Many families wonder if they should fill out the Free Application for Federal Student Aid (FAFSA). Oftentimes families do not think they will qualify for need-based aid because their income is too high. I recommend that families fill it out. Here’s why:
You may be eligible for aid.
There is no set level of income that qualifies or disqualifies a family for aid, it is dependent on several factors. While it’s true that some of the federal financial aid goes to low-income families, there is no income cap on who can submit the FAFSA. According to the National College Attainment Network, just 57% of high school graduates from the class of 2021 completed a FAFSA. This means that many students likely missed getting financial aid that they were entitled to.
The FAFSA is not only for federal student loans and grants.
Keep in mind that the information you submit on the FAFSA can qualify your student for other non-federal grants. According to the U.S. Department of Education, “When you complete the FAFSA® form, you’re automatically applying for everything from grants and scholarships to work-study funds and loans from federal, state, and school sources. States and schools can also determine scholarships and grants using your FAFSA® information. And the funding can be substantial.” If there’s a chance you’ll take out an unsubsidized loan, you’ll need to fill out the FAFSA for that.
The FAFSA doesn’t take a ton of effort to fill out.
The U.S. Department of Education says it takes most families less than an hour to fill out the form. This includes gathering needed documents, filling out the application, reviewing it, and submitting it. Some pre-planning, like knowing what information you’ll need and gathering it, can be a time saver. And the good news? Submitting the FAFSA is free.
Your situation can change.
If there is anything certain about 2022, it’s that things change! We’ve been dealt a lot of changes recently. If something should change with your employment status or income level between the time of application and the time of enrollment, and you’ve submitted a FAFSA, you can easily update it. Consider the FAFSA a bit of insurance in case you need more aid in a few months than you might now.
As with everything else, submit it early.
According to the U.S. Department of Education, “…the sooner you submit your FAFSA® form, the more likely you are to get aid. Many states and schools have limited funds.” The submission window opens October 1st. You do not need to wait until you know which colleges you will be applying to, but you do have to list at least one school (you can add schools later as well).
Need help with financial aid or other parts of the college admissions process? Schedule a chat with us – we’re here to help!
