Do you have a child going to college next year? Have you filled out the FASFA yet?
Many people feel they earn too much money to qualify for financial aid so they don’t complete the FASFA. That could be a mistake as we’ll discuss the reasons why below.
October 1st is the first day that students can fill out the Free Application for Federal Student Aid, otherwise known as the FASFA, in order to receive aid for the 2019-2020 school year. Although you have until June 30th to complete the FASFA it is a bit of a first-come-first-served system so we recommend you complete it as soon as possible.
Many don’t realize that the U.S. Department of Education gives over $120 billion in federal grants, loans and work-study funds to more than 13 million college students, making it the largest provider of student financial aid in the country.
Related: Do You Need a Financial Advisor?
Reasons to Complete the FASFA
1. Qualify for Merit Scholarships – some schools require the FASFA to be completed to qualify for merit scholarships. Also, as noted in the graph below the majority of aid comes from the colleges/federal government not private scholarships.
2. Your Situation May Change – you may not qualify for aid initially, but what if you lose your job? Completing the FASFA is required to enter an appeal process due to a change in your financial condition.
3. Access to Federal Direct Loans – studies have shown students that pay a portion of college do better academically than those that don’t. Everyone who completes the FASFA will have access to Federal Direct Unsubsidized Loans.
4. Two Kids in School at Same Time – having more than one child in college at the same time can have a dramatic effect on your eligibility for financial aid.
5. It’s Free – the FASFA takes the average student around 30 minutes to complete according to the U.S. Department of Education. There is no cost and well worth the time if your family saves money.
Below are links to tips on filling out the FASFA to avoid mistakes.
Finally, reminder to complete the FASFA every academic year. Eligibility for student aid does not carry over from one academic year to the next. As your situation changes (income, assets, etc.) so does the likelihood of receiving aid.
11 Most Read IRIS Articles of the Week!
4 Ways to Find Your Prospect’s Biggest Pain Points
MyPerfectFinancialAdvisor and Why I Started It
Understanding Elder Law with Guest Geoff Hoatson
Leaders: Where There’s Smoke, There’s Not Always Fire
What You Need to Know About Senior Isolation
Transitioning from Business Ownership to Retirement
10 Key Components for Creating a Positive Company Culture
What is a Captive Insurance Agent
Hard Work Increases Your Value
Development2 days ago
Changing Forward Means Silencing Your Inner Gremlins
Research2 days ago
Please Don’t Buy the Dip in Nvidia or Other Chip Stocks
Content Marketing2 days ago
3 Ways to Distinguish Yourself as an Advisor Using Only Your Blog
Permission to Succeed3 days ago
Setting the Standard of Care for Medical Cannabis with Nick Vita
Strategies3 days ago
Junk in the Trunk: The Story of Today’s Bond Market
Marketing3 days ago
4 Reasons Your Sales Team Isn’t Receiving Referrals
Development3 days ago
10 Tips For Recruiting Financial Advisors
Development4 days ago
Why Short Term Trading Is Not Investing