FAFSA

The Free Application for Federal Student Aid (FAFSA) will determine your eligibility for federal grants and loans, state grants and scholarships and some private scholarships.

 
 

 

What is the FAFSA?

The Free Application for Federal Student Aid (FAFSA) is a form used by U.S. ³ÉÈËӰƬ and their families to apply for federal financial aid for college or graduate school. It's the primary way the federal government determines your eligibility for various types of financial assistance, including:

  • Federal Grants – Need-based grants like the Pell Grant.
  • Federal Loans – Loans with generally lower interest rates and better repayment terms, such as Direct Subsidized and Unsubsidized Loans.
  • Federal Work-Study – A program that provides part-time jobs to help ³ÉÈËӰƬ pay for their education.
  • State and Institutional Aid – Many state governments and colleges use FAFSA information to determine eligibility for their own financial aid programs.

The FAFSA collects financial and personal information from you and your family, including income, tax returns and other assets. The information is then used to calculate your Student Aid Index (SAI), which is used by schools to determine how much financial aid you might receive.

The FAFSA is important because it opens the door to a wide range of financial assistance, and it's usually required by most colleges and universities before they can award you any kind of financial aid.

 


 

The Student Aid Index (SAI)

The Student Aid Index (SAI) is designed to be a more accurate reflection of a family's ability to pay for college. It has replaced the EFC (Estimated Family Contribution) and serves a similar purpose: helping schools determine a student's eligibility for federal financial aid, including grants, work-study and federal student loans.

Key Differences Between the EFC and SAI:

  • EFC was used as a specific dollar amount indicating what the government expected a family to contribute towards the cost of education.
  • SAI doesn't have a set dollar figure like the EFC did. Instead, it's used in a broader way to help determine eligibility for need-based financial aid, but it no longer communicates a specific contribution amount.

This simplifies the process for ³ÉÈËӰƬ and families, as the SAI is intended to be more transparent and easier to understand. It also expands eligibility for certain types of aid, like the Pell Grant, by lowering the income thresholds.

So, when you fill out the FAFSA, instead of an EFC, the results will now show your SAI, which will be used to determine your financial aid package.

 

 


 

Have you been selected for FAFSA Verification?

Don't be concerned! The Department of Education selects some ³ÉÈËӰƬ for Verification. The FAFSA Verification process double-checks and confirms the information you’ve submitted on your FAFSA. ³ÉÈËӰƬ one third of the people who file the FAFSA each year are selected for verification.

This doesn't necessarily mean you filed incorrectly or that you won't receive aid, but additional documents are required before the Department of Education can process your FAFSA. UAF's Financial Aid Advisors have detailed information about what you need to submit and can help you submit your documentation.