Five things every parent should know about FAFSA

5 Things You Really Need to Know About the FAFSA

By Anthony ONeal

 

Parents, do you have a rising or current college student? Have you filled out this year’s FAFSA (Free Application for Federal Student Aid) yet? You might be thinking, “Nope. We don’t have time to fill out another form,” But trust me, the potential savings are worth making time for. Here’s are five things you need to know about the FAFSA:

The FAFSA isn’t as confusing as it sounds

Still wondering what the FAFSA actually is or what it does? It’s pretty simple. Schools use the FAFSA to decide how much money to offer your child for college through student loans and scholarships/grants. Which one of those do we want to avoid? That’s right: student loans!

There are a ton of scholarships and grants available. They can come from your child’s school, the government—even local organizations. Every dollar will help your child steer clear of thousands of dollars in debt. The FAFSA is the key to unlocking all those possibilities, as well as the Federal Work Study Program (another great way for your child to earn money in college).

But truth is, only about 45 percent of high school seniors complete the FAFSA by graduation. This leaves piles of money unused. The U.S. Department of Education awards about $150 billion to students every year. Take the money!

So, why don’t more students complete their FAFSA? Well, there are plenty of myths about the form. Two of the biggest ones are:

  • The FAFSA takes too much time to fill out.” No, it doesn’t. It takes less than 30 minutes!
  • “Not everyone needs to complete it.” Everyone should fill out the FAFSA! There’s no income cut-off to be eligible for aid, and you never know how much you might qualify for unless you try.

The FAFSA is easy to find

All your child needs to do is go to studentaid.ed.gov, the official FAFSA website. You can find the actual form there, plus plenty of helpful info on different types of aid and how to avoid scams.

The FAFSA has a deadline

Teens shouldn’t wait until they know where they’re going to college before they fill out the form. The application period opened October 1 and it’s smart to apply as soon as possible. Deadlines vary by state, so head to the FAFSA website to find out your state’s exact requirements. Your child should also check for deadlines on their potential university’s website.

The FAFSA follow-up process is simple

Once your teen has filled out the FAFSA, they’ll receive an EFC (Expected Family Contribution). It’s an estimate of how much money you and your child can afford to contribute to the college fund. The Federal Student Aid office then sends that number to schools to determine the student’s financial need. Generally, the lower the dollar figure, the more aid the student is eligible for.

Next, the school(s) your child applies to will look at his or her FAFSA numbers and send an award letter with details about the aid they can get. Award letters can be tricky, because it’s not always clear whether your child is being offered a scholarship, a grant, or a loan. Read the fine print, and don’t let them sign up for anything until you’re sure they don’t have to pay it back later.

Filling out the FAFSA isn’t a one-time deal

Your child should fill out the FAFSA every year, even after they’ve already started college. They can keep getting scholarships and grants throughout all four years. What’s not to love about that?

About Anthony ONeal

Since 2003, Anthony ONeal has helped thousands of students make good decisions with their money, relationships and education to live a well-balanced life. He’s the National Best-Selling Author of Graduate Survival Guide: 5 Mistakes You Can’t Afford to Make in College, and he travels the country spreading his encouraging message to help teens and young adults transition into the real world. His latest book and video kit, Teen Entrepreneur Toolbox, released in April 2018.

You can follow Anthony on Twitter and Instagram @AnthonyONeal and online at anthonyoneal.com or facebook.com/aoneal.

 

 

 

 

Blogs

Brian Joyce Unfiltered

Brian Joyce Unfiltered

Tune in to Chattanooga’s most outspoken talk host and business owner, Brian Joyce, as he addresses the hottest local and national issues on “Unfiltered” with Brian Joyce. With a career spanning two decades, Brian has built a reputation as the only talk host and small business owner in Chattanooga willing to take on the powers-that-be, take…

Jed’s Back!!!

Jed’s Back!!!

– Cumulus Media (NASDAQ: CMLS) announces that it has appointed Jed Mescon as Program Director and On-Air Host for Talk Radio 102.3 FM in Chattanooga, TN. Mescon will debut on WGOW on Monday, August 21st, and can be heard weekday mornings from 6:00am-10:00am.  Mescon brings 28 years of morning programming experience on local television to WGOW, and most…

Sport Talk & BodyArmor Shine the Spotlight on Area Seniors

Sport Talk & BodyArmor Shine the Spotlight on Area Seniors

  Talk Radio 102.3, Sport Talk and BodyArmor want to spotlight amazing senior athletes from around the Tennessee Valley.  These kids deserve their spotlight and we are going to feature as many of them as we can on Sport Talk. Submit your athlete nomination now by e-mailing [email protected] Every Wednesday @ 4:30 and Friday re-play…