It’s officially the new year! That means one important thing if you are applying to college this year — the 2015-2016 FAFSA form is now available for you to fill out.
What’s so important about the FAFSA you ask? It’s your main source for financial aid for college; something that’s likely very important when it comes to making your college decision.
Before you start filling it out, here are three important tips to help you get the most of your application:
1. Know what it does
Still unsure about what the FAFSA is for? In a nutshell: it calculates your expected family contribution (EFC) that determines how much your family can realistically put toward college. If that number falls below a certain number, then you will have access to federal grants that can help you pay for your cost of attendance (COA). This includes not only tuition but also room and board, books, supplies and transportation.
2. The earlier you start, the better.
Federal, state and institutional aid is generally distributed based on who applies first. Therefore, it’s imperative that you start now in order to have the best shot at getting the most funds that you can. After all, these grants are money that you won’t have to pay back, unlike loans.
3. You still have to apply for scholarships
The FAFSA is not your one-stop shop to getting money for college. You likely won’t get enough aid to last through your entire college career, which is why many people apply for loans to cover the rest. Don’t let that be your first option if you can avoid it! Start applying for scholarships now, then decide if you need to take out a loan. When it comes to financial aid, always exhaust your efforts to find money you don’t have to pay back — your bank account will thank you for it later!
> Still have FAFSA questions? Get the whole scoop at NextStepU.com
