Monday, January 5, 2015

Why College Students Should File a FAFSA Every Year


I always encourage students and parents to file a FAFSA each year even if the student is never awarded any grants or work study, because having a completed FAFSA and Student Aid Report is like having an insurance policy or a line of credit. Unless students and their parents have saved the full cash price of attending college before the student starts college, there’s always the possibility that a financial crisis will arise that will require a student loan. Over the years I have seen even well-off families struggle through all kinds of financial emergencies such as; natural disasters, divorce, serious illnesses, accidents, job losses, and the list goes on and on. Having a student aid award, even if it only contains loans, will allow the student to stay in school during a short term crisis and leaves one less thing for parents to worry about.

If you do find yourself in a financial crisis, but haven’t completed the FAFSA it is almost never too late to file (click the link below) but keep in mind that it can take up to several weeks to process before the student can expect to see an aid report. Additionally, some aid is awarded on a first come first served basis and the deadlines for state and institutional aid are usually in the spring or summer. If, after the FAFSA is filed, your family’s financial situation or income changes due to a job loss, marriage, divorce or separation, medical expenses etc. you should set up an appointment with a financial aid counselor at the student’s college to have a review or “judgment review” to see if the student’s aid may be increased in light of the family’s current financial situation.


To view the deadlines for each academic year, click HERE

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