I know, I’ve been harping on the FAFSA lately. (Did you fill it out yet? If not, go here to do so.) For those who still have some time before applying to schools, let’s switch gears and talk about where aid comes from. Refresher: Three primary sources of aid: federal government, state governments, and institutions.
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FAFSA
Shortly after you complete your FAFSA, your Student Aid Report, or SAR, becomes available. The SAR is not an aid offer; it is a summary of your FAFSA and includes your EFC as calculated based on the information you entered. When you receive your SAR, it’s important to
As school FAFSA deadlines approach, so do excuses not to fill it out. Yes, it’s a pain in the neck and yes, you should do it anyway. Here’s another reason why: Your financial situation could change. What if you lost your job between now and the start of next school year?
Many families skip the FAFSA on the assumption they won’t qualify for need-based aid. While that may or may not be true, there are plenty of other good reasons to fill it out. One of the best reasons: You have to fill out the FAFSA to get any federal education loans. Any family who does not have
The first step in lowering your EFC is to determine whether or not it’s worth doing. How to do that? Determine if you’re a need-based aid candidate at any of the schools you are serious about. You can use the FAFSA 4caster to estimate your EFC; just remember to add back any retirement plan contributions to your income or you’ll…