Get answers to frequently asked questions for FAFSA forms, applying for scholarships, and other financial aid resources for undergraduate and graduate students.
Get answers regarding financial aid and filling out FAFSA forms, determining which scholarships are right for you, and better understanding your financial aid package with these FAQs from the Financial Aid King and The College of Saint Rose.
We’ll help to debunk some of the common FAFSA myths and help you learn more about how to get the most financial aid awarded to you when applying for colleges.
FAFSA: Free Application for Federal Student Aid
The minimum requirements for FAFSA are:
- Demonstrate financial need. Financial need (for most programs) is calculated by the difference between the Cost of Attendance (COA) to a particular college and Expected Family Contribution (EFC).
- U.S. citizenship or be an eligible noncitizen (including a U.S. national or permanent resident).
- Valid Social Security number.
- If you are male, be registered with Selective Service (between the ages of 18 to 25).
- High school diploma or GED certificate.
- Enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program.
The federal deadline to file a FAFSA form is June 30 of the year prior to the following academic year. It’s encouraged to start applications as early as October 1 of the year prior to the year you will be attending.
Many colleges offer financial assistance on a first-come, first-served basis. So, it’s important to get your application in early to receive the highest amount of aid from loans, grants, and work-study opportunities.
- Log in at Federal Student Aid to apply online or fill out the form in the myStudentAid mobile app.
- It’s strongly suggested you request an FSA ID, your electronic signature for FAFSA on the Web. Separate and unique FSA ID numbers are required for students and parents of dependent students. Be sure to keep these FSA ID number(s) as you will need them to file the FAFSA each year, sign federal loan applications, and access your student aid history online.
- File the FAFSA after October 1 for the upcoming year.
NOTE: New York State residents must complete the Express TAP application (ETA) online immediately following submission of the FAFSA.
There is no income limit to apply for financial aid.
Even if you believe your income is too high for needs-based financial aid, it’s worthwhile to file the FAFSA form to get possible grants and work-study.
However, there is an earnings cap to achieve a zero-dollar Expected Family Contribution (EFC), which means your expected contribution would be zero.
Students or guardians will be required to use federal tax information from the previous year to the year you are submitting the FAFSA form.
Since you will be submitting a FAFSA for the following academic year, the tax information required would be from two years prior to the start of that academic year.
Not all the money that could be received after filling out the FAFSA form is free money.
Students can receive free money through grants and scholarships that are awarded to them.
Other financial aid packages will include student loans (subsidized and/or unsubsidized) and work-study programs that are awarded based on financial need.
The documents needed for filing the FAFSA are:
- Your FSA ID for electronic filing
- Your Social Security card or alien registration card if you are a not a U.S. citizen
- Your federal income tax returns and supporting documents such as W-2 and 1099 forms for the previous year. If you are married, you will need their tax documents as well.
- Your parents’ or custodial parent’s federal income tax returns and supporting documents if you are a dependent student
- Additional records and documents for other untaxed income, including welfare, Social Security income, and veteran’s benefits, if applicable
- Current bank statements and records of investments
- Any records related to a change in family circumstances, such as medical expenses, death, divorce, job loss, and other life events
- Title IV Institution Codes for each school you are applying to
Financial Aid
Financial aid awarded to students is divided into three distinct categories:
- Scholarships and grants
- Loans
- Work-study earning.
Scholarships and grants are awarded by a college or other organizations and are not required to be paid back unless the terms of the scholarship are broken.
Federal loans can be awarded to qualifying students and are required to be paid back. Work-study opportunities are given to need-based students to work on campus to limit loan debt.
Financial aid awarded to students is divided into three distinct categories:
- Scholarships and grants
- Loans
- Work-study earning.
Scholarships and grants are awarded by a college or other organizations and are not required to be paid back unless the terms of the scholarship are broken.
Federal loans can be awarded to qualifying students and are required to be paid back. Work-study opportunities are given to need-based students to work on campus to limit loan debt.
Certain student loans are considered financial aid and may be included in your financial aid package for the school you are applying to.
These student loans can include the Direct Subsidized Loan and Direct Unsubsidized Loan, as well as Federal PLUS Loan for eligible parents.
Private loans are not considered to be financial aid.
Students can use the financial aid they are awarded for expenses directly related to their education.
This includes tuition and fees, transportation, books, room and board, supplies, and even expenses like childcare. However, be careful not to borrow more than what is really needed as it will have to be paid back at a later date.
Scholarships
A scholarship is awarded to a student for schooling based on merit or financial need.
Students can receive scholarships based on academic achievement, financial need, or other criteria such as community involvement, areas of study, and demographics.
The individual donor or institution that is sponsoring the scholarship sets the individual criteria and how the money gets applied.
There are two different categories of college scholarships: merit and private scholarships.
- Merit scholarships are typically academic scholarships awarded by a college, but they can include athletic scholarships and other special talents such as art, music, writing, and more.
- Private scholarships are granted by businesses, organizations, clubs, and other types of agencies. These scholarships can be regional or national scholarships, for minorities, women, and even for community service.
Finding the right scholarship for you requires research and patience. Below are some resources to get you started:
- Start by contacting your high school or TRIO counselor for opportunities.
- Contact the financial aid office of the college or career school you are applying for or currently attend.
- Use online tools such as CareerOneStop, Scholarships.com, FastWeb, and CollegeNet.
- Find scholarship and grant resources on your state’s government website.
- Reach out to businesses and organizations in your field of interest for sponsored scholarship opportunities.
- Find ethnicity-based organizations and other organizations representing minorities.
Requirements will vary depending on the scholarship you are applying for.
However, there are some common documents that are required:
- Copies of transcripts and/or diplomas from the last school you attended. If you are applying for a bachelor’s degree, this would be from high school. If you are applying for a master’s degree, this would be from the previous program you attended.
- Standardized test scores from SAT, ACT, GRE, GPA, or other applicable tests.
- Resume or Curriculum Vitae (CV). Even if you don’t have any previous employment experience, writing out any skills, volunteer experience, or hobbies can help.
- Letters of recommendation from qualified people, such as teachers or employers.
- Essays and statement of purpose. This will allow you to explain why you are interested in the program you are applying for and why your personal achievements make you a candidate for the scholarship.
Additional Documents:
- Portfolio or audition registration for art, design, and music programs
- Financial and tax information from parents
- Medical and health evaluation reports
- Copy of passport if you are an international student
Submit a financial aid question
Do you have an additional question about FAFSA, financial aid, and scholarships? Submit your questions to The Financial Aid King by emailing king@financialaidking.com.
We can assist you by answering any questions you might have and getting you on the right path so that you have a better understanding of your financial aid options.