The FAFSA, an abbreviation for the Free Application for Federal Student Aid, is one of the most important parts of the college application process. It can make going to college affordable by making you eligible for grants, loans, and work study programs. You definitely will want to fill out the FAFSA, otherwise you could be passing up on free money.
What exactly is it?
The FAFSA is a form completed annually by a future or current college student and is used to determine what, and how much, financial aid that student will be eligible for. By taking into account income, assets, and other financial data about the student and their family, an expected family contribution is calculated. Then, each school will compare each student’s expected family contribution to the cost of that school to determine how much aid the student is eligible for.
Why do I need to fill it out?
Not only does the FAFSA determine the aid that you get from the federal government, but it can also impact other scholarships and loans. Several states and some schools offer funding based off of the FAFSA. The US Department of Education gives out over $120 billion to over 13 million students each year, so it’s worth it to try, even if you don’t think you’ll get anything (especially since it’s free to fill out). In 2014, 1.5 million seniors didn’t fill out the FAFSA, and 50% of those students would have qualified for the Pell Grant. That’s a huge chunk of money that was missed out on.
Plus, studies show that the majority of students who fill out the FAFSA go on to actually attend college. Even if you don’t need the assistance, it shows that you are taking the initiative to help finance your education through responsbile avenues.
When do I submit the FAFSA?
The FAFSA will open in October for the next year. So, for the classes you start taking in August 2019, submit the FAFSA as early as October 2018. If you are from Missouri, to get as much financial aid as you can you should make sure to apply before February 1. For some awards, like the Missouri Access Grant, first priority is given to those who apply earlier. For other awards, like work study, each school is only given a certain amount of money. So, the earlier the apply the higher your chance of having access to all types of awards.
Be sure to fill out the FAFSA each year that you are in school. You are only eligible for aid one year at a time, so to make sure that you keep getting aid, you must fill it out every year.
“I don’t think I’ll get anything, so I’m not going to fill it out.”
There are quite a few myths that surround the FAFSA. “I’m too rich/old/dumb,” isn’t a good excuse. Most students who apply for financial aid end up receiving a grant or a loan. You may not receive a grant, but a federal loan is going to have a lot better interest rate than a loan from a private institution. The FAFSA also doesn’t take into account age or grades, so no matter what, it’s worth a try.
Plus, having a FAFSA on file with the school you are attending will serve as a funding back-up if your family’s financial situation changes during the year. It is easier and faster to update your FAFSA in a pinch than to submit an entirely new one.
Check out what you need to get started and fill out the FAFSA.