Reasons to Consider Applying for Financial Aid
Some families don’t complete the FAFSA (Free Application for Federal Student Aid) because they assume they won’t receive any aid. But consider filing anyway! Here are are a few reasons why:
For students to obtain low-interest federal student loans. Some parents want their children to take out a loan so they have some skin in the game.
To demonstrate your ability to pay without any help. It sounds counterintuitive, but the ability to pay can give you an admissions edge.
Because you just might qualify. This can be especially true if you have multiple children in college. And you never know until you try.
Because situations can change. A job loss or other development could greatly affect your family’s finances. It’s much easier to get aid if you have a FAFSA on file.
How to File
For most colleges and universities, the FAFSA is the only application for need-based financial aid. For information on filling out the FAFSA and the types of aid available, the Federal Student Aid website is a great resource: www.studentaid.ed.gov
There are about 300 colleges that also require the CSS PROFILE, and use it to assess the student’s eligibility for the college’s own institutional aid dollars. The PROFILE application is available on the College Board website: www.collegeboard.org