FAFSA
WHAT IS FEDERAL STUDENT AID
Federal Student Aid, a part of the U.S. Department of Education, is the largest provider of financial aid in the nation. Federal Student Aid helps millions of low income students across the country pay for higher education who otherwise would not be able to pay for college, by providing more than $150 billion in federal grants, loans, and work-study funds each year to more than 13 million students paying for college or career school.
HOW DOES IT WORK?
Federal Student Aid is responsible for managing the student financial assistance programs authorized under Title IV of the Higher Education Act of 1965. These programs provide grants, loans, and work-study funds to students attending college or career school.
To be able to file for Financial Aid (FAFSA), you must complete your taxes as soon as possible. Employers are required by law to give each of their employees a W-2 form (indicates their income, social security, and Medicare taxes withheld) by the end of January every year. This should indicate your tax information for the previous year (i.e. 2015 W-2, will be given end of January 2016).
A parent or guardian’s immigration status does not affect your child’s eligibility for Federal Aid. However, parents do need to file taxes. Each household’s income, number of family members, stocks/bonds is taken into consideration to determine your expected family contribution “EFC” and that will dictate how much aid will be awarded.