U.S. Department of Education FREE Application for Federal Student Aid Web Site.

WHAT IS THE FAFSA?
(FREE APPLICATION FOR FEDERAL STUDENT AID)

The FAFSA is the first step in the financial aid process. You use it to apply for the federal student financial aid, such as grants, loans, and work study. In addition, most states and colleges use information from the FAFSA to award nonfederal aid. Apply after the first of the year. Watch for College Goal Sunday in February for help in filling out the FAFSA.

The Free Application for Federal Student Aid (FAFSA) window opens at the start of each calendar year. Although FAFSA forms can be submitted up until June, some available funds are awarded on a first-come, first-served basis. This means that waiting to apply can translate to fewer aid dollars awarded. According to the US Department of Education, students who apply for FAFSA before March are nearly twice as likely to receive state and institutional aid as those who apply in June.

“Sending in the FAFSA application is a key first step in getting financial aid,” says Lynn Tindall, chief operating officer for student loans at CollegeInvest. “It’s used by the government and colleges for scholarships, grants, work-study programs and low-cost, federally backed student loans. Students must fill out FAFSA to qualify for federal aid no matter what type of institution they plan to attend.”

CollegeInvest has posted information on the FAFSA at www.collegeinvest.org/FAFSA. This website allows students and their families to:

• See answers to frequently asked FAFSA questions.
• Watch a web presentation on how to navigate the FAFSA application process.
• Download a worksheet that will help them assemble the necessary information.

Tindall says potential applicants often make the mistake of thinking they or their parents earn too much money to qualify, but aid is available for nearly every income bracket.

According to the National Center for Education Statistics’ most recent study, 57.9 percent of dependant students in the highest quarter of family income received an average of $8,278 in financial aid per year. As comparison, 86.8 percent of students in the lowest quarter of family income received an average of $8,633 for the same period.

“There is plenty of help out there and nearly everyone who applies will receive some sort of aid,” Tindall adds.

CollegeInvest is a division of the Colorado Department of Higher Education. Established in 1979, it has helped more than a half million Colorado families financially prepare for college through low-cost student loans, scholarships, college savings plans and information planning tools. For more information, call 1-800-COLLEGE or visit www.collegeinvest.org.

Unless you fill out a Free Application for Federal Student Aid (FAFSA), your college can’t award you the maximum available financial aid. Many people make the mistake of thinking, “we make too much money to qualify,” but that’s not always the case. Many families with high income levels also receive aid. Go to www.fafsa.ed.gov to apply on-line.

In order to successfully complete a FAFSA application, you will need records of income earned in the year prior to when you will start school. You may also need records of your parent's income information if you are a dependent student.

Make sure to meet the application preferential filing date of March 1!