What is federal student aid?

Federal student aid is financial assistance that's available through the U.S. Department of Education's Office of Federal Student Aid if you're enrolled in an eligible program as a regular student at a college participating in the federal student aid programs.

Federal student aid covers college expenses such as tuition and fees, room and board, books and supplies, and transportation. This aid can also help you pay for a computer and dependent child care expenses.

You also might be able to get financial aid from your state government, your college, or a private scholarship. Research non-federal aid early (ideally, start in the spring of your junior year of high school). Be sure to meet all application deadlines!

How do I apply for federal student aid?

Step 1
Get free information and help from your high school counselor, the financial aid office at the college you plan to attend, or the U.S. Department of Education's Office of Federal Student Aid at www.FederalStudentAid.ed.gov or 1-800-4-FED-AID (1-800-433-3243). Free help is available anytime during the application process. You should never have to pay for help.

Step 2
Get a Federal Student Aid PIN. A PIN lets you electronically sign your online Free Application for Federal Student Aid (FAFSA), make corrections to your application information, and more - all online. Go to www.pin.ed.gov for more information or to apply for a PIN now.

Step 3
Collect the documents needed to apply, including income tax returns and W-2 forms (and other records of income). A full list of what you need is at www.fafsa.ed.gov/before003.htm. Tax return not completed at the time you apply? Estimate the tax information, apply, and correct the information later.

Step 4
Complete the FAFSA between January 1 and June 30 of the following year (no exceptions to either date!). BUT, apply as soon as possible on or after January 1 to meet college and state aid deadlines. Apply online (the faster and easier way) by going to www.fafsa.ed.gov.

Step 5
Federal Student Aid will send you a Student Aid Report (SAR) - the result of your FAFSA. Review your SAR, and, if necessary, make changes or corrections and submit your SAR for reprocessing. Your complete, correct SAR will contain your Expected Family Contribution (EFC) - the number used to determine your federal student aid eligibility.

Step 6
If you are selected for a process called verification, your college's financial aid office may ask you to submit tax returns and other documents, as appropriate. Be sure to meet the college's deadlines, or your federal student aid will be delayed.

Step 7
Whether you're selected for verification or not, make sure the financial aid office at your college has all the information needed to determine your eligibility.

Step 8
All students: Contact your college's financial aid office if you have any questions about the aid being offered.
First-time applicants: Review the award information from all of the colleges to which you applied to compare amounts and types of aid being offered. Decide which college to attend based on a combination of (a) how well the college suits your needs and (b) its affordability after all aid is taken into account.

What do I really need to know about the financial aid process?

PREPARE
Learn about federal student aid programs and what's available to you. You can use FAFSA4caster to increase your knowledge of the financial aid process; become familiar with the various types of federal student aid that are available; and investigate other sources of aid, such as grants and scholarships. You can also find out about our programs in detail from one of our publications, Funding Education Beyond High School: The Guide to Federal Student Aid. The guide tells you almost everything you need to know about federal student aid, as well as other means of paying for your education after high school. Take what we say to heart... and then take it to the next step.

APPLY
This step is where many deserving students falter, either because they assume they won't qualify or because the FAFSA may seem complex and difficult to complete. FAFSA4caster provides an opportunity for you to become familiar with many of the questions that are asked on the FAFSA, and you can use the FAFSA4caster to practice answering the questions online. When you're ready to file the FAFSA use the online version at www.fafsa.ed.gov, which streamlines the application process considerably. Remember, it's a good idea to apply. You may be surprised by the amount of aid for which you qualify.

RECEIVE
We will inform you and your selected colleges about your EFC. Then they (or your private lender) will tell you how much - and what sorts of - aid you qualify for. Federal student aid may not cover all college expenses.

REPAY
If your aid is in the form of loans, you must repay these loans and become familiar with the repayment process. Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and mortgages. You cannot have these loans canceled because you didn't like the education you received, didn't get a job in your field of study, or because you're having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about the amount you'll have to repay over the years.