1 of 20The Top 10 reasons people don’t fill out the FAFSA.®
(And 10 good reasons you should.)
If you’re going to college,
FAFSA® is your starting point for scholarships, Pell Grants, work-study and student loans.
FAFSA = Free Application for Federal Student Aid 2 of 20 It doesn’t cost anything to fill out. It’s available for students of all incomes. And it could make a big difference in how much you pay for college.
3 of 20Why? Because FAFSA is what colleges – and other sources of scholarships and grants – use to decide how much to offer you. 4 of 20Yet for some reason, a surprising number of qualified students don’t fill it out.
5 of 20We’re going to explore those reasons, and explain why they shouldn’t stop you.
6 of 20 Well, now you know how FAFSA can help you. And you can learn more about it on this website.
7 of 20The College Money Matters Response I didn’t know about it. Reason #1 8 of 20I heard it was
really complicated.
Reason #2 The College Money Matters Response It used to be. But the FAFSA form has changed. Now it’s a lot easier, with a lot fewer questions.
9 of 11 One of my parents is undocumented.
Reason #3 The College Money Matters Response Even if you’re the child of an undocumented parent, you’re still eligible for FAFSA and its funding opportunities.
10 of 20Reason #4 The tax questions are really difficult to answer. The College Money Matters Response That was true before, too. But now you or your family’s tax information is automatically imported into your FAFSA application.
11 of 20Reason #5 My family situation is too complicated. The College Money Matters Response The new FAFSA now makes it clear how to enter the income of a parent, step-parent or guardian.
12 of 20Reason #6 I didn’t know you had to fill it out every year. The College Money Matters Response Remember: You need to submit the FAFSA for each year you’ll need financial aid for college.
13 of 20Reason #7 I couldn’t tell which year I should enter. The College Money Matters Response 14 of 20Reason #8 I didn’t qualify for a Pell Grant last year. The College Money Matters Response Pell Grant income requirements change every year, and so can your family income, so you might qualify this year.
15 of 20Reason #9 My family’s income is too high for me to get financial aid.
The College Money Matters Response Whether your family is rich, poor, or somewhere in between, you can STILL get low cost government loans for college. But you have to submit your FAFSA online first.
16 of 20Reason #10 I heard last year’s FAFSA was really messed up.
The College Money Matters Response A new FAFSA was introduced last year and it did have some big issues. Many have been resolved and this year’s process is being extensively tested before it’s launched.
Now that you have 10 good reasons to fill out the FAFSA, here are two important things to keep in mind.
17 of 201. Fill out the FAFSA early – as close as you can to December 1st of this year.
18 of 20Why early? Because some financial aid opportunities are awarded on a “first come, first served” basis – and the funds can run out.
Check studentaid.gov for the most current deadline dates. 2. Fill out the FAFSA each year you’re in college.
19 of 20Just because you’re no longer a freshman doesn’t mean you shouldn’t keep applying for scholarships, Pell Grants and loans. Back to the beginning Want to learn more about FAFSA®?
You’ll find the information you need right here.
1 of 20The Top 10 reasons people don’t fill out the FAFSA.®
(And 10 good reasons you should.)
If you’re going to college,
FAFSA® is your starting point for scholarships, Pell Grants, work-study and student loans.
FAFSA = Free Application for Federal Student Aid 2 of 20 It doesn’t cost anything to fill out. It’s available for students of all incomes. And it could make a big difference in how much you pay for college.
3 of 20Why? Because FAFSA is what colleges – and other sources of scholarships and grants – use to decide how much to offer you. 4 of 20Yet for some reason, a surprising number of qualified students don’t fill it out.
5 of 20We’re going to explore those reasons, and explain why they shouldn’t stop you.
6 of 20 Well, now you know how FAFSA can help you. And you can learn more about it on this website.
7 of 20The College Money Matters Response I didn’t know about it. Reason #1 8 of 20I heard it was
really complicated.
Reason #2 The College Money Matters Response It used to be. But the FAFSA form has changed. Now it’s a lot easier, with a lot fewer questions.
9 of 11 One of my parents is undocumented.
Reason #3 The College Money Matters Response Even if you’re the child of an undocumented parent, you’re still eligible for FAFSA and its funding opportunities.
10 of 20Reason #4 The tax questions are really difficult to answer. The College Money Matters Response That was true before, too. But now you or your family’s tax information is automatically imported into your FAFSA application.
