To FAFSA or Not to FAFSA…That is the Question!

Parents don’t want to give up that precious financial info–especially to the kids. But you have to.

Let me correct that, you don’t have do anything. But if you want to give your kid all of the options available in the financial aid process–you have to.

Some parents think they make too much money and don’t bother filling out the Free Application for Federal Student Aid (FAFSA). Completing the FAFSA will allow your child to be able to apply for government loans, work-study and receive random scholarships not related to the school of choice.

You don’t have to commit to anything. Just see what you qualify for.

… because in the United States of America, no one should go broke because they chose to go to college. – President Barack Obama, State of the Union Address, January 27, 2010

Borrowing money for school is just a fact of life for most people. There’s nothing wrong with it as we borrow money to buy cars, homes and other big-ticket items.

The key is borrowing wisely. Have your son or daughter complete as many scholarship applications as they can to reduce the amount of loans they would need to take out. There is a national deadline of May 1st to make a decision and deposit at any school. Wait until you have received your award letters back from all schools before you make a decision.

Paying attention to financial aid and scholarship deadlines will also allow you to decrease the amount of loans your child may have to take.

It may be tempting to take tons of loans from that big-ticket dream school, but you want to investigate what the return of investment will be. For example, if your student is going to school to become a social worker, do some research to see what social workers make coming out of college, over 5-10 years and in the geographic area the student chooses to look for employment. You may find that the amount of money the student has to pay back over time will put them in financial bondage.

We believe, that is, you and I, that education is not an expense. We believe it is an investment.”– Lyndon B. Johnson, October 16, 1968

According to an article is the Wall Street Journal, the average student debt for the college graduating class of 2015 is $35,000. This is an extremely high amount, but every year students accept the temptation for a myriad of reasons. So again, review those award letters and make the best decision for your child’s choice of major and financial relief.

Seriously, do you want to eat peanut butter and jelly sandwiches on a regular?

This article is going to be a short one as there are so many resources that explain this topic in a more concise and appealing way than I ever could. So get to clicking below!

Click here to apply for the FAFSA
Click here to find the filing deadlines in your state

If you are an information junkie, then visit Federal Student Aid YouTube page. If you need quick references to get started, view the videos below.