Though the 2020-21 school year has just begun, it is never too early to start thinking about college plans. If you or someone you know is planning to start college for the year of 2021-22, preparations to get federal student aid through the FAFSA program can begin as soon as October 1st. The FAFSA program gives around $120 billion to incoming freshmen in student loans every year.
Through either paper copy, the Federal student aid website, or the new myStudentAid mobile app, you can apply and learn about federal student aid and its importance. On their Facebook page, information about scholarships and deadlines are available for further reference.
No matter what the college is, they will use this FAFSA form in order to figure out how to give financial aid to their students. Even if you believe you won’t get any aid, chances are very likely that any student will qualify for some form of it. Even so, it is advised to apply as soon as possible to maximize the amount of student aid that you get. Don’t wait until the July 30th deadline to apply for this opportunity. Schooling doesn’t have to be that one expense you stress endlessly about, for options exist to help assist in payment as long as you look for them.
If you have any questions or concerns regarding the tax implications of FAFSA, we encourage you to reach out to us here.