FAFSA, what is it and how to use it?

Since this site is dedicated to walking-on, I am assuming you will not be receiving a scholarship and will need to pay for school at the beginning(until you earn the scholarship). For the majority, it will be very difficult to pay for school on their own, so some sort of loan and/or aid will be necessary to pay for the school. To get started in this process, the first place you should go is FAFSA. What is FAFSA?

The Free Application for Federal Student Aid (known as FAFSA), is a form that can be filled out annually by current and anticipating university students (both undergraduate and graduate) and sometimes their parents in the United States to determine their eligibility for federal student financial aid (including grants, loans, and work-study programs). In addition, most states and schools use information from the FAFSA to award non-federal aid.

The FAFSA consists of numerous questions regarding the student's finances, as well as those of his or her family; these are entered into a formula that determines the Expected Family Family Contribution (EFC). A number of factors are used in determining the EFC including the family size, income, number in college, and assets (not including retirement and 401K). The FAFSA does not have questions related to student or family race, ethnicity or religion.

A Student Aid Report (SAR), which is a summary of the FAFSA responses, is forwarded to the student. The student should review the SAR carefully for necessary corrections. An electronic version of the SAR (called an ISIR) is sent to colleges/universities the student selected on the FAFSA. The ISIR is also sent to state agencies that award state need-based aid.

What does this all mean?

Basically, FAFSA is a government program that allows you to receive loans to attend college. These loans are usually available at the cheapest rates because they are backed by the U.S. Government. Also, you will not be required to re-pay the loans until 6 months after graduation(this can be extended). You will be awarded these loans based on your family's overall financial picture. FAFSA loans will either grow with or without interest and will also include you in any government loans if you qualify.

Ok, now what?

First, you will need to go to the official FAFSA website and start the process. This site is very easy to navigate and it will take you through all the appropriate steps necessary to get started. You will also be able to look up each school you are applying for and get the appropriate codes. Remember, FAFSA should be the first option you use in regards to loans, they will be the cheapest and give you the most flexible requirements.(I used FAFSA for most of my funding)

Any questions? Please ask!