The Free Application for Federal Student Aid (FAFSA) helps to determine a student’s eligibility for federal loans and grants each year to help cover the costs of a higher education.
From the FAFSA website: “Every year, the federal government awards about $150 billion in the form of grants, work-study funds, and low-interest loans to help millions of students pay for college.”
This free application is accessible online and takes less than 30 minutes to complete. A student’s eligibility for federal aid could change year to year based several factors (including but not limited to):
- Marital Status
- Household Size
- Military Affiliation
“But why do I have to do a FAFSA again?”
Regardless of a person’s individual circumstances, the FAFSA should be filled out every year. It’s free and could determine if a person is eligible to use loans (that typically have lower interest rates than alternative credit-based loans), and/or Pell Grant eligibility (money that does not need to be paid back). The FAFSA is also used to see if a student is eligible for types of non-federal aid or assistance to help cover educational costs.
“Globe University-Sioux Falls students should meet with me in the upcoming weeks to complete their FAFSA. It is so important for a student to understand their financial aid; completing their yearly FAFSA is one of the most important steps,” said Financial Aid Manager Elizabeth Augustine. “In addition, a student’s eligibility could change; the only way to find out is to complete their FAFSA. A small change could mean a big difference.”
This year the 2015-16 FAFSA is available online at www.fafsa.ed.gov and is recommended to be completed no later than Thursday, April 30, 2015 to determine a student’s eligibility for the upcoming academic year. For questions and/or assistance in filling out your FAFSA, please contact your financial aid manager on campus.