Is need-based financial aid the same as FAFSA?

You must submit the Free Application for Federal Student Aid, also known as the FAFSA, to determine your family’s eligibility for need-based financial aid. The CSS Profile, unlike the FAFSA, costs money to submit. It also gathers more detailed financial information than the FAFSA.

What does a FAFSA provide you access to?

The FAFSA is the financial aid form for accessing grants, federal student loans and work-study funds.

What does need mean in FAFSA?

Financial need is the difference between the cost of attendance (COA) and the expected family contribution (EFC). Usually the cost of attendance (COA) refers to the total amount of education expenses (tuition, books and supplies, housing and dining, personal expenses, transportation expenses, etc.).

Do I really need FAFSA?

Many people ask, “Do I have to fill out the FASFA?” Strictly speaking, filling out the FAFSA is not a requirement for attending college. However, the FAFSA is a requirement for most need-based financial aid, as well as many scholarships programs.

How does FAFSA work for need based financial aid?

You must submit the Free Application for Federal Student Aid, also known as the FAFSA, to determine your family’s eligibility for need-based financial aid. The information you include on the FAFSA is used to calculate your expected family contribution, which will factor into your award.

How are assets treated on the FAFSA application?

When you’re filling out the Free Application for Federal Student Aid (FAFSA), you may think that you and your family’s income is all that matters in determining how much aid you’ll receive to pay for college. However, your assets will have a major impact on how much aid you’ll be receiving.

Is the FAFSA Free to apply for college?

The FAFSA is free to apply, but not all the aid you receive is free. Grants, scholarships and work-study do not need to be repaid, but federal student loans do. The CSS Profile costs $25 to submit for one school.

What happens if you do not provide information on FAFSA?

If you do not provide their information on the FAFSA form, the application will be considered “rejected,” and you might not be able to receive any federal student aid. The most you would be able to get (depending on what the financial aid office at your college decides) would be a loan called an unsubsidized loan.