Many students don’t bother to fill out FAFSA because it’s more than 100 questions; it’s a time-consuming and complex process to complete. Other students avoid FAFSA because they believe their parents make too much money or they won’t quality because of academic performance. Federal Student Aid encourages all students to apply to FAFSA. Check out these common misconceptions about financial aid.
Remember, most universities require a FAFSA form on file in order to award a student either need-based or merit-based financial aid. Your student may quality to receive financial aid that’s based strictly on merit, such as academic achievement, ACT/SAT scores and athletics (not financial need). But you must complete the FAFSA form.
Time Money’s College Planner also offers this financial tip for families: “filing a FAFSA automatically qualifies you for low-cost federal student loans of at least $5,500 a year.”