Why You Should Complete the FAFSA – Even If You Think You Don’t Need To
If you’re starting to plan for college, you’ve probably heard about the FAFSA. You may also have heard that you should only complete it if your family has a low income.
The truth is, the Free Application for Federal Student Aid (FAFSA) is an important step in planning for college costs for all students – and it can be worth completing even if you don’t think your family will qualify for need-based financial aid.
Here are a few reasons why you shouldn’t skip it.
1. You could qualify for more aid than you expect.
One of the biggest reasons to complete the FAFSA is simple: you might be eligible for financial aid.
The FAFSA helps determine your eligibility for federal financial aid, including grants, work-study and federal student loans. Your state and college may also use information from the FAFSA to determine your eligibility for their own financial aid programs.
You won’t know what you qualify for until you fill it out.
2. Some financial aid is free money.
Not all financial aid has to be paid back.
For example, eligible students may qualify for federal grants, which generally don’t need to be repaid as long as you meet the requirements. You could also qualify for scholarships or other assistance through your college or state based on information from your FAFSA.
Why leave money on the table?
Completing the FAFSA gives you a chance to find out what assistance may be available before you start figuring out how to cover the rest of your college costs.
3. Your FAFSA can help you find out what you really need to borrow.
Even if you don’t receive enough financial aid to cover all your college expenses, completing the FAFSA can help you build a clearer picture of your options.
Once you know how much financial aid you’re receiving, you can determine how much your family can reasonably contribute – and whether you’ll need to consider private student loans to cover the remaining costs.
That can help you avoid borrowing more than necessary.
4. It’s free to complete.
The first “F” in FAFSA stands for Free. There is no cost to submit the application, and most families can complete it in under 30 minutes.
Be cautious of websites or services that charge you to complete the FAFSA. You can complete the application yourself through the official federal student aid website.
5. Your financial situation can change.
Maybe your family earned too much to qualify for certain aid in the past. That doesn’t necessarily mean the same will be true this year.
Changes in income, employment, family circumstances and other factors can affect your financial aid eligibility, and the financial aid formulas can change over time.
That’s another reason it’s a good idea to complete the FAFSA each year you’re attending college rather than assuming you won’t qualify.
Putting the Pieces Together
Paying for college often involves putting together several different pieces – savings, scholarships, grants, financial aid, family contributions and potentially student loans.
The FAFSA is the most important piece of that puzzle, and the first one you need to lock into place.
You won’t know what financial aid you may be eligible for until you apply. Completing the FAFSA doesn’t mean you have to accept every type of aid you’re offered. It simply gives you more information and more options as you plan for college.
If you’re planning to attend (or already attending) college, make the FAFSA part of your financial to-do list. A little time spent completing the application could open the door to financial aid that makes paying for college a little easier.
