FAFSA-3 BIG Mistakes that Cost You Money & Why Everyone Needs to File
TRANSCRIPT:
The FAFSA-3 Big mistakes that cost you money! & YES! You need to file
Hi, I’m Denise Thomas.
Today is October 1st, it’s FAFSA day!
This is the day the Free Application for Federal Student Aid opens for high school seniors.
First, Don’t panic! You do NOT have to submit the application today! This is just the date that it opens. But I do suggest that you file it sometime this month because the money is given out on a first-come-first-served basis.
Now, most parents are under the mistaken belief that it’s not worth filing the FAFSA because they make too much money to ‘get anything’. Just last week a parent asked in confidence, “My husband makes 200,000 dollars a year, should we bother with the FAFSA?
The short answer is YES. Everyone needs to file the FAFSA.
The application is not only for federal grant eligibility for low-income families. Without filing the FAFSA your teen won’t be offered a work-study job on campus or...
Ever Wonder How the Government Calculates Your EFC?
Your 'EFC' is your Expected Family Contribution. It's a number that represents just how much the federal government thinks your family can contribute toward your teen's college expenses...every year! It is not only used by the federal government to determine if your family qualifies for need-based aid (the Pell Grant, for example) but colleges also use the EFC in determining need-based aid (and sometimes scholarships). However, most private colleges also use another set of calculations, called the CSS Profile.
But here it is. How the government calculates your EFC.
https://ifap.ed.gov/efcformulaguide/attachments/2021EFCFormulaGuide.pdf
Do You Know What Scholarship Judges Are Looking For?
Don't make these mistakes! Use this checklist before hitting the 'Submit' button.
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