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Applying for a School Loan? What You Need to Know About FAFSA

If you're a prospective college student and you are in need of a school loan, a Federal student loan is a good option. In order to get approved for federal financial aid you will need to complete the FAFSA. FAFSA is the acronym for "Free Application for Federal Student Aid." Complete and submit a Free Application for Federal Student Aid which is the basis for all financial aid. Students can begin submitting their FAFSA on January 1. Here are some frequently asked questions regarding FAFSA and federal financial aid.


1. How do I apply for financial aid?


A FAFSA is all you need to get started.


2. What is FAFSA?


Free Application for Federal Student Aid. It's Free!


3. Do I have to fill out a FAFSA every year?


Yes. Applications are available starting January 1st, both paper and electronic applications.


4. What is the difference between submitting an electronic FAFSA versus a paper FAFSA?


An electronic FAFSA is processed in two (2) to three (3) weeks, while the paper FAFSA takes four (4) to six (6) weeks to process.


5. What is the deadline for filing the FAFSA (i.e. applying for financial aid)?


The PRIORITY deadline for FAFSA is March 2nd>. Forms must be postmarked no later than March 2nd before the academic year for which aid is being sought in order to be considered for STATE aid. However, if the March 2nd deadline is missed, you will still be considered for federal Financial Aid, as well as other Financial Aid programs.


You can apply for a Financial Aid through the last day of classes in Spring semester.


6. How is the FAFSA used to determine my financial aid need?


The federal government uses data provided on the FAFSA to calculate a student's Expected Family Contribution (EFC). The Financial Aid Office calculates a student's Cost of Attendance (COA) which includes tuition, living expenses, miscellaneous fees, books, etc. COA minus EFC equals a student's financial need, which we then try to meet with federal grants, state grants, academic or talent scholarships, institutional grants, federal work study, and various loans.


For more information or to complete a FAFSA application visit School Loan Consolidation


"Student Loan Debt Consolidation


Source: www.articletrader.com