Paying for college is a major burden for many. However, the Free Application for Federal Student Aid, also known as the FAFSA, is a form that seniors and current college students fill out to apply for federal financial aid which relieves some of that burden. The FAFSA is how you apply for federal grants, work-study funds, and loans. Colleges and other programs use the FAFSA to determine eligibility for their financial aid services. But to fill this important form out, students must create an FSA ID, which only takes a few minutes. Parents must also create an FSA ID, which serves as an electronic signature.
Several changes have arrived for the FAFSA application for this year. Normally, the form is released in October; however, this year it came out on December 31. Numerous applicants have experienced issues when filling out the form, and there have been various outages. From its initial launch on December 31 through January 7, the form was going through a “soft launch” phase, where select applicants had access to it, and others did not. However, starting January 8, the form is now available to everyone 24/7.
Another important change is the amount of questions an applicant must answer. It was formerly 108 questions, but now it’s only 36 questions at most. The number of questions an applicant answers varies from person to person. These questions range from demographics to income information. Providing consent for the IRS to transfer tax information to the form simplifies the application process, which is a factor as to why it’s faster to fill out this year.
The Federal Pell Grant is a financial award for students who demonstrate great financial need. With the new formula FAFSA is using for calculating financial need, more students will now be eligible for the Federal Pell Grant. The amount varies depending on the information an applicant provides, however there is a maximum amount one can get. Last year’s maximum was $7,395, and this year’s maximum will be announced later in the year.
After the FAFSA form is complete, the applicant is sent a Student Aid Report, which also includes a Student Aid Index (SAI), which determines eligibility for federal financial aid. The SAI was formerly known as the EFC, or Expected Family Contribution. Colleges and other programs also use the SAI to determine how much financial aid an individual is eligible for. If there were any mistakes on the Student Aid Report, the applicant can go back and fix that mistake at any point.
Only students who are considered U.S. citizens or eligible noncitizens can fill out the FAFSA form. However, Oregon students who aren’t eligible to fill out the FAFSA can fill out the Oregon Student Aid Application instead, also known as the ORSAA. It’s important to fill out one of these forms, depending on your eligibility, to help pay for higher education.
