The Free Application for Federal Student Aid (FAFSA) for the 2023-2024 school year opens on October 1st.
One of the largest expenditures we encounter when creating a financial plan is paying for college. Many families do their best to pay for college with their current income and savings. Most families can use financial aid as a tool to digest the large cost of college.
“Financial Aid” includes many sources: grants and scholarships, work-study programs, and student loans. Financial aid can be further broken down between “need-based”, designed for those with a financial need, or “merit-based”, which is based on your child’s academic, athletic or artistic achievements.
3 Common FAFSA Mistakes:
1) The biggest mistake families make when it comes to financial aid is not completing their FAFSA. This includes the families that believe their income is too high to be eligible.
2) Not preparing for the FAFSA. Create your FSA ID and have your tax returns at your fingertips.
3) Keep in mind, that financial aid is often distributed on a first-come, first-served basis. So don’t wait until the deadline. Apply early!