Families ask all the time if they have to fill out a FAFSA to receive financial aid even if they make too much money. The answer is yes. Unfortunately, the standard FAFSA has over a hundred questions asking for everything from your net worth, to your parent’s assets. This causes many forms to never be completed and as a result, families lose out on valuable aid. Don’t leave money on the table. Here’s why it’s worth the effort to fill out the FAFSA.
Tips #1: Who qualifies for college aid?
- The FAFSA helps determine whether students are eligible for federal loans, grants, or work study programs.
- Many colleges also require the form to be on file for their own need based and merit based feedback.
- To figure out how much financial aid you are eligible for is simple. Take the cost of your school’s attendance, and subtract your expected family contribution as determined by the FAFSA. What you’re left with is the amount of what we call need, or what you may be eligible to receive in financial aid depending on the school.
Tip #2 Why you should fill out the FAFSA.
- Experts agree one of the most common reasons students do not fill out the FAFSA is because they believe their parents make too much money so they won’t qualify. This is a costly misconception. Everyone should fill out the FAFSA because everyone is eligible for some form of financial aid no matter their circumstances most likely.
- Most financial aid in the US is awarded by universities rather than the government. You usually can’t afford the ability to qualify for need based aid or merit based aid without filling out a FAFSA.
- It is important to be aware that many colleges offer merit based aid that doesn’t even consider the financial needs of the family. It’s based on the achievement of the student such as grades, SAT scores, or even athletics. In other words, the amount of money your parents make doesn’t matter for this type of aid this merit based aid. But you can’t get it if you don’t fill out the form. That is why it is extremely important to fill out the FAFSA.
Submit a FAFSA to receive the maximum amount of financial aid.
Compliments of Firedream College Planning. To see video, go to http://firedream.com/helpful-tips/