The Free Application for Federal Student Aid (FAFSA)
If you need assistance paying for college, technical, or vocational school, explore federal and other options you may be qualified for. Learn why federal student loans are preferred over private loans and how to fill out the FAFSA. There is a lot out there, so we’ve tried to put the most important information in one place.
FAFSA
For the current school year, you may file a FAFSA form up until June 30 (the end of that school session). The earlier you file, the more aid you’re likely to receive. Applying for the FAFSA qualifies the student for aid programs such as grants, work-study, scholarships, and loans. An application must be submitted each school year for which aid is needed.
FAFSA enrollment opens on October 1st of each year for the following school year. To maximize the amount you’ll receive, file as close to this date as possible. Work-study money and many grants are awarded early.
Although colleges and universities require tuition to be paid prior to the completion of the school year, it’s possible to get some of that money reimbursed through FAFSA if you apply by June 30 of that year.
Check with your school and state for their specific deadlines.
Student Loan Repayment Assistance
Looking at the data: 45% of all workers would prefer to have a student debt repayment program than a 401k, according to a poll by Student Loan Hero. The proportion of workers aged 18 to 24 is significantly higher at 54%. Even more surprising, over 53% of workers would choose help with student debt repayment over increased vacation time.
If you need help repaying existing student loans, you may be able to get help under the CARES Act. Learn more about the types of loans and what you need to qualify for assistance. Here is another excellent resource for understanding your repayment options right now. Still not sure? Check out the loan simulator tool.
Want to know more about the government loan forgiveness program? Check out our blog – Understanding Student Loan Forgiveness.
What questions do you have about student financial aid? Let us know in the comments. Are you looking for more information on personal finance and financial literacy for yourself or a college student? Start here.
