US government and civics
- PPACA or "Obamacare"
- The fiscal cliff
- More fiscal cliff analysis
- The Electoral College
- Sal teaches Grover about the electoral college
- Primaries and caucuses
- Deficit and debt ceiling
- Government's financial condition
- Social security intro
- FICA tax
- Medicare sustainability
- SOPA and PIPA
- Pension obligations
- Illinois pension obligations
- Introduction to the FAFSA
- History of the Democratic Party
- History of the Republican Party
- Constitutional powers of the president
- Presidential precedents of George Washington
- The President as Commander-in-Chief
- Expansion of presidential power
- Why was George Washington the first president?
The FAFSA, or Free Application for Federal Student Aid, is a crucial tool for students seeking financial aid for college. It's a free form that calculates an Estimated Family Contribution (EFC) based on family income and expenses. Colleges use this EFC to create a financial aid package. Remember, always use the official site, FAFSA.ed.gov, to avoid unnecessary fees!. Created by Sal Khan.
Want to join the conversation?
- At what age does FASFA only use your own tax return info and not your parents?(12 votes)
- The age limit of 24 years old is one of several categories that distinguish an Independent Student from a Dependent Student. For official details from the Dept. of Ed., see: http://studentaid.ed.gov/fafsa/infographic-accessible(13 votes)
- hello i am from the future 👽(4 votes)
- I would command you to "Go back to where you came from," but I think it would be more correct to say "Go forward to where you came from." :)
Note: I know you were trying to be funny, but please only post comments that relate to the video, article, or program in question. At least don't post it in the "questions" section because it clogs the Que of answers.(2 votes)
- Is FASFA only in the USA?(4 votes)
- The FAFSA is built for the US higher educational system.
But I'm not clear entirely what you mean. The FAFSA is used only by institutions in the USA. It is used to evaluate how much money you will receive from federal and state grant subsidies, and "institutional (need-based) aid". However, US students who wish to attend school internationally can use the FAFSA for other Federal loan programs and such.
If you are asking if it is only for US citizens, the answer is no, however, it is not designed for foreign students. You can be a US National and apply. If you are a non-citizen but you are a permanent resident, conditional permanent resident, refugee (or the like), or if you are a citizen of one of the few microscopic-sized islands the U.S. happens to administrate (such as the Republic of the Marshall Islands), you can also apply.
This is a good resource for additional information (brought to you by the US Gov't):
- After watching the video, I don't understand what types of savings does the FAFSA include in the EFC? I've heard that retirement plans like 401(k), 403(b), Roth IRAs and Traditional IRAs, from which you can borrow for college savings, are not included in the calculation; while 529 plans are included in the EFC. Is this true? If this is true, and only the 529 balance will be included in the EFC, then it seems like 529 plans are self-defeating because every dollar you save just adds up to a dollar you are judged able to pay. In sum, what is the best strategy for maximizing savings while minimizing the EFC, thereby maximizing the family's actual ability to afford college?(2 votes)
- The key difference is that the 529 plan is designed to help people save up for college, by allowing capital gains to accumulate tax free as long as the funds are used for tuition and other specified expenses (it varies a bit among 529 plans - some will cover a computer purchase, for example). The other plans are specifically for retirement. Yes the existence of a 529 plan reduces the level of financial aid dollar for dollar, but consider that a) low income families probably don't have a 529, and b) most financial aid packages include some form of loans that need to be paid back, so the 529 plan can reduce the amount of debt the student takes on.(4 votes)
- Can students that have been granted "deferred status" get aid through the FAFSA?(3 votes)
- Now a days, many students apply to colleges before you can even fill out the FAFSA, so how can admission make any decisions based on need?(3 votes)
- Some colleges require that the applicant fill out an approximate income for their home for the previous year.(1 vote)
- When should student begin filling out these forms? Junior year, senior Year? Also, are step parents income included?(3 votes)
- How soon should I start filling out the FAFSA form? I'm a junior right now.(2 votes)
- It would make sense to fill out FAFSA before or during the time when you apply for colleges.(2 votes)
- What is the technical difference between Need Blind and Need Sensitive ? I watch the video twice, and the only thing I found is that Need Blind covers up to 100% of the applying student's fees, while the majority of current schools, due to budget constraints, would require Need Sensitive, which is information about the student's family's ability to contribute financially to his tuition fees.(1 vote)
- All schools take both approaches. "Full-Ride Scholarships" are need-blind: they're getting that scholarship based on MERIT, not need. The school wants that student because their academic or athletic performance is so high & expected to contribute to the school's overall performance "portfolio." If the school thinks that student is going to make the school "look good" and draw positive publicity, they will do whatever they can, especially pay for everything, to get that student there.(2 votes)
- Are academic scholarships typically subtracted from a financial aid packet? Or are they part of the financial aid packet?(2 votes)