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Free Grant Money for College
from: Maxx Family LifeCongress allocates about $67 million for student aid every year, to be awarded as loans, grants, gifts or scholarships, depending on a student's qualifications and need.
However, students and parents definitely prefer grants because grant money is basically "free money." Of course free grant money for college doesn't have to be paid back unlike student loans. Grants are based only on the needs of a student, and are calculated by including household, demographic, and financial data into a formula and then using this data to determine the awarded amount.
In order to get the information required, a student needs to submit the necessary data and apply for free grant money for college. That requires the completion of the Free Application for Federal Student Aid (FAFSA), which can be filled out online at FAFSA.ed.gov.
For incomeing freshmen, another requirment might be the completion of the CSS Profile Application. This Profile is a must because most colleges require this along with the FAFSA so they can determine who qualifies for free grant money for college.
The data received from a CSS Profile and FAFSA are used to compute the amount of free grant money an applicant qualifies to receive.
The FAFSA form has a section called the CPS or the Central Processing System. This is where the data on your FAFSA is compiled before a formula is applied. The Department of Education, under which the FAFSA runs, is the prime federal agency that applies the formula -- called Federal Methodology, using your EFC.
Knowing your EFC is therefore important if you're going to apply for free grant money for college. In fact, it's a key factor is determining your need. The EFC is tells you how much you should be able to contribute toward your own education based on your state of residence, household size, number in college and student and parent income and asset information.
When applying for the FAFSA free grant money for college, you'll need to submit several documents; the data received become the basis of your EFC.
Next to your EFC is the COA or Cost of Attendance. The school you're hoping to attend establishes this figure. The COA is composed of tuition, room and board, fees and estimated expenses for miscellaneous costs, such as books, supplies, personal, etc.
Once a student has their COA and EFC, they'll be assessed to find out if they qualify for free grant money for college. Financial need is calculated by subtracting the EFC from the COA. The formula is the standard guideline in determining how much need-based financial aid a student can be awarded receive by the government.
The equation, simplified, looks like this:
COA - EFC = Financial Need
After getting the result, the aid office will then use their "need-based" resources available to try to meet your financial need.
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