What You Should Know

Free Application for
Federal Student Aid (FAFSA)

The Free Application for Federal Student Aid, better known as FAFSA, is money provided by the federal government. This includes 3 types of aid:

A guide to help you complete your fafsa

Federal Grants

Work-study

Loans

Money that does not have to be paid back!

A work-study job at school will give you some money to help you pay your way!

Loans need to be paid back! Subsidized vs. Unsubsidized

The average student's education is paid for as such:

What is the fafsa?

How Do I Apply?

What you'll need to complete the FAFSA:

Has the fafsa changed Recently?

Electronic form

Mail-in application. Download the PDF form

Mail in Application: call
1-800-4-FED-AID (1-800-433-3243) or 334-523-2691 to request a paper FAFSA.

here!

here!

Social security number

Federal tax info/ tax returns from 2015

Cash savings and checking account balances

Alien registration number (if applicable)

Records of untaxed income

Investment info

if you are an independent, you only need your own info

if you are a dependent, you need your own and your parent's info

IRS

SS#

$$$

YES!

Undergraduate vs. Graduate

Keep in Mind:

As as undergraduate, you may still be considered a 'dependent". As such, you would have to provide your parental or guardian information on the FAFSA as well as your own.

As a graduate student though, whether or not you feel like one, you are now considered an independent adult. In this case, your parental information is irrelevant and not needed for the FAFSA.

Dependency Status:

Type of Aid:

As an undergrad, you may receive loans, grants, or work study funds. But as a graduate student, you are only granted loans:

There are two loan related between undergrad and graduate to keep in mind. First, graduate loans are unsubsidized, meaning interest accrues from day one. Second, those interest rates are marginally higher than those of an undergrad.

But the good news is that federal loans have fixed interest rates, so they won’t change over time. The federal government also offers protections and benefits for borrowers, including repayment and deferment options, protections in case of death or disability, and the potential for loan forgiveness.

Federal loans are also eligible for loan consolidation. Find out more about this option

Undergraduate Student

Graduate Student

What kind of aid can I get?

What about me?

How are our loans different?

Undergraduate Student

Graduate Student

Direct Unsubsidized Loans: Nearly all students are eligible for this loan. Although your school determines the exact amount, the loan is worth up to $20,500 per year or a cumulative total of $138,500 (including undergraduate loans). If you’re a student in medical school or another health profession, you may be eligible for higher amounts.
Direct PLUS Loans:
- Undergraduate: Parents of dependent undergrads are eligible for the PLUS loan to help cover costs.
- Graduate: PLUS loans are only for students who need to borrow more than the maximum unsubsidized loan to meet their education costs. These loans are given regardless of income, but borrowers must pass a credit check or have a creditworthy cosigner.
Private Loans: These are not federal loans, and so deferment is not an option. As such, you should read conditions of private loans carefully. Also, interest rates are not fixed, as they are with federal loans.

Interest Rates:

So, not only do the types of aid differ for graduate students, but the interest rates of their loans are greater than undergrad.

studentaid.ed.gov

Unfortunately, work study and grants are very limited for graduate students.

Fortunately, the interest rates of federal loans are fixed for the duration of the loan life, and can not increase with time- unlike private loans.

There are TWO changes that the FAFSA has recently undergone!

1. The 2017-2018 FAFSA Is Available Earlier

2. You'll Use Earlier Income & Tax Info

Prior to this change, January 1st was the first time you could complete the FAFSA. Now, it is accessible starting October 1st, 2016.

This is a permanent change, allowing you to complete the FAFSA in October from here on out.

Until now, the FAFSA required icome and tax info from the previous year. Now, you’ll be required to report income and tax info from two years prior.

For example, on the 2017–18 FAFSA, you (and/or parents) will report your 2015 income and tax info, rather than your 2016 income and tax info.

blog.ed.gov

The federal government only has so much aid to give out, so it is awarded on a first come, first served basis. The longer you wait to complete the FAFSA, the greater chance you risk losing out on financial assistance.
There are deadlines! Despite the fact that the FAFSA is accessible earlier, deadlines will remain approximately the same as in 2016–17.
- Previously, many states had a deadline of “as soon as possible after January 1”, which will now be “as soon as possible after October 1.”
- So it’s important that you check your state and school deadlines so that you don’t miss out on any aid. Check your state deadline , and check your school webpage for their deadline.

The FAFSA must be done annually! It is not a one time application.

Below is some information that often goes overlooked:

When to Complete:

here

Watch Out for Frauds:

Always look for the .gov! Many people fall for scams each year, and give out information to frauds claiming to be the FAFSA. If you are ever requested to pay for the application, you are not on the correct site!

Fill It Out, Just In Case:

Many students believe that their parents make too much money to qualify for financial assistance, and decide not to fill out the form. This is not always the case though, so it is recommended that everyone fill out the form just to be sure.
Further, some scholarships require that you fill out the form in order to receive them. And the form is required for federal loan assistance, too.

Common Myths:

There are a lot of misunderstanding regarding the FAFSA! Watch below for a brief description of these myths:

And Remember:

Make sure the information you report is correct. Some people report false information in an attempt to receive more aid, which is illegal.

Be sure to report the correct school code on your form. Failure to do so can delay retrieval of your aid, which can lead to complications with your school.