Free Application for Federal Student Aid (FAFSA)

Saving money while attending college is rather challenging because of all of the costs associated with receiving an education. While many scholarships may provide a decent amount of money to help pay for college, it sometimes is not enough. A fair amount of students are unaware of the Free Application for Federal Student Aid, or FAFSA. Students are allowed to submit an application yearly in order to receive financial assistance from the government in the form of grants and loans. The option to accept the financial aid or loans is completely up to the student to decide. Much like in the title of the application, it does not require any form of payment in order to submit and application to receive federal aid in the form of grants or loans.

While some students may fill out an application for financial aid using FAFSA, they may not receive any aid at all. In order to receive aid, you must qualify for certain grants, loans, or meet specific income requirements. The most common type of aid that comes from the FAFSA are grants, which is essentially money that you do not have to pay back to the government. Loans are also offered to students, which is another viable option if they are not qualified to receive any grants.

While not all students may qualify to receive aid, those who do qualify have a decent chance to receive financial assistance during their schooling. One of the most prominent benefits for students is receiving grants. As aforementioned, it is money that you are not required to pay back to the government. By filling out a FAFSA application, students have the opportunity to receive free funding to go to college for filling out a simple application. It is also highly likely that students will receive grants, as there are multiple types of grants that students may qualify for.

Another benefit to filling out the FAFSA is the opportunity to receive loans. Although this money must be paid back to the government, being offered loans greatly assists students who are unable to qualify for grants. These loans are offered by the federal government in two types: subsidized and unsubsidized. By choosing to take out a subsidized loan from the federal government, you do not have to pay interest on the amount of money you choose to borrow. In contrast, an unsubsidized loan is money that you must pay interest on. However, the interest you must pay on unsubsized loan is a rather fair amount.

There may be students who have enough money to pay for college but may not have enough money to purchase gas or food while they attend school. Receiving grant money or loan money not only assists in paying for school, but also the costs associated with school. Many students are required to commute rather than staying in on campus housing as it is much cheaper. Gas is rather expensive, making it rather difficult to save money. Most students do not realize that receiving a grant can help pay for the financial burdens that come along when attending college.

There are a plethora of benefits students can receive by filling out the FAFSA. Often times this type of financial aid goes untapped and there are a large amount of students who do not know how to receive extra financial help while they attend college. Filling out a FAFSA application is free and does not take much time to complete. For those looking to save money while attending college, filling out the FAFSA is a wonderful way to begin saving money.

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