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.
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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.
