At its inception in 1990 by the Department of Education, the purpose of the FAFSA, and its subsequent score, was to provide individuals with access to post secondary education. The application is available on the web at FAFSA website, or a hard copy can be obtained in the financial aid office of participating institutions, or by contacting the FAFSA customer service line.
The FAFSA score or EFC (expected family contribution) measures the family's financial strength in regard to its income and assets. If the income of the family is significantly low an automatic EFC score of zero is given. In other cases, the score assigned will depend upon whether the applicant files as a dependent or independent student. Based on the score, the institutions, to which the applicant wishes to matriculate, awards a financial package including scholarships, grants, subsidized and unsubsidized loans.
The FAFSA score provides students access to higher education; an opportunity they would not have without federal financial assistance. The score allows prospective students to make informed decisions in regard to the college or university they will attend based on the financial award offered.
In an effort to curtail waste, fraud and foster accountability, in 1998 Congress enacted a law making Federal Student Aid a performance based organization. This means although your initial financial award is based on merit and the EFC score, the renewal of your financial award will greatly depend upon your academic performance.