Education Department of the U.S. is open for Free Applications of Federal Student Aid (FAFSA) 2020-21, from 1st October’ 19. Its submission is obligatory for enrolled college students in the U.S.
Following is a guideline before submitting the 2020-21 FAFSA form.
Why Should You Apply For 2020-21 FAFSA Loans
Any type of student aid could be easily obtained through FAFSA. If you want to receive Federal Student Loans for 2020-21 academic year, Federal Pell grants, or any additional federal need-based programs, all are possible through FAFSA.
However, FAFSA is not only limited to Student Loans or grants it can provide much more than that. FAFSA is a requirement if your state, college, or university has its grant or scholarship programs.
Another important factor to mention is that your previous application for the year 2019-20 will not be entertained for the year 2020-21. Hence, a fresh application needs to be filled for obtaining aid in the academic year 2020-21.
Above all, it is free of cost. Also, FAFSA is a prerequisite for several merit-based programs, so if you do not want any type of aid you can still submit the form for merit-based programs.
Required Documents Before Applying for FAFSA Loans
Enlisted below are few things needed before filling out FAFSA 2020-21:
Federal Student Aid (FSA) ID
It is the username and password required to login to the student aid websites regulated by the U.S. Education Department. You need to create your ID if you have not filled FAFSA in your previous academic years. The ID can be easily created from the Department’s Student Aid website. Parents’ FSA ID is needed along with the following information in case of being a dependent student.
Your 2018 tax return needs to be submitted for FAFSA 2020-21. The IRS Data Retrieval Tool is incorporated in FAFSA for accessibility to your tax return report. Likely, any other income records which are not mentioned on tax return needs to be collected (for instance, child support).
Your Social Security Number and Driver’s License Number (If Any)
Information about your Assets: Includes the balance of your account (check, savings, and investment), additional assets apart from the primary home.
A list of Schools that you plan to attend: List all the possible schools you have planned to apply in.
How to access the 2020–21 FAFSA Loans
Several options are available to fill FAFSA 2020-21, including filling it electronically or manually.
A convenient method is to complete the form electronically on the website of Federal Student Aid. It allows several advantages, for instance, the tax return report can be retrieved directly through IRS. For the purpose, myStudentAid mobile app for Android and iOS is also available.
FAFSA is a well-described form; it cannot be filled in a hurry. So if you are filling it for the first time it will nearly take an hour to complete. However, a prior collection of documents and other requirements may accelerate the process. It is still suggested to take out almost an hour for filling out the form.
What To Expect After Submission Of The FAFSA
After submission of the FAFSA form, the information would be provided to the schools you have mentioned in your application. Similar will be shared with the Higher Education Agency of your state and Higher Education Agency of the listed schools’ states.
Subsequently, to submitting the FAFSA form, you will receive a Student Aid Report within three weeks. It has a summary of your FAFSA details. It does not carry the data of your financial eligibility for aid. Nevertheless, it makes it obvious that FAFSA is working towards the procedure by providing you a chance to recheck the given information.
Afterward, your school will offer you financial aid. All the listed schools, in your FAFSA loans form, which have accepted you would offer financial aids if you are beginning college in 2020.
The mentioned offers can be through electronic mail or manual letter. You have the option to either accept or refuse financial aid. The Financial aid office of your school is responsible for conveying you the details of how and when your financial aid would be granted.
Also, after waiting for 10 days, you may check the status of your FAFSA 2020-21 form online by signing in to your FSA portal.
What to Do If Grant Money Is Not Sufficient
If you do not find the granted award sufficient for your academic expenditure, you can have some other available options. One of the routes is Private Student Loan Business, it can be a substantial help to support your federal and state student aid, as in the present years this industry has far-reaching progress.
Another option could be Federal Student Loans, or the best student loans, but it is not appropriate for a large amount of money. And a part-time job can also work to fulfill your school and daily expenditures.