"FAFSA4caster" submitted by SchoolGrantsfor Editorial Team and last updated on Sunday 8th January 2012
This new service requires the information that the FAFSA asks for but to a lesser degree and will take about 20-30 minutes to answer questions such as; tax documents, parent's financial information, student's and parent’s W-2’s & tax return from the previous tax year, Current mortgage summary, bank and investment statements, Social Security number, as well as some information about your assets, you can find out how large of a Federal financial aid package you might qualify for.
Get an estimate of your eligibility for federal student aid instantly, even before your senior year, and shorten the time it takes you to complete the FAFSA by using FAFSA4caster and provide you with information that will help make preparing for college and the financial aid process easier. If you or your parents do not have a college fund that is funded enough to pay for your education, you need to use the FAFSA4caster as soon as possible. FAFSA4caster is a life saver for many people who are about to begin college.
This new service requires the information that the FAFSA asks for but to a lesser degree and will take about 20-30 minutes to answer questions such as; tax documents, parent's financial information, student's and parent’s W-2’s & tax returnfrom the previous tax year, Current mortgage summary, bank and investment statements, Social Security number, as well as some information about your assets, you can find out how large of a Federal financial aid package you might qualify for.
FAFSA4caster is an online tool to help you and your family prepare financially for college before officially applying for federal student aid. It provides an estimate of federal student aid eligibility by instantly calculating an estimated Expected Family Contribution (EFC); the indicator used to estimate your family’s or a student’s financial strength.
FAFSA4caster will help you get an early start on the financial aid process by:
- Providing you with an early estimate of your eligibility for federal student aid.
- Giving you an experience similar to FAFSA on the Web
- Allowing you to transfer all of your FAFSA4caster data to FAFSA on the Web once you are ready to apply for aid.
- Providing you the option to apply for your Federal Student Aid PIN.
- Increasing your knowledge of the financial aid process, and providing information about other sources of aid FAFSA4caster determines what type of federal aid (grants, work-study and loans) the students eligibility for Federal student aid, such as grants, loans, and student employment programs to receive and provides an estimated award amount for each.
- It's also free to use and should be completed by every parent or student even if they think they won’t be eligible for aid, since many people are often surprised at the programs available to middle class parents.
Who should use FAFSA4caster
Any student considering applying for federal student aid can use FAFSA4caster before officially applying for aid using the FAFSA. Parents of younger students can use it to receive early estimates, create scenarios based on future earnings, and establish college savings strategies. Students considering going back to college can also use FAFSA4caster to get an idea of how much federal aid they may qualify to receive. The benefit of using FAFSA4caster goes beyond early estimates. Most of the data entered in FAFSA4caster will populate a portion of FAFSA on the Web when you officially apply for federal student aid.
What information does FAFSA4casterSM provide?
When you submit your FAFSA4caster, you will be able to see what college might cost depending on the type of school you plan to attend. If you plan to attend school full-time at a four-year public school, it shows the types of federal student aid that might help cover that and provides examples of aid awards showing in-state and out-of-state costs. Finally, FAFSA4caster shows any estimated financial need that remains after the estimated aid amounts and EFC are taken into account.
How do I get started?
You’ll find this handy planning tool at www.fafsa4caster.ed.gov in English and Spanish. Remember that the Free Application for Federal Student Aid (FAFSA) or FAFSA on the Web, the online version, is the application used to apply for federal student aid. But if you’re not ready to file the FAFSA, you can submit a FAFSA4caster to receive an early estimate of your student aid eligibility.
Please keep in mind that the financial aid package provided is an estimate only and it is as accurate as the information you provide to the FAFSA4caster. If you did not provide accurate information then the estimate will not be accurate. Also, the estimated financial aid package will be based on the current year’s tuition and room & board costs. The actual financial aid package that you would receive would be based upon next year’s actual costs and updated information you and your family provides on the FAFSA.
- How my eligibility for financial aid determined
- Applying for Financial Aid
- Side-by-Side Comparison of All Federal Student Aid (Loans & Grants) Program
- Federal Government Free Grant Money To Pay For College and other ways to pay for college
- Accreditation is the key to unlocking student aid and how it works
- Federal Student Loans vs. Private Loans
- Federal family education loan (FFEL)
- Federal direct student loan (FDSL)
- Difference Between Federal Family Education Loans (FFEL) and Direct Loans (FDSL)
- Source of Financial aid
- Federal Parent Loan for Undergraduate Students (PLUS)
- Financial Aid For Dependents, Homeless, Orphans, and Foster Youth or Wards of the Court
- APLE for Credentialed Teachers
- Academic level and academic status
- Counseling For Undergraduate, Graduate/Professional Students