3 reasons you should fill out the FAFSA form every year
Updated on April 2, 2020
The Free Application Federal Student Aid (FAFSA) is a form that allows families to apply for loans, federal grants, and work-study funds for their college students. It’s administered by the U.S. Department of Education every year to students who need financial aid.
Unfortunately, many middle class and wealthy families forgo filling out the FAFSA forms because they believe only individuals that earn less than $50,000 qualify. However, while this isn’t entirely false, FAFSA allows students from all income levels to apply for various financial aid packages.
Therefore, no matter how much or little your family makes, filling out the FAFSA form every year opens you up to many financial aid opportunities. Here are some reasons why you should consider filling out the FAFSA every year.
1. To get cheap, forgivable loans
Filling out a FAFSA form every year not only opens you up to the best loan options in the state but also ensures you get low-interest rate loans. Additionally, you may qualify for federal grants, which don’t require you to pay back a dime after graduating.
According to some studies, many students don’t apply the FAFSA form, resulting in millions of dollars of federal aid left on the table. Thus, filling out this form is a great way to ensure you aren’t missing out on any financial aid.
2. To qualify for other kinds of scholarship and grants
Some colleges and learning institutions require you to have a FAFSA form when applying for aid, regardless of your financial status. For example, the Tennessee Promise requires you to have a FAFSA to qualify for their two-year free tuition at a technical college or state community.
In addition, some universities use your FAFSA information as a deciding factor for awarding merit scholarships.
3. To max out federal student loan options
If your family doesn’t fill out the FAFSA form, you will not access any federal student loans, forcing you to turn to private student loans to pay for college. Unfortunately, private loans have high-interest rates, and they don’t come with protections such as loan forgiveness.
StudentLoanify can help you find student loan options that meet your college needs. Contact us today for more information on federal student loans.