FAFSA Guide

I wasn't super familiar with what the FAFSA was before I filled it out for grad school, so I put together a video walkthrough to hopefully help out others who are filling it out for the first time like I did.

Here's the video walkthrough

Here are the key takeaways:

FAFSA – Federal Application for Student Aid. Financial Aid is composed of grants, scholarships, work-study jobs, and federally backed student loans (don’t take out loans!)

To start filling out the 2021-2022 FAFSA, you’ll need some document like:

• Previous year’s tax return along with a W2 or 1099 (if your parents are contractors)

• Bank and investment statements to show the dollar value of your assets

• Records of untaxed income (i.e. child support)

• Bank and investment statements showing your net worth FAFSA Deadlines – Big Picture, the absolute final deadline to submit the FAFSA is the June prior to the start of a school year, but each state and college will have their own deadline requirements so understand what those are, many are months earlier!

Your potential aid is calculated by:

• Taking the cost of attendance (COA)

• Estimating your expected family contribution (EFC)

• Subtract the COA from your EFC

If you're interested in learning more about the FAFSA:

FAFSA Website

Eligibility Requirements

Need Based Financial Add Formula

Submitted January 04, 2021 at 05:33PM by APennyPinchersGuide https://ift.tt/38g8ei2