Loading ...Why You Should Tackle the FAFSA
Most people look forward to filling out the FAFSA (which stands for Free Application for Federal Student Aid) about as much as they look forward to filing their taxes. And it’s no wonder! At an intimidating 5 pages (or a dizzying number of online pages), and with the complexity inherent in any government document, the FAFSA isn’t exactly user-friendly.
Unfortunately, the intimidation factor is keeping millions of students from applying for federal financial aid. According to a recent Reuters article, about 1.8 million lower income undergraduates-students who might have qualified for aid-neglected to file a FAFSA for the 2003-04 school year. In fact, parents of all income levels and educations are so confused and frustrated by the FAFSA that many don’t even attempt to fill it out!
Don’t be one of those families! No matter what your income level, you should definitely fill out the FAFSA!
For low income families, filling out the FAFSA gives your student the opportunity to be awarded grants (”free money”) from the U.S. government, as well as work-study (a program that allows students to work on campus to help pay for school). It also gives your student the chance to be awarded subsidized loans (loans where the government will pay the interest on your loan until after graduation). Colleges also use the FAFSA to award their own funds.
For everyone else, the FAFSA is still hugely important! If you don’t think your student will be awarded need-based financial aid from the government, you should still file the FAFSA. Why? Two reasons:
- Some schools will not award merit aid unless you file financial aid forms, and
- You are required to file a FAFSA to gain access to federal student loans such as the Stafford and PLUS, which have a low, fixed interest rate, and many more consumer protections than private loans.
So, I know it’s a daunting task-I feel for you (I have to fill out a FAFSA this year for our family too!)-but when January arrives, grab a Starbucks, some freshly baked chocolate chip cookies (or other favorite snack) and power through it. And with a diversion like that you should be able to fill it out in no time!
All the best,
Deborah Fox
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