The Office of Financial Aid is now accepting applicants for its Free Application For Student Aid (FAFSA) program. They urge applicants to apply early to lock in their slots for the upcoming 2020-2021 academic year.
FAFSA opens its door on October 1 for students planning to attend college in the fall of 2020. Though the deadline for the application is months away, students are encouraged to apply early.
According to Mark Kantrowitz, a student financial aid expert:
This year, 13 states that are taking part in the FAFSA program are granting it on a first-come, first-served basis. The early bird will get the grant.
The FAFSA is a financial aid form given out by the Department of Education that helps calibrate a student’s eligibility for loans and financial aids in college. The form consolidates the household data of the applying student to determine if the family can afford to send the student to college. FAFSA forms are forwarded to chosen colleges in the application to serve as a basis for the financial aid offers available for the applicant.
Difficulties in financial aid applications
The application process for FAFSA has its own set of difficulties. Just recently, a lawmaker Senator Lamar Alexander proposed a simplified application process for the FAFSA. FAFSA is the most important gauge on what kind of financial aid a student qualifies for in college, it should not be taken lightly and attention to detail is a must.
Here are some misconceptions that lead to failure to apply for FAFSA:
- The most common reason is that families doubt if they qualify for aid. A spokeswoman from student loan company Sallie Mae shared that almost every family qualifies for financial aid, it is not always based on the capacity to spend, there are also a lot of scholarships that offer college grants based on student merit. The problem here is that they are not applying thinking they won’t qualify.
- Stalling on the application. During the application for financial aid, the applicant is required to list one college in the form. Some students can’t decide as to where they want to go to college which is why they stall the application process; the next thing they know is that all slots have been filled in. Kantrowitz’s advice is to fill in an in-state public college, some states will most likely consider for state grants if you applied for an in-state public college.
- Wrong data. Keen on details should be observed. Every data an applicant fills in the form will be held against him, it may be the determining factor if he is eligible for financial aid or not. This is one of the most common errors in FAFSA applications especially in terms of IRS data. The applicant should always make sure that all the information he provides is accurate.
So what are you waiting for? Apply now!
Ready, set, #FAFSA‼️ Start your 2020–21 FAFSA form now ➡️ https://t.co/wdDmg7cr0I pic.twitter.com/Ajs5SESQlk
— Federal Student Aid (@FAFSA) October 1, 2019
