We recently spoke with a business owner in Carmel, IN who makes close to 7 figures. He was interested in learning how to qualify for tuition discounts at the colleges his twins were applying to. The conversation was one we have quite often with high-earning families and families with more moderate means alike. In this blog we’re going to discuss why everyone should fill out the FAFSA.

Let’s start with some commonly held beliefs about the FAFSA:

Myth: I’m not eligible for financial aid because I come from a wealthy family.

Fact: Your family’s income and assets are only one factor in determining your eligibility for aid. Other factors include the cost of attendance at your school and your Expected Family Contribution (EFC).

Myth: I don’t need to fill out the FAFSA form because I’m not sure I’ll qualify for aid.

Fact: The FAFSA form is the best way to determine your eligibility for federal grants and loans. It’s also one of the quickest ways to find out if you’re eligible for other types of aid, such as scholarships.

Myth: The FAFSA form is too time-consuming.

Fact: The form shouldn’t take more than an hour to complete, and many students can complete it in even less time. Plus, you can save your progress and come back to it later if needed. (Stick with us and we’ll explore another time-saving tip for filling out the FAFSA form).

Eligible Students Pass Up Free Money Every Year

There could be a variety of reasons why students choose, mistakenly, not to fill out the FAFSA. Some students may not be aware of the availability of financial aid and grants, or they may think that they don’t qualify. Others may believe that taking out a loan is their only option for paying for college. And finally, some students may simply find the application process too daunting.

It’s important to note that even if you don’t have perfect grades or a high income, you still may be eligible for a Pell Grant or any of a number of grants. But you’ll never know if you don’t apply!

How Long Does It Take To Fill Out The FAFSA

The FAFSA is an important document to fill out if you want to qualify for federal student aid, student loans, and/or grants. The form is free to fill out and takes less than an hour, on average, to complete.

Recently, the Department of Education lengthened the window for filing the FAFSA from October 1 to June 30, but we would urge students not to procrastinate. Some deadlines for state or college aid can be more urgent so it’s best to apply as soon as possible to increase your chances of receiving aid.

IRS Data Retrieval Tool

Do you remember us mentioning that time-saving tool for filling out the FAFSA? The IRS Data Retrieval Tool allows users to pull in their family’s tax information directly from the IRS. This can help reduce the amount of time it takes to complete your FAFSA form, and can also help ensure that your information is accurate. To use the tool, you will need to have a recent tax return on file with the IRS. You can then use the tool to transfer your information directly into the FAFSA form.

Fill Out The FAFSA Every Year

It’s important to note that filling out the FAFSA is not a one and done process. You will need to file the FAFSA every academic year so that things like your family’s income level and the number of family members enrolled in a college or university can be taken into account.

If Class 101 in Carmel can help you prepare for filing the FAFSA, feel free to contact our office. Don’t leave money on the table when it comes to college aid!