Free Application For Federal Student Aid (FAFSA) Information

Welcome to Student Financial Aid. If you are like most college students you are probably finding that this is a very difficult time to pay for your college education. We have created this Web site to provide you with information and links that can help you improve your financial situation and give you options for paying for college.

One of the first things you should be aware of is your credit history. If you have credit cards, pay rent, utilities or make car payments, you need to review your free credit report and know your credit score. Every American is entitled to a free credit report every year. This is the same credit report that credit agencies use to calculate your credit score. Having a good credit score can help you get a loan and get you lower interest rates. Do you know your credit score?

If you are already having a problem with debt there are several options that may be of help. If you have several credit cards that are carrying balances, you might want to consider credit card consolidation loans. By consolidating your credit card payments into a single loan, you may be able to get a lower interest rate.

 Another option for managing your debt is to consolidate your debt and bills. Again, this reduces the number of different bills you have to make payments on into one easy payment. There are a lot of companies that offer you solutions for managing your debt. Make sure that you take the time to research your debt reduction options before you select a program.

FAFSA Overview: FAFSA stands for Free Application for Federal Student Aid.  In order to apply for Federal Student Aid, you must FIRST complete and submit a Free Application for Federal Student Aid (FAFSA).

Federal Student Aid is available in the form of federal student loans and Federal Student Grants. The Federal Student Loans are further classified as subsidized or unsubsidized loans. A subsidized loan is awarded based on financial need and the government will pay (subsidize) the interest on your loan while you're in school, for the first six months after you leave school, and if you qualify your payments can be deferred. More information on Federal Student Loans and Susidized Federal Student Loans...
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Federal Student Aid Programs: The programs covered by the FAFSA include the following:

Federal Student Grants - Grants, unlike loans, do not have to be repaid. The newer grants are the TEACH, ACG, and National SMART grants. The most well known grant with the least amount of conditions is the Federal Pell Grant. The FSEOG and other Institutional Grants have specific conditions that must be meet in order to receive the grant.

Campus-based Programs - These programs are administered by the financial aid office at each school. These programs include the FSEOG, the Federal Work-Study and the Federal Perkins Loan.

Stafford Loans - The FFEL and Direct Loan Programs for students are known as the Stafford Loans. The Plus Loans are the FFEL and Direct Loan Programs for parents. For both the Direct Loan and FFEL Programs, you will be paid through your school in at least two installments. Federal student loans do have to be repaid and terms depend on the loan. If you have several student loans you might want to consider consolidating them into one student loan. There are several advantages to school loan consolidation.

FAFSA Application: The FAFSA has several steps that ask about you, your school plans and your financial information.  Applying online with FAFSA On The Web is quicker and easier than submitting a paper application.

FAFSA Process:
Complete and sign the FAFSA.
Within 5 days they will process your FAFSA and send you a Student Aid Report (SAR).
Review the SAR to check for errors. The SAR will summarize the data you report on your FAFSA.
Keep a copy of your SAR.
View your Expected Family Contribution (EFC). If your FAFSA information is complete, an EFC will appear in the upper right corner of your SAR. Your EFC is based on the financial information you provide on the FAFSA.
Check with your school. Your school will use your EFC to award your financial aid.
For additional help filling out the FAFSA, visit a FAFSA website.

FAFSA Deadlines:
Submit 2009-2010 FAFSA on the Web Applications by midnight Central Daylight time, June 30, 2010.
State deadlines are normally much earlier than Federal deadlines. You will need to check for those dates.

Remember, the FAFSA is a completely FREE application. If you need help filling it out, there are many free tools available to help you. You don’t need to pay anyone to help you fill out your FAFSA.

If you don't qualify for Federal Student Aid, there are many private student aid programs that are available. These include 529 State College Savings Plans, scholarships, private loans for college, non federal student loans, and private school loan consolidation programs.  Be sure to research all your options and make smart financial decisions when it comes to paying for your college education.