The applicants to US universities must have stumbled upon FAFSA. Have you come across the FAFSA scholarship and become overwhelmed by the amount of information available? Not to worry, we've got you covered. FAFSA refers to Free Application for Federal Student Aid, and it is a federal aid system for students in the United States. The United States Department of Education provides it in the form of grants, work-study, or loans.
Yocket will cover everything you need to know about FAFSA and scholarships in this blog. So, what are you waiting for? First, let's define FAFSA.
Table of Contents:
What is FAFSA Scholarship?
The FAFSA scholarship is an application for all kinds of federal and state educational financial aid to study in US. Many scholarships use the FAFSA to evaluate student eligibility. Many states, individual institutions, and universities also use it to make financial assistance choices. The financial aid package available is meant to help students bridge the gap between what college costs and what they can afford to pay.
Tuition and fees, accommodation and board, books and supplies, and transportation are all covered by federal student aid scholarships. Each FAFSA application period lasts 19 months, from October 1 of the year preceding the award year through June 30 of the award Year.
Suggested Reading: Guide to applying abroad after completing 12th standard
Benefits of FAFSA Scholarship
Applying for FAFSA scholarships can provide a student with a number of advantages. One doesn’t need a certain level of income to benefit from these scholarships. Listed below are some of the benefits:
- It can be useful to search for scholarships as colleges access FAFSA applications for the same.
- The financial burden can reduce through FAFSA grants and scholarships.
- Allows students to apply for grants from the federal government, states, and colleges.
- It opens up the doors to seeking institutional aid for merit-based scholarships.
- FAFSA offers student loans at a lower interest rate.
How to Get FAFSA Scholarship?
The FAFSA scholarship application is a meticulous process as it requires detailed information. This is a step-by-step guide to applying for federal aid:
- Log in at the official site to fill out an online form.
- Create FSA ID to sign the FAFSA form electronically.
- Fill out all the demographic information of the student.
- List the schools of choice.
- Answer the dependency questions
- Fill out the parent’s information,
- Provide financial details
- Sign and submit the form
Note: Apply at the earliest as the federal aid is based on a first-come, first-serve basis.
Suggested Reading: How to Apply for FAFSA Scholarship?
What are the Eligibility Requirements for FAFSA Scholarship?
FAFSA is a pivotal step for attaining a scholarship. The following are the FAFSA scholarship eligibility criteria to be met to apply for the same:
- The applicant should be a US citizen or an eligible noncitizen of the US
- Possess a social security number
- Satisfactory academic performance
- Have a high school diploma or a certificate from the General Education Development (GED) program.
- Enroll in an eligible program as a regular student seeking a degree or certificate.
- The applicant must not be in default on a federal student loan or owe a refund on a federal student grant.
- Sign the FAFSA certification statement
Suggested Reading: Factors to Consider for University Selection in US
Documents Required For FAFSA Scholarships
Documentation of all the papers is a necessary step. Hence, these are the documents required to apply for a FAFSA scholarship:
- Educational certificates
- Social Security number
- W-2 and 1099 forms
- Bank Statements
- Federal Tax Returns
- FSA ID
- Parent Information
- Investment information (if applicable)
- Scholarships essays
- Contact details
- Statement of career goals
FAFSA Grants for Students
A grant is a non-repayable form of financial assistance. There are several types of FAFSA grants and scholarships available for students. Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), and Teacher Education Assistance for College and Higher Education (TEACH) Grants are some of the examples of federal grants.
The federal grant for each year may vary from program to program as per the eligibility criteria. Although grants are not repaid, students may be required to repay them if they withdraw from the programme for which the grant was awarded early or receive other grants.
Suggested Reading: 6 steps to complete CSS Profile
Applying for a FAFSA scholarship can be a big tick off in the college application process to-do list. We hope that this article was helpful in understanding the federal student aid scholarships. If you have any queries about FAFSA, you can reach out to Yocket consultants for assistance.
Frequently Asked Questions About FAFSA Scholarship
Ques. Is the FAFSA scholarship for international students?
Ans. The FAFSA scholarship is available only for US citizens, US nationals or eligible non-citizens.
Ques. What is FAFSA’s deadline for application?
Ans. For the academic year 2022-23, the FAFSA form must be submitted by June 30, 2023, at 11:59 p.m. Central time (CT). For the academic year 2021-22, the FAFSA form must be submitted by June 30, 2022, at 11:59 p.m. Central time (CT).
Ques. When does FAFSA open for application?
Ans. Every year on October 1st, the FAFSA application opens.
Ques. Is there a FAFSA income limit?
Ans. There is no cap on income limit while applying for FAFSA aid. Instead, factors such as year of enrollment and family size are taken into account, in addition to demonstrating financial need.
Ques. What are the different types of student aid provided through FAFSA?
Ans. The different types of federal aid available to students are grants, scholarships and work-study, along with student loans.