If you are a student in need of financial assistance for college, you can look into Federal Financial Aid. Federal Financial Assistance provides low interest rates on student loans as well as flexible repayment terms. You must fill out and apply the FAFSA, or Free Application for Federal Student Aid, in order to be considered for this form of financial aid. In order to decide whether you qualify for federal student assistance, the FAFSA application considers all of your family’s AGI as well as all of your properties.If you’re looking for more tips, Federated Financial has it for you.
The SAR study, which is part of the financial aid application, will send you an EFC, or Expected Family Contribution, score. How much your family is going to contribute to your education is determined by the expected family contribution. The lower your EFC score, the more likely you are to obtain some form of financial assistance.
The Federal Financial Aid application is free, and there are no fees associated with completing and submitting it. You’ll need your tax records from the previous year, as well as all financial statements that reflect your total assets. You would be able to complete the application much quicker if you have all of your documents together.
To make the process simpler, the Department of Education has made the FAFSA application accessible online. All of the FAFSA questions are the same as those found on the original FAFSA application, which you will get from your financial aid office. This is another option to consider while filling out the FAFSA.
You will be eligible for the Stafford Loan, the Perkins Loan, and the Pell Grant if you complete the FAFSA. Around 18,000 schools are eligible for the Stafford Loan, and around 1,500 schools are eligible for the Perkins Loan. The Pell Grant is a federal educational grant available to low-income students in need of financial assistance.