What is FAFSA?
Is FAFSA a loan or a grant? And how do you get the federal pell grant and state grants? I'm a single mom starting college in the fall. I was told I would be able to get alot of help with finances....HOW?
- 1 decade agoFavorite Answer
Neither Loan or Grant
The FAFSA (the Free Application for Federal Student Aid) is the first step in the financial aid
process. You use it to apply for federal student financial aid, such as grants, loans and work-study. In
addition, most states and schools use information from the FAFSA to award non-federal aid.
Save time: File Electronically!
Tips to Getting Aid Without Delay!
We asked financial aid advisors from around the country what they would tell students
filling out their FAFSAs. Here’s what they said:
Important: Read the form!
Many questions on the FAFSA are straightforward, like your Social Security Number or
your date of birth. But many require you to read the instructions to make sure you answer the
question correctly. Words like “household,” “investments” and even “parent” all have common
meanings, but are specifically defined for purposes of federal student aid. So be sure to read the
You may have unique family situations that cause you to have additional questions. You
should then contact a financial aid administrator at the school you wish to attend for
Deadlines for aid from your state, from your school, and from private sources tend to be
much earlier than deadlines for federal aid. To make sure that any financial aid package your
school offers you will contain aid from as many sources as possible, apply as soon as you can
after January 1, 2005.
The U.S. Department of Education will process your 2005-2006 FAFSA if received on or
before June 30, 2006. However, to actually receive aid, your school must have your correct,
complete information before your last day of enrollment in the 2005-2006 school year. So it is
important to apply early to make sure you leave enough time for your school to receive your
information and to make any necessary corrections.
Complete your tax return.
Filling out your tax return first will make completing the FAFSA easier. However, you do
not need to submit your tax return to the IRS before you submit your FAFSA. But, once you
(and your parents if you are a dependent student) file your tax return, you must correct any
income or tax information that changed since you filed your FAFSA. Inaccurate information
on your FAFSA may delay your receipt of federal student aid. Also, you will be required to
return federal aid you improperly received based upon incorrect information.
You can fill out and submit your application through FAFSA on the Web at
www.fafsa.ed.gov. Electronic filing is the fastest and easiest way to apply for financial aid.
It’s also more accurate because the information you enter in FAFSA on the Web will be edited,
and we will call your attention to any errors or missing information. This reduces the chance
your application might be rejected, or that you will need to correct your information later.
Preventing errors means your school will receive your application sooner.
If you have a U.S. Department of Education PIN (Personal Identification Number), you can
even sign FAFSA on the Web electronically. To request a PIN, visit www.pin.ed.gov. Your
parents can also request and use their own PINs to sign your FAFSA online. We encourage you
to apply for a PIN prior to submitting your FAFSA, but if you don’t we’ll automatically send you
one once we have processed your application.
Ask: Do I need additional forms?
The FAFSA is the one application for federal student aid. Many schools and states rely
solely upon this information. However, your school or state may require you to fill out additional
forms. These additional forms may have deadlines that are earlier than the federal student aid
deadlines, so be sure to check with the financial aid office at the school you plan to attend.
Good Luck.Source(s): www.ifap.ed.gov/fafsa/attachments/0506FAFSAInsert92404.pdf