FAFSA is Now Available: Here’s Why YOU Need to Care
By Sarah H on Updated:
Whether you’re a high school student or parent, you need to know about Free Application for Federal Student Aid (FAFSA®). If you’ve never heard of it, it is used to apply for financial aid for college or graduate school. Generally, parents of the students applying for FAFSA also have to input their information, like income, marital status, and more, to determine what aid the student is eligible for from the federal government. Deadlines depend on state, which you can find here. This year, it is widely due before June 30, 2021. However, applicants are encouraged to apply as early as possible.
While some students depend on aid for college, some students do not and feel as if they should not apply for FAFSA. The truth is: Everyone should apply for FAFSA. Here’s why:
MYTH: “My parents won’t qualify”
FACT: There is no income cut-off to qualify for federal student aid. Most families do qualify, according to CNBC.
“When students do not apply for FAFSA, many revert to private student loans, which often have high interest rates and lack the consumer protections that federal student loans include. The Institute for College Access and Success reports that 47 percent of private loan borrowers could have used more affordable federal loans. By completing the FAFSA form, students can make sure that they are taking advantage of the best student loan options”
MYTH: “I would take money from the less fortunate”
FACT: Students miss out on billions.
In 2018, NerdWallet annual analysis of Pell Grant data found over 600,000 students in the Class of 2018 didn’t complete their FAFSA to qualify for the awards. Students missed out on $2.6 billion in free money for college.
MYTH: “I haven’t applied to any schools yet and can’t complete my FAFSA”
FACT: You can complete your FAFSA in October even if you haven’t applied yet!
According to FAFSA, You’ll need to list at least one school on your FAFSA form, but go ahead and add every school you’re considering, because some schools have early deadlines to apply for their limited funds. Then later, you can add or delete schools on your FAFSA form.
Have additional concerns about filling out the FAFSA, like citizenship, tax, or credit questions? Check out the FAFSA Guide here.