Edition: High School
Part: 2 - - The Application Process for Financial Aid
To be considered for most of the Federal student aid programs (such as Federal
Pell Grants, Federal Direct Subsidized and Unsubsidized Loans, and Federal
Stafford Loans), a student must fill out and mail in the Free Application for Federal Student Aid (FAFSA). This application collects financial and other information used to calculate the Expected Family Contribution (EFC) that ultimately determines the student's eligibility for aid.
The application-processing cycle lasts 16 months. For the 1995-96 award year, application processing will begin in January 1995, and applications for that year will be accepted until May 1996. Many schools have limited institutional aid funds that will be awarded in spring 1995 on a "first-come, first-served" basis to eligible students. So, it is important that students complete and submit the FAFSA as early as possible after January 1, 1995 to be sure they are considered for all types of aid from all sources. If submitted (or signed) before that date, the FAFSA will not be processed.
Students who submitted a FAFSA for the 1994-95 award year may receive a Renewal FAFSA to complete for 1995-96. A Renewal FAFSA allows students to update the information they submitted on the FAFSA the previous year, as well as to add some new information. The Renewal FAFSA may be used-and will be processed in the same manner-as the FAFSA. Whenever the term FAFSA is used in this handbook, the same information may be applied to the Renewal FAFSA.