Is Filing for Federal Student Financial Aid Worth The Effort?
Is Filing for Federal Student Financial Aid Worth The Effort?
Today, everybody knows that going to college is expensive. Costs continue to skyrocket. However, did you know that over 71% of students attending U.S. colleges and universities also receive some type of federal student financial aid?
Contrary to popular belief, poverty income levels are not the sole criteria for receiving federal student financial assistance. Family income is only one aspect that influences a college’s decision to award you financial aid. Institutional costs play a critical role in determining a student’s federal financial aid package = grant, loan & work.
According to a recent study, almost 95% of the students who failed to file for federal student financial aid did so for the following reasons:
- thought themselves ineligible;
- felt they had no financial need;
- did not want to take on the debt;
- had no information on how to apply; and
- believed forms were too much work.
The first three reasons accounted for 92.2% of the non-applicants. Clearly, these students made assumptions, erroneous assumptions and did not thoroughly investigate their financial options.
Ironically, many were, in fact, eligible to receive some type of federal student assistance.
So, is filing for federal student financial aid worth it? Absolutely! Once your eligibility status is on record and, along the way, you encounter unforeseen life circumstances that may alter your current financial universe, then federal, state, and private funding options become more accessible to you.
File that free FAFSA form. Your future may thank you!!
