You must also fill out an FAFSA form if you wish to apply for most state and school funded programs including college loans, state-funded grants and tuition assistance initiatives. The U.S. Department of Education has established guidelines that are used to determine your eligibility for financial aid. There are many factors that they consider, including (but not limited to):
Your incomeYour parents’ incomeYour net assets
The number of siblings in your household
Your family expenses
The number of siblings attending college at the same time
Even if you think you won’t qualify it is important to fill out an FAFSA form. You may be surprised and you wouldn’t want to miss an opportunity to access cheap funding options.
via An introduction to student loans and the FAFSA – Dallas News | myFOXdfw.com.