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Financial Aid Learn why to apply for financial aid even if you think you make too much money or know of other families that didnt qualify. Youd be surprised how often I get asked by families if they should apply for financial aid. And most of the time I have an easy, quick answer, YES! However, my job isnt to tell people what to do, but to help them come to the decision that is best for them. Generally, I first ask, Would you appreciate some assistance paying for college? If the answer is yes, then the student (and family) should apply for financial aid, and be sure to do so on time! Here are some responses I give when I have this conversation with families. Is it worth my time? The time it takes to apply for financial aid is small compared to the potential reward of receiving financial assistance. On average, the Free Application for Federal Student Aid (FAFSA®), which is required for most federal, state, and college financial aid, takes about 40 minutes to complete for the first time. The College Boards CSS Profile (which some colleges require in addition to the FAFSA) can take a little longer. Financial aid comes in various forms and every bit can be a great help in paying the college bill. Other families didnt qualify Families tell me they heard from a relative or neighbor who received no need-based financial aid that applying isnt worth it. I advise against making such an important decision based on that type of hearsay. The truth is, there are many considerations that go into financial aid offering, and no one, other than the family and the financial aid office, knows the true financial picture of each family. Additionally, factors such as the specific colleges where the student has been accepted and the students academic credentials may come into play in the financial aid process. We make too much money I encourage those families who believe their financial status will preclude them from qualifying for financial aid to use an Expected Family Contribution (EFC) calculator, such as MEFAs EFC Calculator, to get an estimate of their own EFC. If the familys EFC far surpasses the full cost of the colleges to which the student is applying, the family may choose to skip the process. However, they should be aware there may still be reasons to apply for financial aid: In order to receive a Federal Direct Student Loan, a student must file the FAFSA. All students who file the FAFSA, regardless of financial status, can borrow a Federal Direct Student Loan. As well, some state merit-based programs (such as the John and Abigail Adams Scholarship) and college scholarships require that students file a FAFSA. If the familys financial status changes significantly, it is far easier on the student and family to seek financial aid consideration if there is a financial aid application on file. It can be a burden in a time of crisis to start the financial aid process. Some colleges require the student to submit the FAFSA to be considering for merit scholarships, and your child could even receive a merit scholarship because your family doesnt qualify for need-based aid, which the college will only know if you submit the FAFSA. Will it affect the admissions decision? Generally, the colleges that do consider a students financial aid eligibility status do so only when filling the last few spots in an incoming class, perhaps off the waitlist. Applying for financial aid doesnt play a role in those final decisions, but rather the students actual financial status and eligibility for financial aid. Each college is different, but at most colleges, the financial aid status of the student is not considered in the admissions decision. Remember, if you think you may need financial aid, apply. MEFA recommends learning as much about the financial aid process as you can. You can watch one of our webinars or read about financial aid on our website. And if you have questions, reach out to us at (800) 449-MEFA (6332) or . Learn more about applying for financial aid Sign up for relevant, helpful college planning emails. Applications for financial aid are now available for the upcoming academic year. Although the Free Application for Federal Student Aid for 2023-24 isnt due until June 30, 2024, its wise to apply as soon as you can.For a growing number of families, financial aid is key when it comes to college affordability.With tuition on the rise, most college-bound students must rely on a combination of resources to pay for school, including income and savings, free money from scholarships and grants and, of course, student loans, according to education lender Sallie Mae.Thats where the FAFSA comes in.More from Personal Finance:GOP challenges to Bidens forgiveness plan put the relief at riskInflation and higher rates are a dangerous mixPumpkin spice lattes are popular due to very simple economicsYou want to maximize that free money first, said Sallie Mae spokesman Rick Castellano, before you borrow.But students must first fill out the FAFSA to access any assistance. The FAFSA filing season for the 2023-24 academic year opened on Oct. 1, and the sooner students file, the better.The earlier families fill out the FAFSA, the better their chances are to receive aid, Castellano said, since some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds.Of those parents with college-bound students who didnt plan on applying for federal aid, 58% have now changed their minds, according to a new report by Discover Student Loans.Given the uncertainties in the economy right now around inflation and fears of a recession, its understandable some families are feeling the impact of paying for college and reconsidering applying for federal aid, said Rich Finn, vice president of Discover Student Loans.The FAFSA is the most important thing you can do to qualify for scholarships and grants, Castellano said. In the end, thats free money that you dont need to pay back and that should help make college affordable.Scholarships are a key source of funding, yet only 60% of families use them, according to the education lender.Just about every family will qualify for some form of college aid.About 6 in 10 families who used scholarships got them directly from their students school. Those students received $6,335, on average.The majority of families who didnt use scholarships said it was because they never applied.Last year, 70% of families completed the FAFSA, up slightly from 68% the year before, which was a record low, according to Sallie Mae. This year, as many as 72% may apply, Discover estimated.My hope, always, is that more families complete the FAFSA, Castellano said.Among those who dont apply, the most common reason is because they thought their income was too high to qualify for aid, followed by feeling that the application was too complicated or they simply didnt know about it, Sallie Mae found. In fact, just about every family will qualify for some form of college aid, Castellano said.Many factors, not just income, go into determining how much aid students receive, including the total number of people in the household and the number of children in college, as well as other financial commitments such as a home equity loan or child support payments.The application process itself is another hurdle, families say.However, experts say you can complete the FAFSA form online at fafsa.gov or on the myStudentAid app in less than an hour, particularly if you have your paperwork, including W-2s and last years tax return, on hand. Sallie Mae also has a free online FAFSA tool to help families navigate the process.Subscribe to CNBC on YouTube.
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