Your Annual FAFSA Reminder
This school year, there will between $2 billion and $3 billion left on the table by students that would qualify for it if they just fill out one form.
What is this magical form that could open the doors to the majority of this money? The FAFSA! Data shows that 36% of high school seniors in 2017-2018 didn’t fill out the FAFSA or turn it in. Every person that is going to college should fill out and turn in the FAFSA.
Some studies show that approximately 50% of high school seniors would have qualified for Federal Pell Grants if they would have just applied for it. Those students left on average approximately $4,000 on the table by not filling out that one form.
Why Is This Such a Big Deal?
College tuition rates have increased by 159% since 2000, according to the U.S. Bureau of Labor Statistics. This means that college has increased by 5.14% on average per year. Compare this to inflation that has averaged 2.09% over the same period. As a result, the cost of a college education is impacting our children’s financial future and our own by a bigger percentage of our income and assets every year!
Every available dollar needs to be claimed to help offset this giant cost increase. Not going after this money can be the difference between your child graduating with a pile of debt or having a clean financial start.
A clean financial start would set your child up with the best chance for success. Isn’t that why they are going to college in the first place?
Sticker Price is Not the True Cost of College
Looking at a price tag for college without knowing anything about the financial aid available can deter many people from going to college. Unfortunately, many potential college students see the sticker price and determine that they can’t afford it when in reality they could have received the grants to make it affordable.
Regardless of how much money your parents make, fill out the FAFSA. This will help draw the line in the sand and determine whether you will qualify for aid or not. Furthermore, it allows colleges to release merit-based scholarships to the students that are attractive to that college but won’t qualify for need-based aid.
The FAFSA application process for the 2020-2021 school year opened up on October 1st. Please, please apply as soon as you can. It is first-come-first-served for the majority of the free money.
You like free money, right?