I’ve helped families manage their money for nearly two decades. My advice for college-bound high school seniors, college, and grad students?
Complete a Free Application for Federal Student Aid (FAFSA®)—it could translate into hundreds or even thousands of dollars.
Filing a FAFSA® is the single most important thing you can do to get money for college. It’s the gateway to more than $150 billion in college grants, work-study funds, and federal student loans, as well as certain state-based aid.
Most students receive some type of financial aid, so you should fill out a FAFSA® application even if you don't think you qualify. Some families assume they won't qualify for financial aid and don't even bother completing the FAFSA®. This could be a huge mistake. In 2022, students left an estimated $3.6 billion in Pell Grants on the table by not submitting the FAFSA®.1
The first “F” in FAFSA® stands for free. You don’t need to pay to file it, so you want to watch out for sites that charge fees or make promises that sound too good to be true.
On top of being free, completing the FAFSA® is quicker than you think. The time you spend completing an application could translate into hundreds or even thousands of dollars.
The FAFSA® isn’t just for people who want or need federal student loans. Its purpose is also to determine aid you won't have to pay back, like scholarships, grants, and even work-study funding.
Finally, some private scholarships require a FAFSA® as part of their application process. That's why completing one is so important!
Another pro-tip? The FAFSA® is first-come, first-served. Apply as soon as you can (it opens on or before December 1) to take advantage of federal aid for college.
Check out this free FAFSA® Guide for step-by-step help.