What is FAFSA?
October 1 marked a new beginning: an opportunity to apply for federal grants, work-study, and student loans with the Free Application for Federal Student Aid (FAFSA) for the 2023-2024 academic year! Completing this free form–and yes, I said free–gives you the opportunity to be considered for federal student aid. What is the free application for federal student aid, you may ask? If approved, federal student aid helps cover college expenses such as room and board, tuition, books, supplies, and transportation through grants, loans, and scholarships. The federal government literally wants to give you money! All you are required to do is take less than an hour to fill out the free form found here.
Do I Qualify and When Should I Apply?
A common misconception about FAFSA is that this form of aid is only for students that come from low-income families – this is wrong. Any student entering college, regardless of their family income, has the opportunity to receive financial aid. In fact, FAFSA can even help you receive institutional scholarships. Many public and private universities request your FAFSA applications to better understand your family's financial position during the distribution of scholarships. So, the quicker you submit your application, the greater your chance of receiving money for and from your dream college! It’s important to note that depending on what college you plan on attending and the state it is in, there may be different deadlines for FAFSA. For example, the Federal deadline for FAFSA for the 2023-2024 academic year is June 30, 2024; but for the state of Michigan, it must be submitted no later than May 1, 2023. For Andrews University, the deadline is February 15, 2023! I advise you to research the deadlines of your desired school and submit the form no later than the designated time and date.
What do I Owe?
As stated earlier, there is no cutoff on income to qualify for FAFSA, and the application is free to fill out. However, I will point out that the lower-income household student will most likely receive more aid than a student from a middle- or upper-class household. For example, if your family's expected family contribution (EFC) is less than $27,000 the student could qualify for maximum financial aid. Other factors such as family size, possible family members in college simultaneously, and the cost of your college affect how much financial aid you may earn. While many private loans must be paid back, the loans and grants that FAFSA provides do not require you to pay them back. Every cent that is given to you belongs to you, and not a penny is owed in return. Financial aid runs on a first-come, first-served basis, so I urge you to apply as soon as possible!
The Student Movement is the official student newspaper of Andrews University. Opinions expressed in the Student Movement are those of the authors and do not necessarily reflect the opinions of the editors, Andrews University or the Seventh-day Adventist church.