Should you be filing a FAFSA?
It’s the new year and for parents of high school seniors and college-aged kids, it signifies the arrival of this year’s FAFSA . For those of you unfamiliar with the term, FAFSA is the Free Application for Federal Student Aid. It is the tool that helps determine a family’s eligibility for federal grants, loans and work study as mandated by the Higher Education Opportunity Act . Essentially, the completion of the FAFSA allows the government to use your tax returns to determine what your Expected Family Contribution to your child’s education should be and what type of aid you may qualify for. So how does this process work? First, using your 2012 tax return, complete the FAFSA application on line. This should take about 15-30 minutes. Once you submit it, you will immediately receive your Expected Family Contribution (EFC). Your EFC is the amount of money, based on your reported income and finances, that you are EXPECTED to contribute to your child’s education. The EFC does take into acc