What is the FAFSA?
The FAFSA, or Free Application for Federal Student Aid, is the application for U.S. government financial aid for college. The FAFSA is your first and most important step to getting the money you need to help you pay for college. Federal student aid also includes unsubsidized student loans, which are not income-restricted. That is, even if your income is too high to qualify you for a subsidized loan, you may still be able to get an unsubsidized student loan, which often has a lower interest rate than those offered by private lenders.
Here are 3 pre-FAFSA steps to prepare you for financial aid applications.
1) Define your education objective.
- Are you interested in a career-focused education program that will prepare or certify you for a specific career or job? (For example, a degree in nursing or a bachelor’s degree in accounting.)
- Or are you looking forward to obtaining a 4-year university degree to enhance your life or advance the career you’re settled in? These objectives are equally worthy—it just helps to have an objective clearly defined at the start, even if you revise your plan down the road.
2) Do your research
It is important to think about the reality of what it will be like to work in the field in which you are studying. Do some research to get a sense of how much you’re likely to earn, the typical work-hours, typical tasks, what kind of education and training is required, and how much demand there will be for that job over the next 10 years. You can find this information at http://resources.courseadvisor.com. This will give you an idea of what you can expect when you do finish your studies and also if the studies are worth your effort and if it is worth going back to school for that particular occupation.
3) Compare education programs.
Once you have a sense of how much you are likely to earn once graduating, you can get a sense of how much is a reasonable amount to spend on college tuition.
You may get financial aid to cover most of the cost, but if you have to take out loans, most financial aid experts say you should base how much you borrow on how much you’ll earn after graduation, so you don’t drown in debt. (Here’s where the research on average salary is helpful.)
The goal of these 3 pre-FAFSA steps is to help you think about what you want to accomplish in school and get an idea of what your chosen program is likely to cost. Having this information will help you prepare for how much financial aid you’ll need after your FAFSA is processed.
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