FAFSA Secrets Every Student and Parent Should Know About Federal Financial Aid

I’m Kantis Simmons, and today I’m excited to tackle one of the biggest questions parents and students ask me: "How can I find money for college?"

If you’re asking this question, you’re not alone!

The good news is that I’m here to share 7.25 essential tips that you should consider when completing the FAFSA (Free Application for Federal Student Aid). Understanding these tips could unlock significant financial aid and make your college dreams a reality!

Why FAFSA Matters

FAFSA is your gateway to accessing federal financial aid. Completing it accurately can help you get grants, scholarships, and even federal student loans. But it’s not just about filling out a form; it’s about strategically navigating the college funding landscape. To simplify the process, let’s break down the best way to approach your college funding journey using this formula:

Government Money (GM) + Other People’s Money (OM) + Your Money (YM) = How We Pay for College

Let’s dive into what each component means:

• Government Money (GM): This is federal aid you can access through FAFSA.
• Other People’s Money (OM): This includes scholarships and student loans.
• Your Money (YM): Your personal savings or funds you have set aside for college expenses.

FAFSA Secrets to Maximize Your Aid

Now that you understand the formula, let’s explore the 7.25 secrets to make the most of your FAFSA experience.

1. Know the Opening Dates

FAFSA opens between October 1st and December 1st. Keeping track of this window is crucial because the sooner you apply, the better your chances of securing funding. Check out studentaid.gov for the most current information!

2. Understand the Closing Dates

Mark your calendars! FAFSA closes on June 30th. However, you should also check school and state deadlines. Many institutions have earlier deadlines for their financial aid, so stay informed to ensure you don’t miss out!

3. Complete FAFSA Early

Complete your FAFSA early to give yourself time to appeal if necessary. An appeal allows you to address discrepancies in your financial situation that might affect your eligibility for aid. By completing it early, you have the flexibility to take action if your financial circumstances change.

4. File Every Year

Make it a habit to complete FAFSA every single year. Financial situations can shift, and applying annually ensures you’re considered for aid each year you’re in school. Even if you think you won't qualify, it’s worth submitting!

5. Student Loans Are Part of the Equation

FAFSA doesn’t just help with grants and scholarships; it also opens the door to federal student loans. Understanding your options can prevent you from falling into debt traps and ensure you’re only borrowing what you need.

6. Gather Key Information

You only need a few key pieces of information to fill out the FAFSA:

• Student income
• Parent income
• Student assets
• Parent assets

Having this information handy will streamline the process and help you avoid delays.

7. List Up to 20 Schools

One of the fantastic features of FAFSA is that you can list up to 20 schools on your application. This means you can apply for financial aid at multiple institutions simultaneously, increasing your chances of receiving aid. Be strategic—choose schools that align with your academic and career goals!

7.25 Consent for Tax Data Transfer

When filling out FAFSA, you must provide consent for tax data transfer. This allows the IRS to share your tax information directly with the FAFSA application, making the process smoother and more accurate.

Get More Help with College Funding

These 7.25 secrets can make a world of difference when it comes to securing financial aid for college. If you want to dive deeper into these topics, I invite you to join my free College Funding Workshop! We cover everything from understanding government aid to maximizing scholarships and making the most of your personal funds.

To register for the workshop, click the link below. Together, let’s make your college dreams a reality!

Join the Free College Funding Workshop

Remember, the journey to funding your college education doesn’t have to be overwhelming. With the right strategies and information, you can confidently navigate your financial options. Here’s to your success in securing the funding you need for a bright future!