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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