Many families are trying to find out certain solutions to meet up the financial costs of the students. As the college expenses are becoming expensive, finding out the right financial aid is of utmost importance. To solve out such issues, FAFSA is gaining immense popularity. Now the question arises, what does FAFSA stand for? Well, this term stands for free application for federal student aid. It is a kind of financial aid provided to students to help them solve their financial requirements for education. Many students are applying for such grants and taking up the facility for their education. This federal program is efficiently managed through the Department of Education.
To talk about the types of student aid, they are divided into four categories including grants, scholarships, work study awards and loans. In the scholarship category, the money or grant should not be paid back. Mainly, scholarships are given on certain grounds including music, art, academics, athletics and other fields. In terms of grants, the money is provided on financial grounds and the money is not required to be paid back. Work study awards are given to students who work on campus to meet up their financial costs. Loans are required to be paid back with certain rates of interests.
FAFSA calls for certain paper work to be done. Documentation is carried out to complete the application. To process out the application, the Department of Education need one to four weeks. Certain factors are also taken into consideration to process out the applications.
So, take up the benefit and become qualified to meet your education costs.