FAFSA is the Free Application For Student Aid. This is the first step in all applications for establishing a person’s eligibility for financial aid and for federal or private loans. Federal loans are called Stafford loans and will be covered separately. There is a minimum eight-week turn around time so application must be made early. This procedure must be completed online at www.fafsa.ed.gov. Once this has been completed it will generate a form called the SAR or Student Aid Report. If you added a School code to your FAFSA then a copy will be sent to the school of your choice once the application it is verified.
Always include an email address on your FAFSA application or the SAR report will be sent to the postal address indicated, which will take more time. Although some institutions, such as foreign country institutions require the full eight-page SAR and this must be sent to a postal address. Once the SAR has been received, the student is then free to select the financial institution to secure the loan.
To ensure a person understands the entire process of filling out a FAFSA, a trip to the library may be in order. Check with the librarian for directions to start the search. By doing the research up front many of the more common pitfalls can be avoided. As you work through the search process, you may likely discover sources heretofore-unknown companies and businesses that offer student loans. Some of the larger libraries may even have a computer section where you can file the FAFSA application online.
The FAFSA process will also list the state resources and funds available. Often these sources are overlooked. There are state student loan agencies that are available, but too often the prospective student doesn’t even know they exist. By using the FAFSA process, all available resources are thus listed. Because this is a lengthy process and the loan application is also at times lengthy, one should start as early in the year as possible to ensure compliance in time for classes to begin.
All types of financial aid, scholarships and student grants now require a FAFSA to be filed, so even you aren’t interested in student loans, you still need to file a FAFSA application.
