[fusion_text]If you have ever been on the Department of Education’s website, then you know it is tough to find things. There is an acronym on the website titled FAFSA. This stands for the Free Application for Federal Student Aid. It makes you wonder why they spell out the acronym on their home page.
Some people fill it out, some people don’t. The reality is all US citizens should be filling out this form. Why? Because this is exactly how schools calculate grant and merit-based scholarship money and loan availability. Now we have heard many rich parents say “I make $500,000 a year…there is no way my kid will get needs-based financial aid” and that is true, but by not filling out FAFSA the parent is also disqualifying their child of merit-based scholarships in a lot of institutions.
Parents and Students Remember…College Grants and Merit-Based Scholarships = FREE Money
Filling out FAFSA also helps in determining Federal Loan qualifications. Federal Loans generally have lower interest rates and have better terms than you can find on the private market, therefore federal loans should be the preferred loan type. Our College Savings Course goes over different sources of money, the pros and cons of each source, and prioritizes the different sources.
Before students build out their college list, we highly recommend parents and students use the government’s FAFSA4Caster tool to begin estimating out what colleges and universities fall within their financial means. In addition, we highly advise you purchase our College Solutions and College Savings courses because we dig DEEP into this topic, show you EXACTLY how to get the most out of these programs, and save you substantial money in the short and long-term.[/fusion_text]