To apply for financial aid, students must file the Free Application for Federal Student Aid (FAFSA). This form may be filed online at https://studentaid.gov/. Paper applications are available from high school guidance offices or college financial aid offices. Students may file the FAFSA beginning on January 1, for the upcoming academic year.
Using the FAFSA data, the federal Department of Education will determine the student’s Expected Family Contribution (EFC). The EFC is based on income, non-home assets, family size, age of parents, number of parents working, number in college, etc., and is the standard measurement of a family’s ability to pay for a college education. This standard is applied to all students in determining their financial need.
After the student submits the FAFSA, the Department of Education will send the student a report called the Student Aid Report (SAR). The SAR lists the information that was reported on the FAFSA, as well as the student’s EFC. It is very important that the student review this information when it is received and immediately fix any incorrect information. Failing to do so could delay the application and result in a loss of available aid.
