otherwise eligible non citizen.
- The student should possess a valid Social Security Number
- Qualifies an examination conducted by the US Department of Education or a high school diploma or a GED
- Should have already been enrolled for a graduate or an undergraduate program.
- There should be no conviction under the drug control act during the time of receiving the federal financial aid.
- It is important that you provide sufficient details demonstrating the need for financial assistance.
- There should have not been any default on account of federal loans utilized earlier.
Student Aid Report
A report called the students aid report is prepared which consists of details such as financial aid information of the student and EFC. The report is sent across to students different schools which help them decide on the nature and extent of financial aid offered to students.
Details furnished in a FAFSA application can be accessed by various educational institutions, which is helpful in deciding the non federal financial aid award to eligible candidate.
If you wish to opt for Federal Student Loans a FAFSA application is a must. But for this application you will not be considered for any Federal Financial Aid option.
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