Do you think your parents make too much money for you to qualify for financial aid?
Should I Apply for FAFSA?
Regardless of your or your parents income, you should fill out a FAFSA app.
The FAFSA is the form you use to report family information used to determine your federal financial aid package, including student loans, scholarships, grants and work-study.
Federal student aid doesnt have an income cut-off and additional factors are taken into consideration.
Plus, the FAFSA may be required for merit-based awards you qualify for.
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It always seems like an uphill battle to build (and keep) a decent amount in savings.
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Why Does My Parents Income Matter for FAFSA Anyways?
If youre the one going to college and paying for it, why does your parents income matter?
Yeah, you might want to take that up with your Uncle Sam.
Heres thelist of questionsto determine your FAFSA dependency status.
My Parents Make Too Much Why Should I Still Fill Out FAFSA?
Regardless of your familys income and assets, you should still fill out the FAFSA.
Here are three reasons why its worth your time.
Benefits (including unemployment and Social Security).
Number of family members who will attend college or career school during the year.
Your year in school.
And contrary to what you may have heard, federal student aid doesnt have an income cut-off.
When you fill out the FAFSA, youre applying for funds from your state and your school, too.
If you have any designs on studying abroad, scholarships and low-interest student loans can help cover your expenses.
To qualify for much of this money, you must have a FAFSA on file.
Consider It an Insurance Policy
Your parents assured you that they can cover your college costs.
But if weve learned anything recently, its that nothing is guaranteed.
How Do I Submit My FAFSA?
Youll need to gather essential documents like tax returns and Social Security numbers before completing theFAFSA form.
If youve never filed the FAFSA before, you and your parents must first eachcreate your own FSA IDs.
Why the need for multiple accounts?
once you nail your IDs and pertinent info in hand, check out ourguide to filling out the FAFSA.
The opening date to submit is Oct. 1beforea school year begins.
So you have a 21-month window from opening date to deadline to submit your FAFSA form each year.
Dont let the lengthy app period lull you into complacency.
Some financial aid is awarded on a first-come, first-served basis.
And moststates and collegeshave their own (much earlier) deadlines.
So if you havent filed a FAFSA yet for the 2021-22 school year, you have until June 30.
Filing electronically is faster and will alert you immediately if you make a mistake on the form.
Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder.
Readher bio and other work here, then catch her on Twitter @TiffanyWendeln.
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