Why You Should File a FAFSA
Do I Need to File a FAFSA (Free Application for Federal Student Aid)?
Yes.
Still reading? Ok, well let’s go through the reasoning behind why you should file a FAFSA, regardless of your income and financial status.
There is actually no income bracket maximum for Federal Aid. The FAFSA is designed to look at the whole financial picture of an incoming student. If you are a dependent, your parents will need to submit their financial information as well, giving a picture of what is called an “Expected Family Contribution” or EFC. Based on all of this information, you may be surprised to find out that you are in fact eligible for federal aid.
Low Interest Loans. Even if you are not eligible for federal aid, the FAFSA is required for students who wish to take out federal direct student loans, which carry lower interest rates than traditional loans and may make more sense for your financial situation.
Things change! After the volatility that we saw in 2020, it should come as no surprise to you to learn that your finances can change in a matter of months. What’s more, with that same volatility we saw Congress pass major changes that broadened the eligibility for federal student aid. What will happen in the coming years? No one knows. So it stands to reason that you should be ready to take advantage of whatever benefits you are eligible for by having a FAFSA filed.
It’s easy. The IRS Data Retrieval Tool streamlines the process of entering your income data. If you filed your last tax return online, most of the necessary information is already available.
It’s risk-free. It is FREE to file a FAFSA and you are not obligated to accept any aid that you are eligible for. Filing a FAFSA helps you to understand everything that is available to you, helping you to make the most informed financial decision about your education.
The FAFSA opens for the Class of 2022 on October 1, 2021. You can access the application here.