Filling out the Free Application for Federal Student Aid (FAFSA) can feel a bit daunting. But many common beliefs about the FAFSA are simply myths. Let’s debunk these misconceptions and clarify the realities to help you maximize your financial aid potential.
Myth 1: It’s too late to file your FAFSA
Pacific’s priority filing deadline helps The Office of Financial Aid get out timely financial aid offers out, but it isn’t too late to file your FAFSA. Financial aid offers are sent out every week when new FAFSA forms are received. You will still be reviewed for all available federal, state and institutional aid resources so file your FAFSA today, so you don’t leave money on the table!
Myth 2: You only need to file the FAFSA once
Reality: You must file the FAFSA every year while you are in school to ensure that your financial situation is up-to-date and you will be eligible for the appropriate amount of aid. Don’t fall into the trap of thinking one application covers your entire college career.
Myth 3: The FAFSA is too hard to fill out
Reality: While it may seem intimidating, the FAFSA has been streamlined to make it significantly faster and easier. Recent updates include skip logic, a tool that automatically skips unnecessary questions based on your answers to previous questions, and direct IRS data retrieval, which simplifies income reporting.
Myth 4: You won’t qualify for aid because you make too much money
Reality: This is a common and costly misconception. Filing the FAFSA opens access to federal loan options, which are available regardless of income. Additionally, you might qualify for need-based aid even if you think you won’t. The FAFSA provides a baseline for determining your eligibility and establishes a foundation for special circumstance reviews. If your financial situation changes unexpectedly, having a completed FAFSA can be crucial. It acts as an “insurance plan” for unforeseen hardships.
Myth 5: Grades, ethnicity or age will disqualify you from aid
Reality: Need-based aid is primarily determined by household income and assets. Your academic performance, ethnicity and age do not disqualify you from receiving aid. While age can affect the information you need to provide, it does not bar you from eligibility. The FAFSA focuses on financial need, not personal demographics.
Additional clarifications:
- Divorced parents: The parent who provides the most financial support should be listed on the FAFSA. If support is equal, list the parent with the higher income and assets.
- Proactive filing: Even if you’re unsure if you’ll qualify, filing the FAFSA is a proactive step that can open doors to various aid options.
- Financial aid counseling: Don’t hesitate to reach out to your school’s financial aid counseling team. They are there to help you navigate the process and answer your questions.
By understanding the realities behind these myths, you can approach the FAFSA with confidence and maximize your chance of securing the financial aid you need.
Contact Pacific’s Office of Financial Aid if you have questions:
- 209.946.2421