FAFSA season is here: Smart planning now can save thousands in debt
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With just days left before the Indiana priority filing deadline for the Free Application for Federal Student Aid (FAFSA), many families still have pressing questions: Isn’t the FAFSA only for low-income families? Will we even qualify? We filled it out last year; do we really have to do it again? I changed jobs—does that matter? Will I have to wait on hold for hours to get my questions answered?
For years, the FAFSA completion process has been criticized for being overly complicated, only to have the improved version of the form, introduced last year, experience launch delays. Recent improvements, however, have now made it more user-friendly. Unfortunately, even with this improved version, confusion persists, and my team and I continue to hear the same concerns from thousands of college-bound Indiana students and their families each year.
While we understand why the questions persist, there are compelling reasons to complete and file the form.
One of the biggest misconceptions is that financial aid for post-high school education is only available to low-income families. That’s simply not true. While certain grant programs focus on those with the lowest income, the wide variety of types of financial aid means different criteria apply to each. Federal student loan eligibility requires filing the form and many schools require the FAFSA for certain scholarships as well as institutional aid. No matter your family’s income, filing the FAFSA ensures you’re not leaving money on the table.
If you’ve hesitated because you’ve heard the process is confusing, there’s good news: the form has been streamlined, making it faster and easier to complete. More than just a requirement for most aid, the FAFSA is essential for those wanting to have the absolute least possible student loan debt after graduation. Understanding the full range of options early empowers families to make informed decisions that can significantly reduce out-of-pocket costs and excess student loan debt.
Each year, a new obstacle seems to arise for families filing the FAFSA or navigating the financial aid process. Previously, the form had to be completed within a ten-week timeframe to maximize aid. Then, after the pandemic, it was offline for months while being overhauled. Add to this changing rules and programs, and family dynamics evolving, and it’s easy to see why the name FAFSA elicits strong emotions. And this is why INvestEd remains at the ready in our fifth decade to assist Hoosiers with questions seeking expert, free help.
The constant in financial aid for higher education is change. This year is no different. Indiana students are fortunate to have dedicated resources to guide them. Don’t let the April 15 priority filing deadline pass you by—take this critical step to set your student up for success in college, and beyond.