If you’re an incoming high school senior, you’ll probably be hearing an important question this fall that you haven’t heard before: “Have you completed your FAFSA yet?” Let us tell you what the FAFSA is, and why it’s so important.
The Free Application for Federal Student Aid (FAFSA) is the key to unlock money that will help you pay for your education after high school. It’s simply a ‘snapshot’ of your family’s financial situation, and it’s used to determine how much federal financial aid a student may be eligible to receive.
Now that you know what the FAFSA is, let’s talk about what it’s NOT. It’s not an application to college, a loan application or any type of commitment to accept the aid you’re offered. It’s not a credit check, and it’s not limited only to students with stellar grades; the application won’t even ask for your grade point average (GPA).
A new FAFSA is available October 1 each year. For high school seniors, this means yours will be ready for you to submit this October – almost a year before you begin college. Don’t sweat it if you haven’t picked a college yet. One great thing about the FAFSA is that you can have your information sent to up to 10 different campuses.
Even though your FAFSA won’t be ready until October, you can take a look at the current form to see what it’s like. There are two options you may want to consider.
- StudentAid.gov/Resources has electronic publications, fact sheets, and other materials.
- The FAFSA on the Web (FOTW) Worksheet lists most of the questions from the FAFSA, giving you a preview of what it will be like to fill out the form online.
Please keep in mind that neither of these tools is a replacement for the real FAFSA. You’ll still need to complete the actual form online ASAP after October 1 in order to apply for federal and some state-based financial aid.
According to the National College Attainment Network, billions of dollars in federal financial aid for college is left unclaimed each year by students who would have qualified to receive the aid; they just didn’t submit a FAFSA. You’ll never know what you’re eligible for unless you submit the application.