When you complete the FAFSA, information about your finances is needed, which includes income and savings. You are allowed to fill the information out before you file your taxes, but you must file an updated form if the information changes. Depending on your age, marital status, type of program you are enrolling in and service in the armed forces, you will be classified as an independent or a dependent student. If you are classified as a dependent student, you will need your parents' information and signature, as well as your own.
When you fill out the FAFSA online, you can list up to 10 schools on the form and those schools will automatically receive a copy of your completed form. If you apply via a paper application, the limit is four schools. However, if you want your information to go to other schools, you can change your report. Be aware that schools that were deleted from the original list will not receive updated information. You may also send a copy of your Student Aid Report to additional colleges through the mail.
Completing the FAFSA is the first step in applying for government aid, including Pell Grants, Stafford Loans and Perkins Loans. Pell Grants do not have to be repaid. Stafford Loans can be either subsidized or unsubsidized. The federal government will pay the interest on subsidized loans until you leave school. Perkins Loans are similar to subsidized Stafford Loans except that they are distributed by the schools rather than the federal government.
Usually it takes between three and five days for the FAFSA to be processed if it is completed correctly and submitted. Once the FAFSA has been processed, you will be sent your Student Aid Report.
EFC is the expected family contribution. To the extent that your family can afford it, it is your family's responsibility to pay for your college education. Your EFC is the amount of money that the federal government believes that you and your family are capable of paying. The difference between the EFC and the estimated cost of attendance is your financial need. This is just an estimate and colleges are not legally bound to offer you any aid at all. Some may offer less than your EFC, some may meet your EFC and other may go above and beyond your EFC.