For whatever reason, there seems to be a lot of mystery surrounding the Free Application for Federal Student Aid (FAFSA). We’re going to look at even more misconceptions that people have so that you don’t make a mistake that could cost you money.
- Myth 1: Federal Student Aid can tell me how much money I’m getting – Sorry, but it is the school you are attending that has this information. You get awarded directly through the school and not from the government, so Federal Student Aid won’t even be able to tell you how much you are getting. Call your college’s financial aid office with any questions.
- Myth 2: There’s only one deadline for FAFSA – If you are talking about the federal deadline, you may end up waiting too long to submit your application. The fact is that every state and every school set their own deadlines, and they are always months before the federal one, so it is best to check with your state and each college that intend to apply to.
- Myth 3: Filling out the FAFSA is a one-time thing – I guess this could be true… if you only want financial aid during one school year. Unfortunately, you have to fill out the FAFSA every year throughout your college experience if you want to get money for the next year. Don’t forget and miss a deadline or you may find yourself having to pay for an entire year of school out of pocket!