Completing the Free Application for Federal Student Aid (FAFSA) has never been easier. However, there’s one mistake students and their parents continue to make.
Each year, many families don’t complete the FAFSA because they think they make too much money to qualify for aid. Counting yourself out before even starting is a huge mistake! Even if you think you won’t qualify for aid, you should still submit the FAFSA.
- You could be missing out. Billions of financial aid dollars are offered every year. Those funds will be awarded to someone… and that “someone” could be you. But you’ll never know if you don’t apply!
- There’s no obligation. You’re not required to accept the aid offered to you. You’ll have the option to decline any aid offered, or you may choose to limit how much you borrow.
- Your school might use the data. Some schools use the data on your FAFSA to award school-specific grants and scholarships. So, beyond federal funding, you could take yourself out of the running for school aid by choosing not to submit the FAFSA.
- Federal student loans offer options. Even if you know you’ll only qualify for student loans and you’re unsure about borrowing money for school, federal loans could be your best option. Federal student loans often have lower interest rates than private or alternative loans, and they offer flexible repayment plans. They’re also a better option than high interest credit cards.