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FAFSA Application Form
   FAFSA APPLICATION FORM

Free Application for Federal Student Aid

Free Application for Federal Student Aid form is required for all students who are seeking for federal financial aid programs. You have to complete the FAFSA each year to determine the type of aid you are eligible to receive. If your are a student in the second or posterior year, you can fill a renewal FAFSA by Internet o paper form. You can fill it out via:

- Electronic application that the college student aid office provides.

- Mailing a FAFSA form to the Central Processing System.

- Online at http://www.fafsa.ed.gov/.

We recommend to complete the FAFSA application online: the process is faster than applying on paper, with additional instructions, and you have advantages like checking or changing information in your form before submitting it. The answer is also quicker than mailing, and you can consult the status of your FAFSA. There are also forms in Spanish.

One you have completed and submitted the FAFSA, the information is processed and a electronic copy is sent to the college or college you have listed in your FAFSA application.

After submitting the FAFSA, you will received a Student Aid Report (SAR) in a period not longer that 4 weeks, with the results about the information included in the FAFSA form and the EFC (Expected Family Contribution) number. The data about the EFC is used for the college to calculate the federal financial aid package the student will receive, including the conditions under which you are eligible for a grant, work study program or other types of student loans. You must carefully review the information on the SAR to ensure it’s correct and follow the instructions included in the SAR if you have to make corrections (electronically, on the web if you have a Pin, o by post, returning the SAR corrected) or provide additional information. Don’t forget to send the SAR to your university or college before the enrolment deadline and check out if you need other documents or forms. If you have not received the Student Aid Report four weeks after sending the FAFSA, you should contact the Federal Student Aid Information Centre at 1-800-433-3243.





STUDENT LOAN CONSOLIDATION GLOSSARY
F

FAFSA (Free Application for Federal Student Aid)        Family education loan        Federal        Federal government

Federal loan         Federal plus loan         Federal subsidized loan         Financial institutions         Financial need

Fine         Fixed interest rate         Form         Fraud         Funds

F

FAFSA (Free Application for Federal Student Aid)

A form required by the government for application to any federal education aid program. The FAFSA is used to determine the expected family contribution based on family financial information. A FAFSA is used to determine the specific Federal Student Aid programs that can contribute to a student's total financial aid package and in what proportions.

Family education loan

Funds for these programs are provided by private lenders and the loans are guaranteed by the federal government.

Federal

Central: relating to a political unit established on a federal basis, especially its central government.

Federal government

The central government of a federation.

Federal loan

Loans guaranteed by the US government.

Federal plus loan

The Federal PLUS Loan is an affordable, low-interest loan designed to help parents pay for their child's college education. This is a government loan meaning that it is guaranteed (or insured) by the federal government. The loan allows the parent to fund the entire cost of education.

Federal subsidized loan

The Federal government pays the interest on a Federal Subsidized student loan during in School status, grace period, and authorized deferment periods. To qualify for a Federal Subsidized student loan, a student must demonstrate financial need.

Financial institutions

Banking, Insurance, Investment Banking, Savings Institutions, Trust Companies.

Financial need

The difference between the students’ cost of attendance and the expected family contribution. The formula is Expected Family Contribution – Cost of Attendance.

Fine

Money extracted as a penalty.

Fixed interest rate

An interest rate that does not change during the loan term.

Form

A document, usually with blank spaces for answers or information to be supplied.

Fraud

Crime of cheating people: the crime of obtaining money or some other benefit by deliberate deception.

Funds

Available money, ready cash, saved or invested for a particular purpose. An organization that manages a sum of money for a particular purpose.


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