Quick Guide: The FAFSA Process

What are the important concepts I should know before filing a FAFSA?

The Free Application for Federal Student Aid (FAFSA) is completely free.

One important point every student and family should know is that the FAFSA is a free application that does not require a payment to process.

There are many companies and online sites (fafsa.com) that charge $50-$95 to gather personal information required on the FAFSA and transfer it to the legal FAFSA website. Be sure to log into the federal government site that ends in .gov (www.fafsa.gov) for the free and secure site.

The FAFSA requires federal tax information.

Yes. The FAFSA requests tax return information filed two (2) years prior. This information is automatically transferred from IRS.gov to the FAFSA application by answering a few security questions to sync the data.

This process is a simply process as long as taxes have been submitted.

What is an EFC?

The EFC, which also stands for the Expected Family Contribution is the number provided once a student successfully submits their FAFSA. Institutions use the EFC to determine the level of funding each student is eligible to receive based on federal guidelines from the Department of Education.

FAFSA determines eligibility for federal, state and institutional need-based aid.

Completion of the FAFSA determines financial need and funding from federal, state and oftentimes, institutional sources. Student loans and Federal Work Study (FWS) is also financial aid, therefore, it is important to review a student's full Financial Aid Award Package to see everything offered to them.

For additional information of eligible funds, visit: https://studentaid.gov/complete-aid-process/receive-aid

#MCUUniversity #FinancialLiteracy #COVID19 #Studentloans #FAFSA

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