What’s the FASFA?
The FAFSA is the most important tool available to finance your education, and while the term may be familiar, some don’t know what it means. What does FAFSA stand for? It stands for the Free Application for Federal Student Aid.
The FAFSA is an application that the federal government uses to gather the financial information needed to determine your eligibility for financial aid. The FAFSA needs to be completed each new school year to receive this aid.
It’s completed on StudentAid.gov.
It’s used to apply for different types of financial aid, including grants, student employment, and federal student loans.
- Grants are a form of gift aid, which does not need to be repaid.
- The Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial needs, allowing them to earn money to help pay education expenses. The FAFSA is what determines whether or not you can participate in work-study. The money awarded for work-study is earned by working a part-time job and does not need to be repaid.
- Student loans, on the other hand, must be repaid, usually with interest.
Filing a FAFSA is a requirement for receiving several types of federal student loans, including:
- Federal Direct Stafford Loan
- Federal Direct PLUS Loan, including Parent PLUS and Grad PLUS loans
Private student loans and private parent loans do not require the FAFSA because private loans are funded by private lenders, such as Members Trust.
JOIN THE FREE WEBINAR
The FAFSA opens on October 1st! Many families put off filing because they find it overwhelming and intimidating. Don’t worry – it isn’t that scary! And we’re offering a webinar to walk you through everything you need to know.
Join us for our upcoming webinar, “Filing the FAFSA: The Top 5 FAQ,” where our College Counselor will discuss these topics:
- Why do I need to complete the FAFSA?
- FAFSA Deadlines
- The 8 steps of completing the FAFSA
- 2023-2024 FAFSA Updates
Sessions will be held Wednesday, September 28th at:
- 1:00 p.m. ET and
- 6:00 p.m. ET, and
- A recording will also be made available for anyone unable to attend.