FAFSA naivety costs families money. A Student Loan Hero survey of 882 college students confirms that too many lack knowledge about the FAFSA (Free Application for Federal Student Aid) and are thus making college even more expensive.
85% didn’t know that the FAFSA determines eligibility for free aid
like grants and work-study in addition to loans.
C’mon—free grant money is the primary benefit of the FAFSA. Too many eligible families don’t know this and as a result assume college is too expensive. Just fill out the FAFSA.
41% didn’t know that filing the FAFSA early increases their chances of
getting more financial aid.
October is the best month to submit your family’s FAFSA. November is the second best month.
43% mistakenly believe that you must accept the full
student loan amount you’re eligible for.
No, that loan amount is just the maximum you CAN accept. We recommend borrowing AT MOST $5500 per year for at most four years.
20% of undergraduates have no plans to complete the FAFSA this year.
Every family on a budget with a student planning on attending college next fall should fill out the FAFSA.
58% of undergraduates have cried about the cost of their education.
47% have considered dropping out because of tuition and/or living expenses.
Nearly half of today’s college students are considering dropping out because of cost. We are in a college cost crisis that is keeping too many students from post-high school education simply because they don’t know how to lower the cost: increase your high school GPA, increase your ACT or SAT score, apply to multiple colleges within your budget, and fill out the FAFSA.
84% contacted their college’s financial aid office for help.
59% of those struggled to get in touch with a financial aid representative.
Negotiating a better financial aid package is smart. Better scores and grades in high school and less expensive offers from other colleges will help your chances. Don’t let FAFSA naivety cost your family money for college.