Getting the Most out of FAFSA

I'm starting to prep my FAFSA application and I'm feeling a bit overwhelmed. I understand that it can really help with college costs, but I want to ensure that I'm getting as much as possible from it. Does anyone have suggestions on how to maximize your federal aid through FAFSA?

Sure! Maximizing your federal aid boils down to two key things: filling out the FAFSA accurately and submitting it as early as possible.

One thing to remember is that the FAFSA is not just a one-time submission; it's an annual document that needs to be updated each year you're in college. So, honing the process once helps you with subsequent years as well.

Precision is vital when filling out the FAFSA. If you make errors on the form, it can delay the processing of your FAFSA or bottleneck the amount of aid you receive. Triple-check all the information you enter, particularly financial figures and social security numbers. The application consists of several sections, including one for student and parent demographics, student and parent financial information, and a section to list the colleges where you want your FAFSA report sent.

Furthermore, the FAFSA uses your family's income and assets to determine your Expected Family Contribution (EFC)—though notably, as of July 1, 2023, this term was replaced by the Student Aid Index (SAI). The SAI is what's considered to be an affordable amount for your family to pay for college, and it's subtracted from the cost of attendance (COA) at your school to determine your need. If any of your family's financial circumstances change after you submit the FAFSA, be sure to update the form accordingly.

In terms of timing, FAFSA is known to follow the "first-come, first-served" mode in some aspects—some types of federal student aid are given on a first-come, first-served basis. The FAFSA can be filled out as early as October 1 of the year before you need aid, and it's generally best to fill it out as soon after that as possible.

Finally, remember that not all financial assistance comes from the federal government. Many schools and states use the FAFSA to distribute their own need-based or merit-based aid. Be sure to also seek out scholarships and grants, which can substantially reduce your college costs. Many schools have a net price calculator on their website which can give you an idea of what financial aid package you might expect from them.

Good luck navigating the FAFSA process—it can seem complex, but you're on the right track by asking questions and doing your research beforehand.