Students Financial Aid Application
When applying for a student financial aid there are many factors to be considered. With this to be the case there are many instances when a student who does not qualify for a financial aid in one year can be eligible for the same aid the next year. This is the reason why it is advised that you as a student should apply for a financial aid every year. Even a small change in the financial situation of the family can increase your chances of getting a financial aid.
Loans that come under financial aid application
If you wish to apply for a federal student financial aid that would include Stafford loans, Perkins Loans or the Pell Grant you would have to submit an application with the federal Student Aid. This application is free of cost and is available on the website of the Department of Education for the U.S government. All the states and most of the school student assistance programs also require your to fill in the Free Application for Federal Student Aid (FAFSA).It is required that you fill the form every year if you want an aid.If you fill out the application online then you can get the student aid report faster than what you would have got with a conventional application, the processing of the application is more accurate than the conventional application, besides when you fill out the application online then there is an in built spell check that can detect errors.
There are some private universities and colleges that require additional information apart from you filling the FAFSA. The college may provide you with additional forms or you would be required to fill in the CSS (College Scholarship Service) Profile provided by the College Board.This PROFILE form is a requirement set by many colleges and universities to resolve your eligibility to qualify for a non-government student financial aid like the scholarships provided by the institution and the loans and grants given out by the institution.
How does it differ?
Let us see how does a FAFSA differ from a CSS PROFILE.With a CSS PROFILE the applications are submitted in the fall whereas the FAFSA applications cannot be submitted before the 1st of January. The form for CSS PROFILE contains questions that are related to the financial aid that you have applied for or the school whereas the FAFSA application has the same questions for everyone. The financial need is determined in a different way with a CSS PROFILE than how it is determined with a FAFSA. Both take into account the financial condition of the family but the CSS PROFILE would require more details as compared to the FAFSA application.
The CSS PROFILR requires the minimum student contribution whereas the FAFSA does not require this. The decision of giving the CSS PROFILE financial aid depends a lot on the professional judgment. The CSS PROFILE cost five dollars and an additional of eighteen dollars for every school or every scholarship program but the FAFSA is free of cost. If you want to fill out the CSS PROFILE then you can do this online also. When you sign up for a CSS PROFILE then you will typically need the profile code of the school or the program for which you are applying.
Things to know about the application
When you start applying for student financial Aid you should be aware of the deadline. You are required to submit the application for FAFSA soon after the 1st of January. If you submit the application before that date then your application will not be processed because the analysis process would use your financial details from the previous tax year to decide on the eligibility. In order to submit the application before the deadline you should submit the application before the 1st of March the ideal time is around the 15th of February. For the students who are Michigan they should be prompt enough because the deadline for Michigan is in February.
While applying for a student financial aid you would require some documents to submit the FAFSA and the other applications for student financial aid.The driving license of the student as the social security number, the income-tax returns of the student as well as parents. The W-2 forms and the 1099 forms from the prior tax year need to be submitted. In cases where the student is married then the documents for the students spouse are also required. The records related to the stocks, mutual funds, bonds and other investments.The student is also required to submit the documents for the non-taxable income.
The application also requires you to submit documents related to any financial situation that the family has faced previously. You are also required to submit credentials stating the tuition expenses that were incurred during the elementary and the secondary schools. When you submit these documents you are required to keep photocopies of these as well as the fully completed application.If your application were accepted for the further process of verification then you would be required to submit the copies of these applications. Most of the schools verify the applications of almost one-third of the students while some of the schools would verify the application of almost all the students who submit a financial aid application.
Getting a student financial aid can be an easy task if the student is prompt enough in providing the all documents and is careful with the submission date. The student financial aid is available with the government as well as the schools and the private institutions. If you are quick in applying then you could as well qualify for a financial aid.
