Understanding the FAFSA Application

FAFSA--or Free Application for Federal Student Aid--does not necessarily have to be a headache. So long as you submit the application on time and accurately, financial aid will be awarded for the next school year. If you already have received federal student aid, you only need to apply for a renewal.

It is vitally important that you write legibly and provide accurate information. This may sound like a small issue, but if part of your application is illegible, this could slow down processing. This could affect other loan programs to which you might be applying. It is better to process a FAFSA application sooner rather than later. Once you fill out the application, send it to the Federal Student Aid Process Center. If all is well with the application, you can expect a response in three to six weeks. If you submit an application online, it is possible for the application to be processed more quickly. To apply online, you need to get a separate FAFSA pin number--a form of electronic signature.

In order to qualify for a FAFSA grant, you must demonstrate financial need, prove full-time enrollment, prove U.S. citizenship, and sign a statement of educational purpose. Like other types of grants, you must prove progress as well--if you do not meet minimum educational standards, the FAFSA grant can be revoked or you will be denied renewal.

When you receive back your Student Aid Report (SAR) make sure there are no mistakes in the application--including the spelling of your name, address, and other such issues. The SAR will tell you if you have been awarded a federal Pell grant and for how much. Depending on the amount of your grant, you can then think about other financial aid opportunities to help supplement the grant--if it does not cover a sufficient amount of the tuition.

FAFSA Mistakes

One major mistake that students make is waiting for admissions from a college before filing a FAFSA application. The FAFSA should be submitted by February 15, while college admission decisions usually do not go out until April. Regardless of where you are going to school, you will need to apply for FAFSA if have a financial need. For this reason it is important to file a FAFSA application well before you find out where you have been accepted to college.

If there are mistakes on your SAR application, it is much easier to make corrections online---this is a major reason to initially submit your FAFSA application online. Once you determine where you are going to school, inform the FAFSA board. The FAFSA application will be sent to the college financial aid office. The college may need additional information---such as tax forms. The college may need to verify your information separately as well.

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