Do I Have to Fill Out FAFSA To Get a Scholarship?
Do I Have to Fill Out FAFSA To Get a Scholarship? Most colleges and universities use the Free Application for Federal Student Aid (FAFSA) to determine a student’s eligibility for financial aid. Federal student loans are also calculated using this method.
It is not necessary to submit a FAFSA in order to apply or attend college. A student and their family, however, will not be eligible for any federal funding, grants, Direct Student Loans, or the Parent Plus loan if they fail to complete the FAFSA.
Assisted and Unassisted Students have the option to take out federal loans in their own name through Direct Student Loans without the need for a cosigner. Finding a lender willing to lend money to students with little to no credit history is very challenging for incoming freshmen. This is why it’s crucial for students to prioritize taking out Direct Student Loans over all other loan options and to complete the FAFSA in order to be eligible for these loans.
Do I Need to Fill Out FAFSA Even if I Don’t Qualify for Financial Aid?
Do I still need to submit the FAFSA if I don’t meet the requirements for financial aid? and the response is, “It depends.”
The number of forms required as part of the college application process can be overwhelming. There are financial aid forms, college applications, scholarship applications, and loan applications.
Your EFC (Expected Family Contribution) may be too high if you come from an upper-middle-class family to be eligible for need-based aid at any of the schools your student is considering.
So, you might be wondering if you really need to fill out the FAFSA if you’re going to be paying for college on your own and not relying on need-based financial aid.
Why Should I Fill Out FAFSA?
Families who don’t complete the FAFSA frequently assume they won’t be eligible for financial aid, but that isn’t always the case. Families frequently misjudge their own need for financial aid, and there are many factors that affect both EFC and need. You never know how the cost of the school your child wants to attend will compare to your actual financial situation. Since college is more expensive than ever, even if you make a lot of money, you might find that certain schools require you to demonstrate financial need in order to be eligible for aid. It all depends on the college’s financial aid policies and how your EFC stacks up against them.
Don’t rule out completing the FAFSA until you’ve done the research to determine what percentage of financial needs a college meets and how your EFC compares to the cost of attendance at the college.
Do I Have to Fill Out FAFSA Every Year?
Yes. If your student wants to be considered by the college, state, or federal government for financial aid (grants, loans, and scholarships), they need to fill out the FAFSA each year.
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