Five Fabulous Facts About FAFSA

Digging through family assets and deciphering income tax forms, submitting a FAFSA (Free Application for Federal Student Aid) application can seem pretty complicated. In fact, many people don't complete their FAFSA for this very reason. Here are five fabulous FAFSA facts about why it's worth it to file anyway.

1. The FAFSA is FREE

Despite many financial aid websites that will tell you differently, the FAFSA is completely free of charge. Yep, a completed FAFSA which immediately puts you in queue for federal financial aid, state financial aid, college offerings, and private scholarships is 100% free of charge. The only cost for completing a FAFSA is an investment of time, and you could get thousands and thousands of dollars in return for that investment.

2. The FAFSA Opens Up Federal Aid

Would you like to get your hands on some of the more than $125 billion that the federal government makes available in grants, loans and work-study programs? Federal Student Aid programs are the largest source of college financial aid in the country. The only way that you can be considered for Pell Grants, Perkins Loans, Stafford Loans and the like is by submitting a FAFSA.

3. The FAFSA Opens Up State Aid

Your FAFSA application also puts you in line for various state financial aid programs. While eligibility for these programs vary by state, they all have one thing in common — they all require the filed FAFSA. You can learn all about state financial aid at your state’s higher education agency.

4. The FAFSA Opens Up Institutional Aid

Universities, corporations, and private scholarship sponsors offer trillions of dollars in financial aid. Even if you don’t have a high financial need, you may still qualify for these types of awards. The thing is that most universities require students to submit a FAFSA to be considered for institutional financial aid. Some school programs in fact are specifically designed for students rejected for federal programs. You should check on this even if you don't believe you'll qualify for federal aid.

5. FAFSA Help is Everywhere

When you complete your FAFSA application online, detailed help is built into the filing system, You can still also submit your questions on the FAFSA Website even if you choose to fill out a paper form, and you can call the Federal Student Financial Aid Information Center at 1-800-4FED-AID (1-800-433-3243).