DO NOT WAIT to submit your FAFSA!
This is just a friendly reminder that it is time students to complete your FAFSA with the help of your parents. Please remember that you need to apply for a FSA ID this year. You will need to create 1 for each college bound student and 1 jointly for the parents. Go to fafsa.ed.gov and at the top of the page, click on FSA ID. This process will take a few minutes to complete.
Should we file the FAFSA?
This is a question parents and students ask me every year. In many cases, they are convinced the only financial aid their family will receive is loans, especially if parents are in a position to pay all or most of the cost of their student’s chosen college cost.
And so here is my answer: YES!
WHY?
First, I believe families should file the FAFSA as a backup plan in case things change with the family finances while their son or daughter is still in college, OR when future college-bound children add pressure to the family budget.
Second, DEFINITELY… IF parents plan to have their son or daughter help pay for part of their college education by taking out a Federal Student Loan (also known as a Federal Direct Student Loan or Stafford Loan). Please remember, the maximum amount a student can take out in his/her own name as a college freshman is $5,500 (unless Mom or Dad are turned down for a PLUS Loan). The ONLY way to qualify for this loan is to complete the FAFSA!
Finally, some colleges use the FAFSA information to award scholarships to students from families earning as much as $200,000 or more a year.
Bottom line: Take action today and file your FAFSA!
If you run into trouble or need help completing your FAFSA, call us at 859-283-2655 to schedule a FAFSA completion meeting! We help many families review and submit their FAFSA every year!
