Do I have to complete the FAFSA (Free Application for Federal Student Aid)?
Whether I am at a high school for a presentation or in my office answering the phone, this is a common question that I hear from both students and parents (mainly parents), “Do I have to complete the FAFSA?, Is it required?”. Many parents have heard stories from their friends and neighbors about 1. how difficult the application process is and 2. that they did not qualify for anything anyway. The parent thinks that they are in about the same boat financially so why bother… The quick answer to that question is “No, you do not HAVE to complete the FAFSA”. HOWEVER, EVERY STUDENT SHOULD COMPLETE THE FAFSA and here are some reasons why:
Federal Student Aid:
The FAFSA must be completed for a student to be considered for all types of federal student aid. This includes federal grants, work-study, and student loans. Many of these programs are need based, but not all of them. To be considered for federal student loans, for example, regardless of student or parent income, the FAFSA must be completed first so that the college(s) can determine the student’s eligibility.
State of Iowa Financial Aid:
To be eligible for the programs that the State of Iowa offers, a student must complete the FAFSA. Not all of the programs in the State of Iowa are need based. The Last Dollar Scholarship, for example, for students entering a program for high demand careers can qualify for the full amount of tuition just by completing the FAFSA, regardless of need!
Institutional Aid and Private Scholarships:
Many colleges require the FAFSA to be completed in order for the student to be considered for their institutional scholarships (money that comes directly from the college). Some private scholarships also require the FAFSA to be completed.
Financial Situations can Change:
The FAFSA takes a “snapshot” of the family situation in order to determine eligibility for financial aid. Sometimes that picture can change due to a loss of income, increased medical expenses not covered by insurance, or a change in household status. By completing the FAFSA, the college has the information to begin with and can maybe make some changes to that information based on what is happening now to increase the student’s eligibility for aid.
Or, maybe the student decides later, during the academic year, that they would now like to borrow a student loan. If the FAFSA is already completed, that would allow them to do that.
So, back to that initial question, “Do I have to complete the FAFSA?”. I would suggest that every student complete it for the first year. In the following years, if the student does not qualify for any federal aid or state aid, if the college or the private scholarships do not require it, and if the student is not interested in borrowing loans, then you would NOT HAVE to complete it.
But I would…..
If you have any questions about completing the FAFSA or would like to make an appointment with an advisor, just call 877-272-4692 or go to our website to schedule an appointment, www.ICANsucceed.org/apt.
John - ICAN Waterloo and Hiawatha Centers
