FAFSA Basics

The FAFSA officially opened last week, one week ahead of schedule. FAFSA stands for Free Application for Federal Student Aid. It is a form that takes less than an hour to complete and must be completed for any student who would like to be considered for financial aid from the federal government, state government, and/or from colleges themselves (even if it won’t be need-based - this is free money). If you don’t fill out the FAFSA when your child is going to be a freshman, you might not be able to apply for aid for the following years.

Many people think they make too much money, so they’re not going to fill out the FAFSA. One of my favorite quotes from my textbook from my UCLA Financial Aid course states, “It is possible to own a mansion, a business, and sizable investments, and - as long as your taxable income is within state parameters - still qualify for thousands of dollars in aid. Suffice it to say that state aid is one of the more overlooked ways for middle- and upper-middle-class families to help pay for college. We estimate that thousands of these parents, under the impression they make too much money, never even apply” (Paying for College: Everything You Need To Maximize Financial Aid and Afford College).

Some schools require the FAFSA. It takes less than an hour to complete and could save you tens of thousands of dollars. Worst case scenario, you wasted an hour of your life filling it out. I highly encourage you to complete the FAFSA even if you aren’t required to do so. You never know what free money your child might be awarded. Many highly selective colleges also require the CSS Profile to be filled out. They use this for distributing their institutional funds.