Students may take a simple step to qualify for up to $30,000 in financial help – and it won’t take all day!
This endeavor is far greater than any stimulus monies available. So, if you’re interested in the FAFSA deadline for 2022, as well as different stimulus checks, keep reading because we’ll tell you all you need to know right now.
FAFSA: You Could Be Eligible for as Much as $30,000 of Aid
The United States Department of Education awards more than $120 billion in government grants, loans, and work-study monies to more than 13 million college students each year, making it the country’s largest source of student financial assistance. Students must complete the Free Application for Federal Student Aid (FAFSA) to receive their part of these monies.
Many students incorrectly assume they are ineligible for government financial help. According to NerdWallet, the 2017 high school class missed out on $2.3 billion in free college assistance just by failing to complete out the form.
Almost every student is eligible for some sort of financial aid, whether it’s non-repayable government grants, low-interest federal loans with strong consumer safeguards, or work-study opportunities that may help students earn money while also building their resumes.
Charlie Javice, founder and CEO of FAFSA platform Frank, told CNBC Make It that aid is available to anybody with a family income of less than $250,000 per year.
“To students who don’t think that [the] FAFSA applies to them — wake up and smell the coffee,” says Javice. “It takes four minutes. You are probably going to get $10,000 to $30,000 worth of aid in your first year.”
It Takes Just A Few Minutes to Complete The Application
Students and educators have previously complained about how time-consuming the FAFSA application process can be.
Students may utilize programs like FRANK to assist them with filling out their FAFSA, much like people use TurboTax to complete their taxes. The FAFSA filing procedure using FRANK, according to Javice, takes only four minutes.
Additionally, the Department of Education has made measures to make the form more user-friendly, including a website makeover and the addition of automated error alerts if a field is improperly completed. You may even fill out the FAFSA on your phone for the 2019-2020 school year.
Students will need their tax returns, information about how much money they have in their bank accounts, and the names of the institutions they want to attend to complete the FAFSA. Students can use the IRS data retrieval tool to transfer their tax return information automatically.
“I think [the Department of Education] has definitely made some strides,” Sallie Mae spokesperson Rick Castellano tells CNBC Make It of the improved FAFSA. “Specifically, the IRS data retrieval tool is a game-changer and the ability to use your prior year tax return is huge.”
Although it might take up to 30 minutes for some students to complete the FAFSA, according to Castellano, “it’s well worth it considering what you’re getting in line for.”