If your high school student is planning on College and applying for financial Aid, you might want to pay attention to this press release. Students just register with the Selective Service before you begin the F.A.F S.A form application, for financial Aid. If you are turning 18 in the year 2012 remember to register with the Selective Service before you apply for FAFSA financial Aide, if you don’t the forms will be rejected until you have registered.
Once you complete your FAFSA form, a Student Aid Report (SAR) is generated and sent to both you and the schools that you indicate on your form. Each school’s financial aid office then subtracts your expected family contribution from their school’s unique cost of attendance (COA), resulting in your financial need for that school.
Since there are so many variables involved in computing your unique expected family contribution, it’s hard to give rules of thumb about what someone’s EFC will be based on a single factor such as income or assets. The Department of Education does provide an online estimation tool called the FAFSA4caster to help families estimate their EFC.
Before you start thinking about telling a few white lies on your FAFSA to lower your expected family contribution, it’s important to realize that the penalties if caught can include stiff fines and jail time.
The easiest way to cut your expected family contribution is to be declared an independent student, though this requires meeting certain criteria. By removing a parent’s income and assets, it could substantially decrease the EFC and qualify you for more financial aid.
Click here to go to the on line estimation form
-courtesy FM 92 the Bullet
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