If you’re looking for financial aid help, we have some good news! October 1 is the very first day you can apply for FAFSA benefits. FAFSA stands for Free Application for Federal Student Aid. Many students across the country with low enough income can apply for the FAFSA and receive federal funds to help pay for college. Applying today means that you have this money ready to go by 2020.
This includes any high school senior who is looking for FAFSA money for next school year to start college. This is one of those applications that you should apply for as soon as possible. Many people put it off and it hurts them in the end. This is literally free money that you can apply towards tuition, books, or housing. Many students refrain from applying because they feel that the process takes too long. That’s why filing immediately gets it out of the way and you’ll be set for next year.
“This year, there are 13 states that use the FAFSA that award their grants on a first-come, first-served basis or until the money runs out,” says Mark Kantrowitz, an expert on student financial aid and the publisher of SavingforCollege.com. “The early bird gets the grant.”
When Is the FAFSA Deadline?
The deadline for enrolling isn’t until June 30, 2021. So, you may be wondering why we’re saying it’s important to get it done early. But for many colleges, FAFSA money is first-come, first-serve. There’s only a certain amount of funds that are given out each year. If you’re one of students who apply right away, your odds of receiving this money are much better than someone who waits until the deadline.
Also, your state might have a different deadline. That’s why putting in your application right away is the best course of action. Now let’s take a look at a few pitfalls families run into when applying for FAFSA.
1) They Don’t Apply at All
This is a difficult one. FAFSA is free money! Almost every family in the country qualifies. Yet, many people decided to just take out student loans. Student loans you have to pay back over many years and they also accumulate interest. You don’t have to pay back the FAFSA money you get, so it can really help you in the long run.
“That’s painful to hear because almost every family qualifies for financial aid,” Boucher says. “It’s not all need-based. There are a lot of scholarships and merit-based scholarships a school might grant you, but you have to fill out a FAFSA for a school to qualify for them.” So, even if you don’t think you would qualify, there are other scholarships and monies out there.
2) They Wait too Long
To file for FAFSA, it requires the student to list the college they will be attending. The problem with this is, many students don’t know what college they’ll be attending yet. This can be a decision that takes time, especially if they haven’t even applied yet. The delay can cause problems with losing aid.
“All you have to have on the FAFSA is one college listed,” Kantrowitz says. “It should be an in-state public college because some of the states will only consider you for a state grant if an in-state public college is listed on the FAFSA.”
