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Friday, November 7, 2014

"Complete That FAFSA", says the First Lady!

 Michelle Obama has  a new initiative- getting families to complete the FAFSA after January 1. The FAFSA is the FREE Application for Federal Student Aid. Many families don't submit a FAFSA for a variety of reasons:
  • They don't know about.
  • They figure they won't qualify for federal financial aid so why bother.
  • They think it's too complicated.
 Here's why families should complete the FAFSA:
  • It's free.
  • Family income is only one part of the formula and with the high cost of college these days, many families qualify for some aid. Some colleges won't even consider a student for academic scholarships unless they have a completed FAFSA.
  • It's not hard to fill out and the online form walks you through each step.
  • If your financial circumstances should change, it's easier to update the FAFSA and far better than having to wait until the next filing cycle.
So, wait just a minute... the FAFSA can't be filled out until January 1. Families can then estimate their taxes based on last year's returns and then update the form when they've completed this year's. Many colleges have deadlines for filing, so check with all of the colleges your student has been accepted to or is waiting to hear from; and, you'll need to complete the FAFSA every year that you have a child in college. 

Ahhh...another New Year's resolution!