The mere mention of the term FAFSA, which stands for Free Application for Federal Student Aid, can strike fear into grown and otherwise reasonable adults. Parents of prospective college students are terrified of FAFSA, and just the mere thought of logging in to apply for financial aid can make them panicky, tense, and anxious. But the truth is that FAFSA is neither friend nor foe. Rather it is a gateway to help.
FAFSA is the official application used by all colleges to determine eligibility for federal aid. Children applying to most private colleges will also be required to complete a College Scholarship Service Profile Application (CSS).
And the Department of Education has gone a long way to making the site user-friendly and accessible – it is now more navigable than ever. Although, that is not to say it is easy to complete the forms.
On the other hand, it is not so much hard as it is mostly time consuming. You will need to devote yourself to gathering the financial documents you need, such as your and your child’s tax returns. And, you will have to do it each year again. This is because a family’s situation changes each year and income may go up or down, inheritances may have been received, or assets may have been reduced.
But, the bottom line is… the effort is worth it. FAFSA is the federal door to thousands of dollars worth of grants, loans, waivers, tuition reductions, and work-study programs. And this is true for those attending public colleges, as well as private.