The free application for federal student aid tells students how much money they qualify to receive each school year to pay for tuition, books and other college expenses. The FAFSA uses financial information students provide to determine estimated family contribution and the potential for federal grants and loans.
Students eligible for financial aid must pass eligibility requirements. Students who are U.S. citizens or eligible noncitizens, have a valid social security number (see the FAFSA website for exemptions to this requirement), possess a high school diploma or valid GED, and can prove enrollment in an eligible school may apply for financial aid using the FAFSA. Complete eligibility requirements reside on the FAFSA website.
The FAFSA takes into consideration several factors before determining which students will receive money for college. Considerations include your estimated family contribution, enrollment status, year in school, and the cost of attendance at your school. Contacting your school's financial aid office will provide you with more information regarding the amount of your student aid.
Three types of federal student aid are available upon filling out a free application for federal student aid: grants, work-study and loans. Grants provide money that does not have to be repaid. Federal loans offer money that needs to be repaid. Work-study programs provide jobs to students that allow them to earn money to pay for their college expenses.
Applying for financial aid using the FAFSA allows students to obtain money for their college expenses. College graduates earn nearly twice as much money in their lifetimes than people who do not attend college according to Brooks Holtom of BusinessWeek.com. College educations cost a lot of money and filling out a free application for federal student aid makes it possible for students to afford to further their educations.