FAFSA: Myths & Facts
3 Minute Read • Resources
On October 1st each year, the FAFSA (Free Application for Federal Student Aid) opens to receive applications. This is, as its name implies, a free application prospective college or trade school students fill out in order to find out what kind of aid they are eligible to receive.
FAFSA Myths
Myth: The FAFSA is expensive
It’s free! Remember, it’s the Free Application for Federal Student Aid. Free is the best four-letter word, don’t get it twisted!
Myth: It takes forever to fill out the FAFSA
No way! On average, it takes 24 minutes to complete the FAFSA. Just make sure you set yourself up for success by having the appropriate documents!
Myth: If I fill out the FAFSA, I’m stuck with whatever loans I get
False! When you fill out the FAFSA, you will receive a list of whatever loans and grants you are eligible for. Keep in mind that you can take out much less than what they recommend. These amounts are only what you are eligible to borrow.
Myth: I don’t want to take out any loans, so I don’t need to fill out the FAFSA
Wrong again. The FAFSA will also identify which grants you are eligible for. Grants don’t need to be paid back. Additionally, some scholarships will require you to have filled out the FAFSA in order to qualify.
FAFSA Facts
Fact: Not all prospective students are eligible to fill out the FAFSA
The FAFSA is only for US citizens, US nationals, and eligible non-citizens. Undocumented students are not eligible for federal financial aid.
Fact: The earlier you submit your FAFSA the better
Although the FAFSA is open from October through June, the earlier you submit your FAFSA, the more likely you are to qualify for federal, state, and college-offered grants. Additionally, most colleges are going to require your FAFSA to be submitted by March prior to your fall enrollment.
Fact: You need to have specific information on hand in order to complete the FAFSA
It may be free and fast, but that doesn’t mean it can be done without proper preparation. There are a few documents you should have with you in order to accurately and successfully complete the FAFSA. Be sure to review this list prior to beginning your application.
The FAFSA doesn’t need to be intimidating! After all, at the end of it, you could have thousands of dollars in free college cash that will help set you up for success in your next steps. Don’t neglect to do the FAFSA just because it seems complicated. Who knows? You might discover that’s a myth after all.
