Fafsa stands for Free Application for Federal Student Aid, and is the first step that any student applying for financial aid straight through a federal program. This agenda is managed straight through the agency of Education.
There are four basic types of student aid available: scholarships, grants, loans, and work-study awards. With a scholarship, the money that is awarded does not have to be paid back. Scholarships are given to students based on academics, athletics, music, art or other fields. Grants do not have to be paid back either and are given based on financial need. Loans have to be paid back at exact interest rates. Work-study includes payments made to students who work on-campus to help pay for school costs.
Students Loans Gov
The first step to applying for most of these programs includes filling out the paper work for the Fafsa, and this can be intimidating. You will need the following data to complete the Fafsa.
o Student's communal protection Number
o Student's driver's license
o Student's W-2 Forms and other records of money earned (plus parent's/parents' W-2 forms if student is a dependent)
o Student's (and spouse's, if the student is married) Federal income Tax Return for the former year
o Parent's/Parents' Federal income Tax Return for the former year (if student is a dependent)
o Student's untaxed income records for the former year - communal Security, Temporary assistance to Needy Families, welfare, or veterans benefits records
o Student's bank statements for the former year
o Student's former year's business and speculation mortgage information, business and farm records, stock, bond, and other speculation records
o Student's alien registration card (if not a U.S. Citizen)
The agency of education requires one to four weeks to process the Fafsa for student loans. The distance of time to process depends on numerous factors and includes the size of the application backlog, rather the forms were filled out correctly, and also if the required documentation has been attached.
Even conception the Fafsa can be intimidating, it is the vital first step to acquiring your student loan. If you don't fill it out, you will not be superior and your loan will be denied.
What Are Fafsa student Loans? Students Loans Gov
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