The FAFSA

I was asked at a workshop Saturday whether entering students are required to submit a FAFSA. The short answer is “no,” but there are several compelling arguments in favor of completing it.

I understand the reluctance to tackle the form.  You have been pummeled for years with your friends’ tales of how fruitless hours were spent completing the FAFSA….with the only result being loan eligibility.  Then there’s the issue of releasing your confidential financial data.  Yet, there are very important  reasons to apply:

• You may be pleasantly surprised. Need-based aid is a function of your family contribution and the cost of the school. As a Virginia resident, you may not receive any need-based money from W&M, but may be awarded a lot of aid at a much more expensive school.
• Having the FAFSA on file will help us if your financial situation changes. In the current economy, you may be ineligible now, but might be if you lose your job. Having the FAFSA already on hand will save you weeks in getting some help.
• The FAFSA is required for both student and parent loans. We would like nothing better than to give everyone grants, but, here, as well as most schools, much of the aid comes in the form of loans. In most cases, in fact, loans are the base of the aid offer before grant money is awarded.

See you next time.