Filing for financial aid is an integral part of college for most students. However, many students, especially freshmen, experience confusion with the process and have to rely on their parents to help them fill out their FAFSA.
There seems to be a great deal of gray area when understanding many financial aid concepts. Fortunately, the MSU Office of Financial Aid, in addition to many other websites, has a number of helpful videos to help explain some of this information. The FAFSA website also provides helpful explanations for many FAQs.
Many students struggle from the very beginning, like supply chain management senior Arham Amer.
“It’s difficult to start off,” Amer said.
Marketing senior Thomas Barton said he works on his FAFSA with the help of his parents, but that overall, it’s not too difficult.
“I think it’s pretty easy, because StuInfo puts you right through it,” Barton said.
A FAFSA must be filled out each year, and the types of financial aid offered vary depending on a student’s needs and household income.
Different forms of financial aid include a series of grants and loans, and the amount of aid offered differs across universities.
As of April 19, MSU has offered 35,225 students more than $1 billion for the fall 2015 and spring 2016 semesters.
One common mistake when initially applying for a FAFSA is to go to FAFSA.com, a website that charges students an $80 service fee in order to complete the application.
FAFSA actually stands for Free Application for Federal Student Aid, so don’t be tricked. Make sure to go to FAFSA.gov instead.
The process of filling out a FAFSA is basically a chance for students to explain their family’s financial situation, and why they need money from a loan or grant.
The FAFSA itself acts as a uniform tool for colleges to determine how much a family can contribute. Then universities create a financial aid package using that information for state and school aid. Factors which affect eligibility include expected family contribution, the student’s year in college, enrollment status and the cost of tuition at the college of attendance.
Financial aid does not carry over from year to year, and the amount can differ from one year to the next based on changing factors in a student’s eligibility.
Common mistakes when filling out the form typically involve a lack of attention to detail. Students need to make sure to use their official name that is registered with their social security number and need to double check all of the numbers and names that are a part of their personal and financial information.
