If you are a student looking for additional money for college then you should look into Federal Financial Aid. Federal Financial Aid offers very competitive student loan interest rates and favorable student loan repayment terms. In order to become eligible for this type of student aid, you must complete and submit the FAFSA or Free Application for Federal Student Aid. The FAFSA application takes into account all family Adjusted Gross Income and all family assets in order to determine if you qualify for federal student aid.
The financial aid application will give you an EFC or Expected Family Contribution score through the SAR report. The expected family contribution will determine how much your family is expected to contribute to your education. The lower your EFC score then the higher your chances are that you will receive some for of student aid.
The Federal Financial Aid application is free and there is never a charge to complete and submit this application. You will need your previous year’s tax documents and all financial statements that show your total assets available. If you have all your documents together then you will be able to complete the application must faster.
The Department of Education now has the FAFSA application online to make the process more streamline. All FAFSA questions are the same as the original FAFSA application that you can pick up at your financial aid office. This is just another option to choose from when completing the FAFSA.
By completing the FAFSA, you will make yourself eligible for the Stafford Loan, the Perkins Loan, and the Pell Grant. The Stafford Loan is available to around 18,000 schools, while the Perkins loan is available to around 1,500 participating schools. The Pell Grant is a federal educational grant that is available to low income in-need students looking for extra money.