<p>What exactly is FAFSA for? I don't really get it. Is it to determine how much tuition,you, yourself pays?</p>
<p>FAFSA is the Free Application for Federal Student Aid- learn about it here:</p>
<p><a href="http://www.fafsa.ed.gov/%5B/url%5D">http://www.fafsa.ed.gov/</a></p>
<p>It's the standard application for college financial aid that virtually all colleges require. It takes the numbers you put in for income and assets (student's and parents'), and crunches them, and comes up with an EFC (Expected Family Contribution). That's the key number-- it goes out to all the colleges you apply to-- and it's the number that they use to determine your aid package. It's the amount the government thinks your family can afford to contribute next year to a college education.</p>
<p>Total Cost Of College (including tuition, room, board, books, and misc) minus the EFC = your estimated need. They'll put together a package of aid (grants, loans, work study) that meets most of your need. Some colleges are more generous than others.</p>
<p>Most Private Colleges also require the Profile application-- it asks most of the same questions, and more, and uses a different formula to calculate the EFC.</p>
<p>Edit- Yeah, what sblake said. XD That explaination makes more sense.</p>
<p>But oh yes, the sooner you file the FAFSA after Jan. 1st, the better. Or so I've heard.</p>
<p>FAFSA is a measuring stick to determine how much your family should contribute to your college education. It takes in how much money you (family) have saved, and how much money you earned last year, and spits out how much you should pay for college. </p>
<p>There are a lot of political and societal judgements built into the formula which are the source of constant discussion around here. The more you become a Fafsa Wonk the better you can use the system to your benefit.</p>