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FAFSA Student Loans – You should Know

If you are preparing for college, you may be focusing on applications to get into your dream school. Yet another application is equally important: the FAFSA Student Loans.

Students can determine if they qualify for federal and state aid by filling out the FAFSA, the Free Application for Federal Student Aid. It is an important component of paying for higher education because such aid can come in a variety of forms, including grants and federal student loans, and many colleges use FAFSA to determine student eligibility for certain scholarships.

Getting ready to fill out the FAFSA, it’s essential to gather all the needed materials so that you have them with you at all times.

For help completing the FAFSA Student Loans, here is what you need

  • Social Security Number (SSN)

Be sure to have your Social Security card on hand so that you can properly enter your Social Security number (SSN) on your application. A Social Security Number is a unique number assigned to only you and is an important part of your application. If you are not a US citizen, you can use your Alien Registration Number instead.

  • Federal Student Aid (FSA ID)

FSA IDs can help streamline the application process for FAFSA. There is a specific username and password associated with the FSA ID. FSA ID replaced PINs from years past. If you don’t have FSA ID, create a new one. The FSA ID allows you to sign your application and get it processed quickly. Moreover, you can use the FSA ID to assist you in pre-filing your FAFSA in the future.

  • Tax returns

To apply, applicants must provide information from their tax returns completed two years ago. Therefore, for those completing the FAFSA for the 2021-2022 school year, 2019 tax information must be provided. To streamline the process of importing your information, you can use the IRS Data Retrieval Tool. If you are a dependent student, you will need to attach your parent’s tax returns and assets records to your FAFSA.

  • Records of assets

You will need to gather your bank statements and investment records to show your current assets, as well as any untaxed income you may have. Students with dependents will need this information from their parents, too.

As a result of this information, the Expected Family Contribution (EFC) is calculated, which is a measure of your family’s financial strength and is calculated according to a formula established by law, according to FAFSA.gov.

  • Schools you might attend

After filling out the FAFSA, up to ten schools can list that you are considering attending. List the schools as they will receive the FAFSA information electronically and will use the information to determine your financial aid eligibility, including the types of aid you will receive and the amounts you will receive. Be sure to list all of the schools you are considering, even if you are undecided. You should be aware that the schools you apply to cannot see what other schools you are applying to.

Consolidating your federal education loans: It will modify your payments

Loan forgiveness program for public service employees

Consolidating private student loans

Student loans may be eligible for forgiveness in a variety of situations

Apply for FAFSA

Students can apply for financial aid beginning October 1 of the previous academic year. Filling out the FAFSA as soon as possible, especially before the June 30 federal and state deadlines, will have a significant impact on your college funding.

If your financial circumstances change due to a job loss, illness or divorce after you submit your application, you may want to follow up with your school or contact the financial aid office. It is also important to keep track of future deadlines since you will need to submit the FAFSA every year you are a student to receive financial aid.

Note: FAFSA® is a registered service mark of the U.S. Department of Education and is not affiliated with us.

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