Hi, I’m a high school senior and have some questions about financial aid when applying to college-FAFSA specifically. How does FAFSA work exactly? I’ve seen some people say it is a first come, first serve basis, while others say that the first come first serve only applies to those who are lower income. I’m also wondering what my chances are to get any form of financial aid from FAFSA as someone in middle class. Any other advice/information would be appreciated as well!
The FAFSA form is used to calculate eligibility for different types of federal aid like Pell Grants, Work Study, and subsidized loans. It does not actually “give you money” and eligibility does not depend on how early you submit the form. Some individual schools use the form to determine how much you and your family will pay and the financial aid comes from them in the form of a grant (institutional aid) and that may or not be first come, first served but it depends on the college. Many private colleges use the CSS Profile to calculate what they expect your family to pay.
Your best bet is to read through the financial aid info on the websites of each college you are considering so you know what forms they want you to complete, the deadlines, merit scholarships that are available and if they have an extra essay or interview. Specific questions about the policies at each school should be directed toward their financial aid offices.
Reading though this thread may help your understanding
http://talk.qa.collegeconfidential.com/financial-aid-scholarships/2196773-fafsa-before-applying-to-a-school.html#latest