Why should you fill out the FAFSA?
Some students utilize private loans that can carry high-interest rates and do not have the same consumer protections as federal loans to help pay for their education. By filling out the FAFSA, students can be sure they are utilizing the best student loan options available to them. While the type of aid you are offered may vary based on income, there are no income limits for eligibility, for federal student aid.
Utilizing federal aid provided by the FAFSA can be a smart financial decision
Federal grants do not need to be repaid by students, and federal student loans have low interest rates. Many colleges and universities have work-study programs through FAFSA that students can take advantage of that help students pay for their education and build their resume. Students must fill out the FAFSA in order to qualify for work-study programs.
Family financial situations can change
Students can appeal for more FAFSA aid if needed. Family finances can be affected by events like COVID-19, a family member losing their job, or a chronic illness in the family. As your family's financial situation changes, so do your financial aid opportunities.
(U.S. Department of Education, n.d.)