Every year, there is money that the government sets aside for college students that goes unused. Why? Much of the issue results from misinformation. We’re going to look at some of the most common reasons a person may miss out on free money for college that they could apply for using the FAFSA.
Myth: My family makes too much money for me to get anything.
Fact: The only way to know for sure that you won’t get anything is not to apply. If you are going to college, you should fill out the FAFSA. There are no ifs, ands, or buts about it. Otherwise, you are likely leaving free money for college on the table.
Myth: FAFSA is how you apply to get federal student loans.
Fact: Federal student loans are just one part of what you are applying for. You can also receive grants that don’t have to be paid back. Additionally, you could be awarded a work-study program. Some families don’t fill out the FAFSA because they think they will get a better loan somewhere else, so the free money for college and work-study opportunities go unexplored.
Myth: Your financial aid is whatever they tell you.
Fact: You can appeal your award if you think you deserve more or if your circumstances have changed since you originally filled out the application. According to one study, more than 2/3s of families that appeal due to changed circumstances receive more aid.
Fill Out the FAFSA Right Away
The worst scenario would be if you wait too long and can’t get any free money for college simply because the deadline has passed. College Planning Source wants to help you start your college journey the right way. Give us a call today at 858.676.0700, or you can request a complimentary college planning assessment online.
