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FAFSA

The FAFSA is the First Step in the Financial Aid Process but What is It?

By Amanda Woidyla

The Free Application for Federal Student Aid (FAFSA) is the first step in the college financial aid process. It must be completed every year by students seeking financial aid. Financial aid includes grants, scholarships, work-study programs and student loans. The application is free to complete. Don’t let anyone scam you and offer to complete it for a fee. Click here to access a series of short videos explaining financial aid and completing the FAFSA.

Most financial aid is based on financial need. Financial need is the difference between the college’s cost of attendance and your Expected Family Contribution (EFC). The cost of attendance is determined by the school and includes tuition and fees, books, supplies, room and board, personal expenses and transportation.

Completing the Free Application for Federal Student Aid (FAFSA) is the first step in paying for college. This video provides an overview to get started.

The EFC is calculated from the information you put on the FAFSA. It is affected by dependency status, household size, income, assets and the number of household members enrolled in college or trade schools.

Cost of attending school – Expected Family Contribution = Financial need

Some people mistakenly believe they won’t qualify for financial aid because they make too much money or have too many assets. Almost every student qualifies for an unsubsidized Federal Direct Student Loan, so it is important to complete the FAFSA. Even if a student loan isn’t necessary, it’s a good idea to complete the application because it will identify any grants or scholarships available to you.

Amanda Woidyla

Amanda Woidyla is the University and Student Development Coordinator at BND, which is a long title for “I help students plan and pay for college and plan TO pay for college.” She coordinates College Application Month, North Dakota’s branch of the American College Application Campaign and REALLY likes public speaking. Outside of work, Amanda likes to ride bikes, do yoga and pet other people’s dogs.

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