The FAFSA is considered the application for federal student loans and is typically a student's first step in applying for financial aid.
You can fill out the form online at studentaid.gov. Students are strongly encouraged to apply online, but if you prefer, you can complete a paper version of the FAFSA and send it via mail. Check with your high school guidance counselor or college financial aid office for a paper form.
No. Private student loan borrowers DO NOT need to submit a FAFSA. Simply complete the online Citizens Student Loan™ application to apply. However, students are encouraged to exhaust all available Federal Aid before taking a private student loan to pay for college.
You will need to complete the FAFSA form. This form will enable your college to determine your eligibility for all types of federal aid, including Federal Direct Loans. After you find out whether you are eligible for the Federal Direct Loan, you will need to complete a Federal Direct Loan Master Promissory Note (MPN). Visit the Federal Student Aid site for complete details about federal loan options.
The types of loans, and amount you're eligible to borrow each year, is determined by your school each year. However, there are limits to the amount you can receive. Annual and lifetime limits vary based on the year of school you are in, and whether you filed as a dependent or independent student. You can visit the Federal Student Aid site for more details, but to give you an idea of what to expect, below are the current annual limits:
Yes. You will need to complete the FAFSA form each year. Every year you will receive a new financial aid award letter from your school.
Usually, you do not have to complete a new MPN each year. These forms are good for 10 years. You may have to fill out a new form if you change schools or change your lender.
Under federal financial aid formulas, you'll qualify for additional financial aid when you have more than one child attending college at once. Just be sure to note on your FAFSA that you have multiple college students. In addition, many colleges and universities offer tuition discounts for more than one child per family.
Simply notify your school of any substantial change in your family's financial situation since you last provided your financial information. You'll need to file an updated FAFSA form that includes documentation of your new circumstances. You may be eligible for some form of additional financial assistance.
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