In order to qualify for any type of federal student aid, you must fill out a Free Application for Federal Student Aid, or FAFSA. All programs available on the FAFSA use financial need as a basis for awarding different types of aid. Many students question how financial aid is established. The following lists the general information that is used to determine how much “financial need” you have.
Independent students are usually judged according to their income. Full or part time jobs, baby sitting, gifts, investments, and all other sources of income must be reported. Because federal student aid seeks to help those that cannot help themselves, your income information is crucial to determining how much aid you need. Obviously, the less reportable income you have, the more financial need will be established on the FAFSA.
If you have scholarships coming in from private citizens, businesses, charitable organizations, or scholarship establishments, these amounts will be used to reduce the amount of federal student aid you might otherwise qualify for. Outside grants will also be applied as an offset on the FAFSA.
If you are a dependent student, then your parent’s income and assets will be used in conjunction with your own income (if any) to determine how much aid to award you. This is called the “expected family contribution.” Low income families and families that are on different types of federal or state aid, welfare, or other public assistance programs usually qualify for the most aid.
It might be tempting to “fudge the numbers” on the FAFSA in order to get more aid; but you shouldn’t do this. Federal aid officials will seek to verify the information provided to them using various resources, and the FAFSA will instruct you to provide documentation to support your position. In any case, almost everyone will qualify for subsidized or unsubsidized loans, making college within the reach of most Americans.
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