Talking to parents or guardians about completing the FAFSA can be uncomfortable, especially if your parents aren't familiar with the process. Some hesitate to disclose their financial information, while others can be concerned about who will access it. Knowing and communicating the benefits of the FAFSA can help.
The most crucial fact to communicate to parents is that the FAFSA is a gateway to public and private scholarships, grants, loans, and even reduced tuition. It can help you understand your financial situation, provide evidence of your financial need to institutions, and possibly open doors to attending schools that you thought were out of reach.
If you think that you will not qualify for financial aid, you should still complete the FAFSA. After all, financial need is not defined solely by income—it is determined by the Cost of Attendance (tuition, fees, room and board, books, supplies, etc.) minus the Expected Family Contribution, which is determined solely by the FAFSA.
FAFSA data is protected. Financial data in the FAFSA is similar to and based on the information in your tax forms. The Family Educational Rights and Privacy Act (FERPA) ensures FAFSA information is kept confidential by colleges/universities, State/Federal agencies, and scholarship providers.
FAFSA maximizes your chances of receiving financial aid. FAFSA is required for State and Federal student aid programs, including the Federal Pell Grant, which does not need to be repaid. It is also necessary for many additional awards or financial assistance provided by private organizations, foundations, and colleges or universities.
FAFSA is not a loan agreement. FAFSA is an application for financial aid, including low-interest loans. If you qualify for loans, you’ll have two options—(1) student loans, then (2) parent loans. Either or both of these options can be declined.
FAFSA opens doors to low-interest loans. FAFSA determines eligibility for Federal student loans with favorable terms, low-interest rates, and flexible repayment options.
Work-study programs require FAFSA. FAFSA is a prerequisite for determining eligibility for the Federal Work-Study Program. It allows students to earn money toward their education expenses via a part-time job while gaining valuable work experience.
Private institution tuition is on a sliding scale. Many colleges and universities base tuition prices on each family's ability to pay. They calculate this number based on the EFC from your FAFSA.
FAFSA can aid in financial planning. FAFSA provides a comprehensive overview of your financial situation, including income, assets, and family circumstances. This information can help you make informed decisions about your education, including what schools are affordable.
You must complete the FAFSA on time, annually. If you need help filling out the FAFSA:
You can also view this FAFSA tutorial on Khan Academy: Walkthrough (article) | Khan Academy.
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