money FAFSA: What you need to know
Spring is in bloom, which means warmer weather, longer days, and college acceptances for high school seniors. With all these exciting developments come responsibilities, the chief of which is filling out the FAFSA, or the Free Application for Federal Student Aid. Filling out the FAFSA determines one’s eligibility for work-study, grants, and federal financial aid, which are crucial tools for millions of potential college students. The FAFSA deadline is June 30th, and here’s everything you need to know to get started, and receive the most for you or your child’s education.
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Video Transcript
- Spring is in bloom, which means warmer weather, longer days, and college acceptances for high school seniors. With all these exciting developments, come responsibilities, the chief of which is filling out the FAFSA or the Free Application for Federal Student Aid. Filling out the FAFSA determines one's eligibility for work study, grants, and federal financial aid, which are crucial tools for millions of potential college students. The FAFSA deadline is June 30, and here's everything you need to get started and receive the most for you or your child's education.
Number 1, what is the FAFSA? The FAFSA is a form for prospective college students and their families to fill out, which determines if the student is eligible for federal financial aid, which can come in the form of loans, grants, or work study. The federal deadline is June 30. But different states and universities have different deadlines for students to be aware of. The FAFSA can be filled out online or by mail as long as it's turned in by June 30. It also needs to be renewed every year student attends college.
Number 2, who should fill out the FAFSA? Everyone. No matter your socioeconomic status or the college you or your child plan on attending, everyone can fill out the FAFSA. Different colleges will offer different financial aid packages based on family income, recent life events, financial assets, and general demographic information. There is no income cap on federal financial aid. So make sure you're filling it out.
Number 3, how to use the FAFSA to plan for college? After filling out the FAFSA, you or your student will receive a list of all potential financial aid packages from the prospective colleges. It's important to balance not only financial aid but non-financial factors such as offered majors campus life and extracurricular opportunities in choosing a college experience. The FAFSA is one of many tools provided to help students make the right decision for their higher education.
