What it is: The Free Application for Federal Student Aid [FAFSA] is used to apply for federal financial aid such as grants, loans and work-study. Most two- and four-year colleges use the FAFSA when determining the amount of aid to award to each student. 

How it works: A Federal Methodology formula is used to estimate your Expected Family Contribution [EFC], which is subtracted from your school’s anticipated cost of attendance to determine the amount of federal aid you are eligible to receive and your financial aid package.

When to apply: Deadlines vary depending on the state and school, so check with each individual school for specifics. However, you can apply as early at Jan. 1, each year. Apply early to allow the U.S. Department of Education and colleges time to process your information and make any necessary corrections.

How to apply: You can complete and submit your application online, or you can mail a hard copy. Visit fafsa.ed.gov or studentaid.ed.gov for more info.

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