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FAFSA, EFC, COA… What do these letters mean?! If you’re looking into financial aid to help lessen the burden of college tuition, you may find yourself swimming in a sea of meaningless jargon and fine print.  It can be tricky knowing where to start when you want to apply for financial aid. The many “do’s” and “don’ts” can be intimidating as well as frustrating. These tips should help you navigate the process.

You’ve probably heard the acronym FAFSA but what is it? The FAFSA is used to apply for federal student such as grants, work-study, and loans. You can complete the FAFSA electronically or mail in a paper copy. To save time and lessen your stress while applying for financial aid you will want to:

1. Apply early!
2. Gather the documents you need.
3. Print a FAFSA worksheet and fill in the answers before completing it online.
4. Check your eligibility for federal student aid.
5. Make sure to note important deadlines:

Federal student aid deadlines
You should apply as early as possible.

State student aid deadlines
State deadlines may be earlier than the federal deadlines. Your state may also require an additional form.

School aid deadlines
Schools may have their own deadlines and applications for awarding student aid. Check with your school’s financial aid office for information.

Click for more information on deadlines.

If your head is still spinning try to learn the lingo:

• FAFSA: Free Application for Federal Student Aid. Find it online here
• COA: Cost of Attendance. The total cost of attending a particular college for a year.
• Credit: A summary of a person’s financial strength, including his or her history of paying their bills and ability to repay future loans
• Dependent: Someone who relies on others for financial support (i.e.: your parents)
• EFC: Expected family contribution, the amount of money a family is expected to contribute each year to a student’s education costs
• Loan: A debt, IOU, or agreement to accept money now in return for repayment later. Three types include: Private, federally guaranteed and charitable loans.
• SAR: Student Aid Report. A report sent by the federal government to students who fill out the FAFSA
• Work-Study: A federally subsidized program that offers needy college students part-time campus or community service jobs

Find a full glossary of financial aid terms here

Don’t get stressed and rush through the application process. It’s important to give accurate information and complete all steps. Make your application count!

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