Should we fill out the FAFSA?
The Free Application for Federal Student Aid (FAFSAÂź) is a form that determines if students qualify for federal grants and student loans. The FAFSA asks for information about income, assets and expenses. A formula set by Congress determines eligibility for federal and state aid. If the student is considered a dependent under federal guidelines, both the student and parents must provide financial information. The question — is it worth your time to fill it out?
From the Pros
From Alison Mills, Director, Financial Aid, Lincoln Land Community College: Absolutely! The FAFSA is the first step for students of all income levels to qualify for other financial aid that is awarded no matter how much, or little, the family makes. Beginning with the 2020-2021 academic year, all graduating high school seniors in Illinois will be required to complete the FAFSA.
From Springfield Academic: If you make more than $300,000/year, it probably does not make sense. However, some of the most expensive colleges cost between $70K-80K/year. Most families will certainly be considered âneedyâ at those schools.
From Mary Beth Stephens, MBS College Coaching LLC: FAFSA is used by colleges to determine how they might be able to award need-based aid from their own endowment. It is also used by the federal government to determine federal aid (Pell Grant, Federal Supplemental Education Opportunity Grant (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grant, Iraq and Afghanistan Service Grant). It wonât hurt to complete the FAFSA if you think there is a possibility you might qualify for aid. Completing the net price calculator might help you decide whether to complete the FAFSA to see if institution-based aid is possible.
From the Moms
From Angela Try: You donât have to do it on Oct. 1, but try to do it in the first few weeks. That way youâll get your ridiculous FAFSA âWhat you can payâ notice sooner for comic relief.
From Denise Beauman: Apply as soon as possible, but donât expect anything.
