Why You Should Complete the FAFSA Even If You Don’t Think It’s for You
The FAFSA, a free federal student aid app, opened on October 1 for the 2022-2023 academic year. However, every year, many high school graduates leave money on the table without completing forms such as the FAFSA. Maybe you think you are not eligible for help, or that it’s just a waste of time. According to CNBC , such confusion is contributing to the fact that students are missing out on some $ 150 billion in federal student aid every year.
This is why it probably makes sense for you or your child in college to complete the FAFSA – no matter what.
The FAFSA defines more than just loans
The purpose of the FAFSA is to determine what financial assistance a student is applying for, including both need-based and non-need-based assistance. It is worth completing to find out how you are eligible for all types of financial assistance, including federal, state and school assistance, and merit-based scholarships.
Seeds are not set in stone
Students can always ask for a better financial aid offer . You may be able to get extra help if your financial conditions change due to unexpected health costs or job loss. According to Sally Mae’s report :
As financial circumstances changed due to the pandemic, 29% of families who received an offer of financial assistance from a school applied for additional assistance. The majority (71%) appeals were upheld. Additional assistance included: higher grant amounts (52%); The size of the scholarship for higher education (47%); Increase in the amount of the federal loan (14%); Higher work-study (13%).
At the same time, you do not need to accept all (or any) of the amount that is offered to you. In fact, Rebecca Safier, student loan advisor at Student Loan Hero , advises students to “try to minimize borrowing as much as possible so that you don’t run into burdensome debt after graduation.” Because student loans are daunting to say the least.
There is no official income cap
Don’t feel like you don’t qualify based on your household’s income level. Even if you are not eligible for all types of assistance, there is no official income limit for applying for federal loans. There are income requirements for as-needed assistance such as study or scholarships such as the Pell grant. It is important to understand the criteria for obtaining and retaining your eligibility (for example, no GPA requirements for incoming students).
It’s free and (presumably) fast
According to the US Department of Education’s federal student assistance website, it takes the average student less than an hour to complete the (free!) FAFSA. Therefore, even if you may not know where – or even if – you are going to school, you should apply for federal aid as soon as possible. The process may sound complicated, but with the FAFSA, the earliest bird gets the worm .
You can fill out a free form online or use the myStudentAid app for iOS or Android.