Don’t Miss Out on College Financial Aid (Article)
Don’t Miss Out on College Financial Aid
Yikes! Just when you think you’ve got that young adult child situated in college, it’s suddenly time to get going on next year. Indeed, applying for financial aid is an annual ritual for families with college students. This process begins with the completion of the Free Application for Federal Student Aid, known as the FAFSA. Even though Fall 2022 is almost a year away, the first day to submit the FAFSA for the 2022-23 school year is October 1, 2020.
Why should you care about the opening day? Many schools award their financial aid money early in the process. So even though the deadline isn’t until June 30, 2022, it’s a good idea to apply early so that you can be toward the front of the line. This early application window means that financial aid for the 2022-23 school year will be based on 2020 income.
Apply, even if you think your student won’t qualify for need-based aid. Student loans and other aid can be awarded without financial need. In fact, the Federal Direct Student Loan Program allows for up to $5,500 in a loan during Freshman year, even if you don’t qualify for need-based aid. Loan limits increase for upper classmen.
Go to FAFSA.gov to get started. The process may seem intimidating, but it is easier than you think. The system permits you to sync your tax returns to the application to reduce the amount of manual input required.
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