Financing college-education is the most challenging task that every college aspirant faces today. Unfortunately, the tuition fees are climbing; the economy is weakening, and credit has nearly disappeared.
This is where FAFSA comes in.
The U.S. Department of Education uses FAFSA to award about $150 billion a year in grants, work-study funds, and low-interest loans to more than 15 million students.
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What Is FAFSA?
Free Application for Federal Student Aid (known as the FAFSA) is a form used to determine eligibility for financial aid. Completing and submitting FAFSA is free, and both current and prospective students can use it to access the largest source of financial-aid to pay for college or career school.
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Federal student aid includes:
- Grants—financial aid that doesn’t have to be repaid.
- Loans— borrowed money for college or career school; it must be repaid with interest.
- Work-Study programs —a work program through which one can earn money to help pay for school.
In addition, many states and colleges use the FAFSA information to determine the eligibility for state and school aid. Some private financial-aid providers use it to determine eligibility for their aid.
