FAFSA is meant to make life easier for students and their parents. It’s an acronym for applying for Federal Student Aid, and one of the few things the federal government is doing right. Of course, there are certain procedures to be followed when applying for a Pell Grant or a federal student loan, so let’s take a brief look.
The first thing that is needed is a PIN number. This PIN serves as each student’s unique electronic signature. It is important to get it and keep it safe without disclosing it to anyone, especially to commercial service providers.
Application is easy, and all it takes is for the student to fill in an online form. The PIN can then be used to apply for federal student aid, to access records and modify information in the application, track applications, etc. In other words, the PIN number serves as a student’s online identity in the federal educational system.
Now it is time to actually apply for aid. Always start with scholarships and grants, then work-study programs and then loans. If all these have been tapped out, and the student still needs more aid, then and only then approach private lenders for a commercial education loan.
Many students will apply for and get a Pell Grant. It does not have to be repaid, the grant amounts are need-based with a maximum ceiling, and the eligibility criteria aren’t so hard to fulfill. All they look at is the expected contribution from the family and confirmation of the student’s status as an undergraduate.
The sum of it is that students looking for federal student aid need to start with FAFSA. Once the initial formalities of getting the PIN are completed, start by applying for grants. Whatever’s required after the scholarships and grants can be filled in with a federal student loan. If that too is insufficient, then approach private lenders for an educational loan.
Looking for more info on FAFSA? Get the exclusive low down now in our guide to all you need to know about Pell Grants and federal student loans on http://www.easyaid.com/