FAFSA

What do I need to fill out the FAFSA? (See below!)

Why should you fill out the FAFSA?

1. Depending on your finances, you could receive a federal Pell Grant of up to $6,345 for each year of college.

2. Depending on your finances, you could receive state grants to help fund college. These are first come, first serve in North Carolina!

3. Colleges and universities use the FAFSA to decide how much financial aid they’ll give you. Even if you don’t qualify for state or federal aid, it’s highly possible you’d qualify for financial aid from the school you’re trying to attend!

4. Some schools require the FAFSA even for merit-based scholarships.

5. Even if you don’t qualify for grants or financial aid, you’re required to complete the FAFSA in order to take out Direct Unsubsidized loans, Grad PLUS loans, and Parent PLUS loans.

The current interest rate for Direct Unsubsidized loans is 3.73%, and you have a six-month grace period after you stop enrollment in college before you have to start paying back the loan (i.e. if you start and stay in school for four years, and then graduate around May of 2025, you won’t have to start paying back the loan until around November of 2025). If you take out a private student loan from a bank, interest rates are higher, typically around 6-10%.

It’s not guaranteed you’ll get money if you fill out the FAFSA, but it’s guaranteed you won’t get financial aid if you don’t. Take some time and possibly save thousands of dollars!

The FAFSA opens October 1st, and the financial aid it provides is first come, first served. That being said, it is really important that you fill it out ASAP in order to get the most financial aid possible.

Feel free to schedule an appointment with Ms. Savage for help filling out your FAFSA. Do not put it off!

Before beginning the FAFSA, you will need to create an FSA ID# for both yourself and your parents/guardians. If your parent/guardian has filled out the FAFSA before, they will already have an FSA ID.

Find out how to create an FSA ID here.

Collect this personal information to successfully complete the FAFSA:

• Social security numbers or alien registration numbers (you and your parent(s)/guardian(s))

• Federal tax information or tax returns

• Records of untaxed income

• Cash, savings, and checking account balances

• Investments other than the home in which you live

Find a helpful infographic from studentaid.gov below outlining the whole FAFSA process.