Personal Finance / Unit 6: Paying for College and Big Purchases
6.2 Applying for Aid: The FAFSA
Notes
The FAFSA (Free Application for Federal Student Aid) is the form used to apply for federal aid and is also used by many states and colleges.
- It asks about family income, assets and household size to estimate need.
- It is free. Never pay a company to file it. Use the official government website.
- It is renewed every year you want aid.
- Aid offers (the award letter) from each college show grants, loans and work-study. Compare them.
- Deadlines matter. Some aid is limited, so apply early.
Practice
What does FAFSA stand for?
FAFSA is the Free Application for Federal Student Aid.
A website asks for a $90 fee to complete your FAFSA. What should you know?
Do not pay to file the FAFSA.
What is an award letter?
The award letter details grants, loans and work-study.
Ready for more? Take the Unit 6 test.