Unlock The College Financial Aid You Need Starting October 1

College may only be for some. It is still shown that, in the long run, it can greatly impact your earnings over your working years. Those that do choose the path of getting an education all have one thing in common. And that is the debt that comes along with getting their education. In order to use college as a stepping stone in life, you need to get through it with the smallest amount of debt possible. If you leave with a large sum of debt, it is going to weigh you down for years to come. Making your lifetime earnings less than you would hope for. It would help if you unlocked as many financial aid opportunities as possible to improve your chances.  

FAFSA

FAFSA stands for the Free Application for Federal Student Aid. It is the best place to start when looking for help in paying for all your student expenses. The website is easy to navigate and makes it simple to submit a form. To get aid for the 2023-24 school year you can submit your application from October 1, 2022 until June 30, 2024. It is better to get your application in as early as possible. You want to make sure you have the best chances of getting all the assistance available. You will want time to make decisions based off the aid that you receive. And if there are any discrepancies, there needs to be time to reply or talk to the correct people to resolve the issue. 

Eligibility

The biggest question students wonder is if they should even submit an application. There is a worry that they will not be eligible. You will only know if you take the plunge and apply. The FAFSA application will be looking to see if you require federal aid. They will look at more than just the financial need of the student. There are a few other requirements as well. It checks whether you are a U.S. citizen or an eligible noncitizen. The other main requirement is if you are enrolled in a program and school that is eligible. You will need to maintain these requirements to stay eligible and continue to get aid. Along with that, you will need to apply every year. 

 Aid

How much and what type of aid you are given will be decided, and there are a lot of different possibilities. The Federal Pell Grant is one that is common to see if you are an undergraduate student with exceptional financial needs. The maximum that you can receive at this time is $7,395. This does not mean that you will receive that amount. The amount given is based on your personal financial needs and how much they believe you will be able to contribute. Other opportunities can include scholarships, additional grants, and work-study. It will all be personalized to your specific needs. Another way filling out FAFSA can help you is by getting loans with better terms than if you sought them out. To get the best options available, do not delay applying. It can take time if you need to process a loan, even one provided through FAFSA. They can still deny the loan application if not done correctly. Reviewing the options with your school will help you find the best choice for your situation. 

Repayment 

Other than being eligible, the next issue that stops students from applying is the thought that they need to repay the money given to them. In most cases, there is nothing to pay back. There is nothing to repay when receiving funds from the Pell Grant, scholarship, other grants, or work-study. The only situation you would need to repay is taking a loan. The FAFSA loans will be more in your favor than traditional school loans, but you will eventually need to pay them off. There are some cases of FAFSA loans being forgiven, canceled, or discharged. It would be best not to count on one of those situations happening. Be prepared to pay off any debts that you collect while making your way through your education. And if they happen to be forgiven, that will be a pleasant surprise. 

Getting through school without debt is hard, but it can be done. FAFSA is one tool you will need to make that dream a reality. Get all your applications in early to have the best chance of getting all the aid you need to succeed.