by henigan

Created on: October 15, 2008

A person desiring a degree in higher education needs two things, first to be accepted at at least one school and then the money to finance his education. Most people cannot afford the cost of college on their own and apply for federal and state aid. This is done with a free application for federal student aid, commonly known as FAFSA.

The websites, www.fafsa.ed.gov will provide you with the form and all of the information you need to fill it out. FAFSA on the Web is unavailable on Sunday mornings. You can also call 1-800-4fedaid to receive a paper or a braille copy of the form. As far as FAFSA is concerned, the school year runs from July 1 to June 30 of each year. Therefore, the deadline for filing for the 2008-2009 school year is June 30, 2009 at midnight Central Daylight Time.

While the deadline for federal grants and loans is the last day of the school year, it is not advised that you wait and get a refund of your costs. The FAFSA is also used to consider whether or not you qualify for state grants and loans. Each state has a different deadline. The above site has a list of the deadlines for each state.

The FAFSA will determine your family's estimated contribution to your education. This is the amount individual colleges will use to offer more grants and loans if you need them. If you are 23 years old or younger and not in the armed services, your parents will be expected to contribute. Their contribution will be on a sliding scale according to their income and assets. If your parents are separated or divorced, only one parent's information needs to be divulged. Therefore, in this situation, the parent with the least assets should be listed.

The first option in student aid is the Pell Grant. The maximum amount of a Pell grant for this year is $4,731 per school year. This is a grant and does not need to be re-paid. Only undergraduate students are eligible for Pell Grants. After the Pell Grant, you will be notified by your school of any Federal Supplementary Grants, Work Study Programs or Perkins Loans for which you are eligible. Not all schools offer these programs. If you need much assistance, contact the schools before you enroll and see if they do.

After these options, you may be offered a Stafford Loan, or if your parents must contribute a PLUS loan.

To apply for federal aid, you need your social security number and/or your alien registration or permanent registration card, your drivers license, your tax return from last year, along with your spouse's, and evidence of any assets you have.

There is also a stipulation about not having been arrested for drug use or possession while receiving federal aid. If you were, you are no longer eligible for such assistance.

If you visit studentaid.ed.gov, you will see information about new federal aid programs, SMART for those who have had rigorous math and science programs in high school and TEACH for those willing to teach in low income areas. You will also find information about all of the other loans available for undergraduate and post-graduate students.

Also, please note that the FAFSA stands for the Free Application for Federal Student Aid. If you are on a website that asks you to pay for this, you are at the wrong site!

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