FAFSA® Application Season Officially Opens October 1: Here’s What Students and Families Need to Know and Why Filing As Soon As Possible Is Critical
September 29 2022 - 12:23PM
Business Wire
Completing the FAFSA® Can Help Make College
More Affordable, Yet 75% of Families Unaware of FAFSA® Open Date
and Just Over 50% Know All Students Are Eligible
Filing the Free Application for Federal Student Aid (FAFSA®) is
one of the most important steps students and families can take to
receive free money – including scholarships and grants – for
college. The key is getting in line for that aid as soon as
possible, some of which can be first-come, first served or from
limited funds. Three-quarters (75%) of families, however, are
unaware they can complete the FAFSA® beginning in October and only
a little over half (54%) were aware all families can file a FAFSA®,
potentially missing out on opportunities to make college more
affordable.
Sallie Mae© offers the following FAFSA® tips and also offers a
free step-by-step guide through Nitro College to help families
complete the all-important form with confidence:
- Complete the FAFSA® on October 1 (or soon
after) —The FAFSA® is the gateway to more than $112 billion
in scholarships, grants, state-aid, and federal financial aid and
schools use the information provided to create financial aid
packages. The sooner families complete the FAFSA®, the better the
chance to receive aid that may be first-come, first-serve or from
programs with limited funds.
- Never paying to fill out the
FAFSA® – Filing is free, period. There are also a variety of
free resources to help families fill out the FAFSA® properly.
- Do your homework before you file —
Both students and parents should gather Social Security numbers,
driver’s license numbers, bank statements, 2021 tax returns, and
W-2 forms, and create an FSA ID. Having this information ready
before you begin the application can help expedite the
process.
- Don’t assume you won’t qualify for
aid – Nearly four in 10 families (36%) said they bypassed
the FAFSA® because they believed their income was too high to be
eligible. The reality is, just about every family will qualify for
some form of aid.
- Remember to file each year —
FAFSA® applications should be completed every year in school. Be
sure to save and file your FSA credentials and set a reminder for
when it’s time to file again.
- Check deadlines – Many states and
colleges set priority deadlines to submit the FAFSA® to be
considered for aid. You can check deadlines for each school
here.
“While seven in 10 families reported completing the FAFSA last
year, too often those who do not complete are first-generation
college students and students from underserved communities who are
most likely to be eligible for grants and other aid,” said Rick
Castellano vice president, Sallie Mae. “We need to continue to
raise awareness and offer resources to help these students and
families complete the FAFSA. It's critical we also look for ways to
further simplify and streamline the process so families can make
more informed and confident decisions about paying for higher
education.”
For more information on completing the FAFSA® visit
www.salliemae.com/FAFSA and Nitro College.
Sallie Mae (Nasdaq: SLM) believes education and life-long
learning, in all forms, help people achieve great things. As the
leader in private student lending, we provide financing and
know-how to support access to college and offer products and
resources to help customers make new goals and experiences, beyond
college, happen. Learn more at SallieMae.com. Commonly known as
Sallie Mae, SLM Corporation and its subsidiaries are not sponsored
by or agencies of the United States of America.
Category: Financial Literacy Category: Student Loans
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version on businesswire.com: https://www.businesswire.com/news/home/20220929005568/en/
Tacy Cresson 302.265.5616 Tacy.Cresson@SallieMae.com
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