The FAFSA can be quite confusing for students and family members alike. Questions like “Who is eligible?” and “When does the FAFSA need to be filled out? ” are common questions. You could start filling out the FAFSA January 1st at https://fafsa.ed.gov/. Submit your FAFSA by March 31, 2015 for priority consideration at Missouri State. Learn more about financial aid at Missouri State here.
Here are some common myths about the FAFSA:
My family makes too much money to qualify for financial aid…
Many middle and even upper-middle income families qualify for financial aid. In addition to your family’s income, there are a number of different factors that go into the process of determining eligibility, including assets and number of household members currently attending college. Even if you don’t qualify for federal dollars, many colleges and scholarship programs use the FAFSA to award financial aid. Fill out the form to ensure you don’t miss out!
The FAFSA deadline isn’t until June, so I have plenty of time to fill out my form…
While it’s true that the final FAFSA deadline isn’t until June 30th, many programs award financial aid on a first-come, first-serve basis. To ensure you get all of the aid for which you are eligible, try to fill out your forms as close to the January 1st start date as possible.
My parents haven’t filed their taxes yet, and I can’t file until they do…
Nope, not true. One of the biggest mistakes people make is putting FAFSA on hold until they’ve filed their federal tax returns. In fact, you can use an estimated number to file now and update your materials once your returns are completed. Just make sure to check the “will file” box and the Department of Education will remind you in April to update your form.
I don’t have great grades, so I shouldn’t even bother trying to qualify…
You don’t need to be class valedictorian or a straight-A student to qualify for federal student aid. In fact, the overwhelming majority of federal and state packages are based on need alone and, in most cases, you only need to maintain a “satisfactory” GPA to continue receiving aid dollars.
I submitted FAFSA last year, so I don’t need to file again…
Unfortunately, FAFSA doesn’t just automatically renew. To remain eligible for federal student aid (and many other kinds of aid), you need to file for every year you are attending school. However, if you submitted last year, you do have the option of completing a Renewal FAFSA, in which most of the questions are pre-filled with your prior information.
(adapted from Don’t Let the FAFSA Ruin Your Holiday Cheer: 10 Financial Aid Myths Debunked)