College | July 13, 2023 | Arianna Blakely
3 FAFSA® myths debunked
What you'll learn
- How to recognize the real FAFSA® website
- How often to file the FAFSA®
- Types of financial aid you can qualify for with FAFSA®
- When to file the FAFSA®
Note
The U.S. Department of Education is implementing major changes to the FAFSA®, delaying the 2024-25 application open date from October 1 to December 2023 (specific date yet to be announced). Free tools and resources to help you complete the FAFSA® are available at salliemae.com/FAFSA, and check studentaid.gov for updates on when the new FAFSA® application will go live.
You talk about a lot of things with your friends in college—classes, dining hall food, the sketchy bathrooms in the freshmen dorms. What about something you all might have in common—financial aid? A major hurdle that so many students deal with are their finances, and especially how they’re paying for school. There are lots of financial aid myths out there, but don’t let them trip you up—make sure you get all the financial aid you need for school.
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Filling out the FAFSA® is a must-do
If there’s one thing not to do in college, it’s fail to fill out the FAFSA® (Free Application for Federal Student Aid). According to How America Pays for College 2023, about 30% of families still aren’t submitting it. That’s way too many students and families missing out on federal aid.
For some, the application is too hard and confusing to them. For others, they’ve been misled by financial aid myths. Let’s set the record straight on what students should and should not believe about the FAFSA®.
Debunking 3 common financial aid myths
Myth 1. You have to pay to apply for the FAFSA®
College is expensive, but one thing that’s not is the FAFSA®. Remember that FAFSA® stands for FREE Application for Federal Student Aid—there’s no charge. The only way to apply is through the official site.
Myth 2. My family makes too much money for me to get aid
Don’t assume this is true—you’ll never know what you could be eligible for if you don’t apply! The FAFSA® isn’t just about federal student loans. It has more than $150 billion in grants, work-study funds, and state-based aid. Some scholarship programs also require that a FAFSA® be submitted, too. It’s always worth a try to see what aid might be there for you.
Myth 3. Only college freshmen need to apply for the FAFSA®
The FAFSA® is for every student planning on attending school the following academic year! The FAFSA® you filled out and the aid you got last year is only valid for one school year, not all the school years! College students should apply every year they’re in school—graduate students should, too!
Get FAFSA®-ready!
Now that you know all about the FAFSA®, spark a conversation about financial aid and normalize it among your friends.
One of the most important things to remember is that you should submit your FAFSA® ASAP! A lot of financial aid is first-come, first-served, so it could pay off (literally) to get your application in quickly. The submission window opens December 2023*.
Use these tips and our FAFSA® guide to ensure that you and your friends get all the financial help possible to pay for school. Friends don’t let friends leave financial aid on the table!
*The FAFSA® typically opens October 1 every year, but due to new changes in the application, the opening date has been pushed to December 2023 for this year only.