Not submitting your FAFSA is like walking by a pile of cash and just ignoring it. Not the best idea. Colleges, states, and the feds will provide aid to prospective students by waiting for people to file their applications, and usually the fast-filed applications will get bigger grants since they’re more likely to get processed and accessed before the funds are depleted. No one ever tells this to you until it’s time.
Things you didn’t even know existed will be unlocked by the FAFSA – money in the form of grant awards that do not have to be repaid, more favourable loan terms, and work-study opportunities to help pay tuition. One application can yield multiple benefits; therefore, it’s the master key for most students.
Defining the FAFSA for the Layman
FAFSA stands for Free Application for Federal Student Aid. This is the same application you use every year while in college to determine your financial aid eligibility.
This information is for U.S. college students who would rather not pay huge tuition bills. It does not matter how wealthy your parents or family are—whether they are rich or rich but struggling. Filling out the FAFSA is free, so the worst that could happen is that you get nothing; and the best that could happen is you get thousands of dollars.
Why Do People Avoid It?
A lot of students think filling out a FAFSA is too complex, takes too long, and is pointless. The truth is that it is a 60-minute task that gives you financial support.
Timing Is Critical
Because funds are limited and everyone else is seeking assistance, the later you submit your application, the lower you will be on the list of applicants. You do not want to be that person who submits his/her application after all of the best awards were given out.
If the thought of receiving financial assistance in the form of free or discounted tuition interests you, make sure you fill out your FAFSA as soon as possible each year. Otherwise, you could miss out on a lot of financial assistance that would help reduce the stress of college expenses.
