{"id":237,"date":"2022-10-03T09:27:29","date_gmt":"2022-10-03T07:27:29","guid":{"rendered":"https:\/\/oxfordwisefinance.com\/blog\/?p=237"},"modified":"2024-11-25T04:56:44","modified_gmt":"2024-11-25T03:56:44","slug":"fafsa-explained-how-to-total-the-free-application-for-student-help","status":"publish","type":"post","link":"https:\/\/oxfordwisefinance.com\/blog\/fafsa-explained-how-to-total-the-free-application-for-student-help\/","title":{"rendered":"FAFSA Explained: How to Total the Free Application for Student Help"},"content":{"rendered":"

The <\/span>cost of college<\/span> has increased by 169% since 1980. While that number may cause sticker shock for some people, the good news is, financial aid is available to help. By planning ahead and applying for the aid you need, you can receive assistance to mitigate some of the costs of college.\u00a0<\/span><\/p>\n

Filling out the <\/span>Free Application for Federal Student Aid (FAFSA<\/a>)<\/span> is critical for students that plan on attending college. The federal government, states, and many schools use information from the FAFSA to determine how much aid a student is eligible to receive. Students who don\u2019t fill out the form could miss out on vital financial assistance.<\/span><\/p>\n

What Is the FAFSA?<\/span><\/h2>\n

The FAFSA is a free application that allows students planning to attend college or graduate school to apply for federal financial aid. It asks about your household income, assets, and family size.\u00a0<\/span><\/p>\n

In many cases, the FAFSA is also used to determine state and institutional aid. When you apply and are accepted to college, your school will likely use the provided information to assess how much aid you\u2019ll need to cover the cost of attendance. Then, the school will share the types of assistance you\u2019re eligible for through online communication or a financial aid award letter.<\/span><\/p>\n

How Does the FAFSA Work?<\/span><\/h2>\n

To qualify for financial aid, you and your family must complete the FAFSA each year of college. The FAFSA is free to complete and submit and typically takes an <\/span>hour or less<\/span> to complete. You can complete it online at <\/span>studentaid.gov<\/span>.\u00a0<\/span><\/p>\n

To begin, you\u2019ll need to create a Federal Student Aid (FSA) ID with the Department of Education. You\u2019ll use this account each year that you complete the FAFSA. Once you\u2019re logged in, you\u2019ll be able to start filling out the form.\u00a0<\/span><\/p>\n

After submitting your FAFSA, you can find your <\/span>expected family contribution (EFC)<\/span> within your Student Aid Report (SAR). The EFC is an estimate based on the information from your FAFSA that\u2019s used to determine how much financial assistance you and your parents are expected to contribute toward your college costs.<\/span><\/p>\n

Keep in mind that while your EFC is based on information provided in your FAFSA, it doesn\u2019t take every aspect of your financial position into account. In some special circumstances, you may be able to appeal a financial aid decision if it doesn\u2019t accurately reflect your situation.<\/span><\/p>\n

Types of Financial Aid<\/span><\/h2>\n

The FAFSA is used to determine eligibility for several different types of financial aid, including:<\/span><\/p>\n