NEW YORK (KELO) – Paying for college can be a huge challenge for many families. One of the tools designed to make school more affordable is now available.
Students and families take note: the critical financial form necessary for college funding – the Free Application for Federal Student Aid or FAFSA – is now available. This is the document that will determine how much money you get for college—including grants and scholarships, loans, and work-study funds. Although the deadline for federal aid is not until June 30th of next year, your state and school may have earlier ones. In fact, for some of this money, there’s a limited pool of funds that could run out, so if you want to maximize your potential aid, submit a FAFSA RIGHT NOW, even if you have no idea where your kid will be going to college.
Research shows that as much as $2.7 billion dollars in FREE federal grant money goes unclaimed annually because of incomplete or un-submitted FAFSA forms. Many skip the FAFSA because they think they earn too much, but aid is not based on just income—it also depends on the size of your family, whether there are siblings in college or parents close to retirement, as well as the price of tuition.
And some who did not receive money last year erroneously believe that it’s pointless to fill out the FAFSA again. But if your circumstances change, your award could be different; and even if you did not qualify for a grant last year, you could still be eligible for other types of awards for the upcoming academic year. For more on the FAFSA—and the OTHER critical form you need to complete, go to JillonMoney.com.