For many people, how to pay for a college education is one of the major financial decisions before deciding on a school. There are many different ways to pay for college. Understanding your choices can help you make the right decision for your situation.
Start by completing the Free Application for Federal Student Aid (FAFSA)
A critical first step for many prospective students is to complete the FAFSA . FAFSA completion is an important part of the student aid process.
Due to the coronavirus pandemic, some states have extended their FAFSA deadlines. . Contact your school’s financial aid office to find out if their priority FAFSA deadline has been extended.
Why fill out the FAFSA?
Filling out the FAFSA is required if you want to apply for federal assistance, including grants, loans and work study. Your eligibility for need-based federal aid, such as Pell Grants and subsidized student loans is determined by your FAFSA submission.
Filling out the FAFSA does not commit you to taking out student loans or accepting the financial aid offered. However, if you do not submit a FAFSA you will not be able to access federal grants or other forms of federal financial aid.
In addition, states typically require students to complete the FAFSA to qualify for state grant programs, and most colleges and universities will not consider awarding any institutional aid, until the FAFSA has been submitted.
Even if you have not finalized your plans for this fall, consider filling out the 2020-2021 FAFSA sooner rather than later, many state and schools award aid on a first-come, first-serve basis and may have established earlier, “priority” deadlines. If you miss a key deadline to complete the FAFSA, you will limit your ability to qualify for state or institutional funding.
For more information:
- Ask students why it is important to complete the FAFSA form sooner than later?
- What basic information is needed before beginning the FAFSA application process?
- Where can you get assistance if you need help in filling out the FAFSA form?
- Why is important to take advantage of any scholarships and grants before applying for a federal loan?