Many students overlook the importance of this application, but the benefits it offers are too valuable to miss out on. Here's 5 main reasons why you need to apply for the FAFSA.
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Whether you're a high school senior or a current college student, completing the FAFSA should be at the top of your to-do list. Many students overlook the importance of this application, but the benefits it offers are too valuable to miss out on. In this blog, we'll explore the five main reasons why you need to apply for the FAFSA.
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Read more: What Steps Should I Take to Maximize My Tuition Aid?
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Dive deep into mastering the FAFSA, securing more money for college, and setting yourself up for financial success. This exclusive workshop is available only to student portal members—don’t miss your chance to gain the knowledge and tools you need to maximize your financial aid.
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Enroll today! 🚀
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The FAFSA is your gateway to federal financial aid, including grants, loans, and work-study opportunities. Federal grants, such as the Pell Grant, are essentially free money that doesn’t need to be repaid, while federal student loans often come with lower interest rates and more flexible repayment options than private loans. Work-study programs also provide the opportunity to earn money while gaining valuable work experience. By not applying, you could be missing out on these critical financial resources.
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Here's 7 Scholarships With Deadlines in September 2024
Beyond federal aid, many states and colleges use your FAFSA information to determine your eligibility for their own financial aid programs. This includes state grants, scholarships, and institutional aid that can further reduce your college costs. In some cases, these sources of aid can be even more generous than federal aid, making the FAFSA an important step in maximizing your financial support.
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Timing matters when it comes to the FAFSA. Some financial aid is awarded on a first-come, first-served basis, meaning that the earlier you apply, the better your chances of receiving aid. By submitting your FAFSA as soon as it becomes available each year, you increase your chances of securing more funding. Early application also gives you more time to compare financial aid offers from different schools, allowing you to make a more informed decision.
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Read more: Did You Know Good Credit Can Make Life Easier?
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The FAFSA provides a comprehensive overview of your family's financial situation, which is used to calculate your Student Aid Index (SAI). Understanding your SAI can help you better plan for college expenses and explore additional funding options. Even if you believe your family might not qualify for need-based aid, the FAFSA can still provide insights into potential merit-based aid or loans that can help you manage college costs.
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Read more: What if my family’s financial situation has changed?
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Finally, one of the biggest reasons to complete the FAFSA is to avoid missing out on any available financial aid. Many students mistakenly assume they won't qualify for aid and skip the application altogether. However, you might be surprised at the amount of aid you could receive. Even if you think you don’t need financial aid, completing the FAFSA ensures you don’t leave any money on the table that could make your college experience more affordable.
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Why the Change? The U.S. Department of Education announced a new FAFSA opening date, giving you extra time to prepare. The FAFSA was expected to return to an October 1 start date for the 2025-2026 school year.
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‍We’ll be doing a deep dive into the FAFSA during our Get College Ready bootcamp starting September 23rd. Don’t miss out!
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Applying for the FAFSA is a crucial step in making college more affordable. From unlocking federal aid to accessing state and institutional funding, the benefits of completing the FAFSA are significant. Don’t miss out on the opportunity to secure the financial resources you need to succeed in your academic journey.
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Take the time to apply for the FAFSA, and set yourself up for financial success in college. 🥳🎓
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