FAFSA
The FAFSA, or Free Application for Federal Student Aid, is a required document to apply for federal financial aid. Remember, federal financial aid is often better than loans from private lenders, because you'll often get better interest rates and better grace periods from the government. The form is filled out annually by students to determine how much money they are eligible for, and is dependent on a large number of factors. One of the most important classifications involves classification as either dependent or independent upon parental support. In the case of being classified a dependent, students' are required to submit information about their parents' income. This information is used to calculate the Expected Family Contribution (EFC). Normally, the amount of loan provided will equal the total calculated needs of the student minus the EFC. In order to be considered an independent, you must be able to answer yes to at least one of the following questions:
1. Were you born before January 1, 1984?
2. At the beginning of the school year 2007-2008, will you be working on a master's or doctorate program (such as an MA, MBA, MD, JD, Ph.D., Ed.D., graduate certificate, etc.)?
3. As of today, are you married?
4. Do you have children who receive more than half of their support from you?
5. Do you have dependents other than your children or spouse who live with you and receive more than half of their support from you, now and through June 30, 2008?
6. Are (a) both of your parents deceased, or (b) are you (or were you until age 18) a ward/dependent of the court?
7. Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
8. Are you a veteran of the U.S. Armed Forces?
The FAFSA deadline is usually at the start of July. Don't forget to file!