FAFSA, you must have heard this term if you are a student applying for financial aid in universities. So, what is FAFSA precisely? Well, FAFSA is acronym for the Free Application for Federal Student Aid. If you are in United States and want a federal student financial aid, then you are required to submit this FASFA form annually. Your university and state may also use the information you submitted to award you with any non-federal aid.
Now, as you know “what is FAFSA?” let’s talk about what exactly it consists of. The FAFSA contains a number of questions concerning you and your family’s finances. The values you submit are then entered into a method that finds out the Expected Family Contribution (EFC). The value can differ broadly; depending on number of factors such as if you have siblings in same college at the time. After calculating the values, Student Aid Report (SAR) is created and your university will decide whether to give you aid or not.