Government assistance is available for secondary education, but only 68% of families completed the Free Federal Student Assistance Application (FAFSA) in 2020, according to data from Sallie Mae.
Some families say it takes too long to drop off, and around 44% of students for the 2020-21 school year said they did not think they were entitled to help. These students risk missing out on a fund that provides $ 150 billion in federal scholarships, grants, work-study programs and student loans by not applying.
“Obtaining the FAFSA is one of the most important steps a student must take on their journey to higher education,” said Jennifer O’Donald, senior vice president of Sallie Mae. “The reality is that almost anyone who applies will qualify for something. It is so important that students approach their decision-making process in college with their eyes wide open and maximize the resources available to them.”
If you have completed your financial aid applications and are not eligible for aid or need additional funds to pay for your graduate studies, consider taking out a private student loan when interest rates are low. at historically low levels. Visit Credible to find your personalized rate and see which loans you qualify for.
FAFSA APPLICATIONS FOR THE 2022-23 SCHOOL YEAR OPEN SOON – 4 THINGS YOU CAN DO NOW TO PREPARE
Sallie Mae launches FAFSA application tool
To help families complete their FAFSA application, Sallie Mae released her FAFSA application tool which simplifies the process and reduces the time it takes to apply for help. The company said students can complete the application process in seven minutes.
With the date to complete a FAFSA application for the 2022-23 academic year quickly approaching, it is important to here are some tips that Sallie Mae gives to get the most out of your FAFSA application online:
The FAFSA deadlines aren’t the only date applicants need to keep an eye out for. Applicants should apply as close as possible to the October 1 opening date for the upcoming school year to determine their eligibility for assistance. Part of the assistance comes from limited funds and is granted on a first come, first served basis. The earlier a student completes their FAFSA, the more funds they can qualify for to pay their tuition fees.
Record how COVID-19 affected your finances
A special circumstance form may be submitted if your family’s finances have been affected by COVID-19 or other events. Borrowers should request the form from their school’s financial aid office.
Families navigating the financial aid process should also consider a private student loan after exhausting their scholarships, grants, and federal student loan options. Visit Credible to compare multiple student lenders at once and choose the option that’s best for you.
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Gather your documents
To facilitate the application process, it is recommended that students and their families compile this key information before completing their FAFSA form:
- Social security numbers
- Driver’s license numbers
- Bank statements
- Tax returns for the previous year
- W-2 Forms
Check for errors
Errors in answering FAFSA questions can cause applicants to lose the help they might have received and delay the application. Common mistakes include:
- An incorrect social security number
- An incorrect driver’s license number
- Forgetting to sign the application
Once you’ve taken these steps and applied for federal help, if you still need funding for your education, a private student loan may be right for you. Visit Credible to get pre-approved in minutes without affecting your credit score.
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What’s the best student loan option for you?
Filing a FAFSA application will determine federal assistance available to borrowers, including federal student loans. These loans are usually the most beneficial option as they usually have lower interest rates, forbearance options, and future eligibility for student debt cancellation.
Student loans beyond the standard subsidized and unsubsidized options include personal loans and Federal PLUS loans, with interest rates higher at 6.28%. However, students can get reasonable rates on their private student loans based on their loan size, credit history, or creditworthiness. Contact Credible to speak with a student loans expert and get all of your questions answered.