11 of 20Reason #5 My family situation is too complicated. The College Money Matters Response The new FAFSA now makes it clear how to enter the income of a parent, step-parent or guardian.
12 of 20Reason #6 I didn’t know you had to fill it out every year. The College Money Matters Response Remember: You need to submit the FAFSA for each year you’ll need financial aid for college.
13 of 20Reason #7 I couldn’t tell which year I should enter. The College Money Matters Response 14 of 20Reason #8 I didn’t qualify for a Pell Grant last year. The College Money Matters Response Pell Grant income requirements change every year, and so can your family income, so you might qualify this year.
15 of 20Reason #9 My family’s income is too high for me to get financial aid.
The College Money Matters Response Whether your family is rich, poor, or somewhere in between, you can STILL get low cost government loans for college. But you have to submit your FAFSA online first.
16 of 20Reason #10 I heard last year’s FAFSA was really messed up.
The College Money Matters Response A new FAFSA was introduced last year and it did have some big issues. Many have been resolved and this year’s process is being extensively tested before it’s launched.
Now that you have 10 good reasons to fill out the FAFSA, here are two important things to keep in mind.
17 of 201. Fill out the FAFSA early – as close as you can to December 1st of this year.
18 of 20Why early? Because some financial aid opportunities are awarded on a “first come, first served” basis – and the funds can run out.
Check studentaid.gov for the most current deadline dates. 2. Fill out the FAFSA each year you’re in college.
19 of 20Just because you’re no longer a freshman doesn’t mean you shouldn’t keep applying for scholarships, Pell Grants and loans. Back to the beginning Want to learn more about FAFSA®?
You’ll find the information you need right here.
A Step-by-Step Guide to FAFSA® New LayerTap the arrow for a quick overview of this section.Most students know that financial aid can be an important part of paying for college. You start the process by getting an FSA ID. Then you fill out the FAFSA® form online.
You can access the FAFSA form at studentaid.gov/h/apply-for-aid/fafsa.
Be sure to list the colleges where you plan to apply.
FAFSA details, including the role of parents and guardians, are available at studentaid.gov or understandingfafsa.org.
Reminder: Do this as early as possible in your senior year of high school.
2 of 14 The Department of Education receives your submission.
They review your FAFSA to decide how much money you qualify for in financial aid.
3 of 14The government then sends you an estimate of how much financial aid you may be eligible for.
This estimate is known as the Student Aid Index (SAI).
They also send the same information to the colleges you listed on your FAFSA application.
4 of 14Then you wait…. 5 of 14Around March or April, you receive notices from the colleges that accepted you. Congratulations!
How much your tuition, room and meal plan will cost.
How much money they are offering you*
How much you can borrow in loans from the Federal Government
They also send you a financial aid letter that tells you:* Read these offers carefully. Some of the money will be scholarships or grants; but some will be loans you will have to pay back.6 of 14 In early May (usually), you choose which school you'll be attending and tell them of your decision.
You also tell them you agree to take out loans to cover the costs of anything you can't pay directly.
In addition, to prove your commitment to go to this college, you send them a non-refundable deposit.
7 of 14Your selected college reviews your information and tells the government how much you'll be borrowing in Federal Student Loans.8 of 14This amount is just for your first year, and is only for Federal Student Loans – not any other form of financial aid. 9 of 14 The Department of Education updates your information on studentaid.ed.gov.In addition, they prepare the following for you:
A tutorial that explains what your student loan obligations are
A promissory note*
* This online contract includes the details of your loan and your legally-binding promise to pay it back.10 of 14You then go to the studentaid.gov website and sign the promissory note.11 of 14After receiving your signed promissory note, the Federal Government sends the funds to your college, in your name.12 of 14Your college takes out the funds from your loan that have been designated to help cover your costs.This includes your tuition, course fees and – unless you live off campus – your room and meal plan.Note: Even though your agreement is for a full year of Federal Student Loans, your college will take half those funds at the start of your first semester and the other half at the start of your second semester. That way, you don’t pay interest on the entire amount for a school year.
Subsidized and unsubsidized loans: In most cases, interest will start to be charged as soon as your loan is used. However, if you qualified for a low-income subsidized loan, the government will pay your interest during the time you’re in college.13 of 14Once your college has taken its portion out of your loan, you can use any remaining money to pay for other valid expenses listed on your promissory note.14 of 14Then, next year, you go through the same process all over again.(So don’t forget to fill out your FAFSA® each year.)Return to the beginning of the FAFSA Process
