FASFA stands for free application for federal student aid. It’s the only way to get access to federally-funded financial aid for college – so every parent and/or student should be applying. However, some families are confused by how the FASFA works, don’t truly understand the application process, or mistakenly think they would not qualify for any aid. Regardless of the reason for not applying, the impact is startling. In Pennsylvania alone, over 96 million dollars of free federal grant money went unclaimed by eligible students who didn’t complete their FASFA! That’s an average of $1,545 per eligible high school graduate.

Don’t miss out on free financial aid! Learn how the FASFA works below and start your application ASAP for the 2017-2018 school year.

What type of aid will I get for applying?

The FASFA qualifies you for federal aid money. Types of federal aid include:

• Federal Pell Grant
• Stafford loans
• PLUS loans
• Work-study programs

The FASFA will evaluate how much financial aid you receive based upon your current financial situation. A common misconception is that you could make ‘too much money’ to receive any aid. However, there is no income cutoff for the FASFA, anyone can apply. The results may surprise you!

What should I expect when I apply?

You can apply for the FASFA 1 of 2 ways:

As previously stated, the application is FREE. If you apply online, you will be asked to set up a Federal Student Aid ID, which is basically just a username and password you can use throughout the years to access your financial aid information. The application itself is around 100 questions long, and takes an applicant around 20 minutes to complete on average. You can save and revisit the application online if you don’t know all of the answers on the first try. To make the process as quick and easy as possible, have the following documents with you when you go to apply:

• Social security number
• Bank statements
• Investment records
• Your federal tax returns, W-2s, and records of untaxed income
• Alien registration number (if not a U.S. citizen)

Important: A recent update to the FASFA now means that applicants use a prior tax year for their tax information on the application. For example, if you’re applying for the 2017-18 school year, you will use your 2015 tax returns to fill out the application.

You will need to complete the FASFA for each year you’re attending school. Another benefit to applying online is that the renewal application will already have some answers pre-filled based upon your original application. This means that each subsequent year’s application will be less stressful and take less time!

Important FASFA deadlines

For the 2017-2018 school year, the window in which you can fill out the FASFA for federal aid is:While the federal deadline remains the same, the application is now available three months earlier.

Oct. 1, 2016 – June 30, 2018

Need-based aid awarded by your state has a separate deadline. Make sure to apply in time for your state’s deadline – not just the federal deadline. Pennsylvania’s deadline for the 2017-2018 school year is May 1, 2017. You can find other state’s deadline information here.

What happens after I apply?

Each college that has accepted you will send a letter, usually during Spring, that details your financial aid package. This letter will not only go over the federal and state aid you’ve received, but also aid and scholarships offered from the college itself.Within three days to three weeks after applying, you will receive what’s called a Student Aid Report via email or regular mail. This report will summarize the information you provided on the FASFA, and also provide an estimate of the amount your family can contribute out-of-pocket towards college (EFC). Once you receive the report, comb through the information to confirm that all questions were answered correctly. If you find an error, correct the answer as soon as possible on the FASFA. If for some reason you left a portion of the form incomplete, the Student Aid Report will notify you of what you still need to complete to be eligible for aid.

If your financial situation has changed, or you feel you were not awarded enough aid, you can appeal the award through your college’s financial aid office. Work directly with your campus’ financial aid office, as the appeals process can differ between schools.

What are my next steps?

Whether it’s your first experience with paying for college, or you simply need a refresher, – read our detailed guide on how to cover the cost of higher education here. We’ll break down where you should look for money, how different payment options work, and more! Learn more about paying for college today! Fill out the FASFA for the 2017-2018 school year if you haven’t done so already! If you or your child are not attending school until the 2018-2019 school year, you can wait to apply until that year’s application becomes available on Oct. 1, 2017.