Inceptia_GreatAdvice4Parents_2023_0923

15 MYTHS WE’RE BUSTING ABOUT THE FAFSA PROCESS U.S. Department of Education Resource Article

The U.S. Department of Education’s office of Federal Student Aid provides around $111 billion in federal student aid annually. Yet our Fiscal Year 2022 Annual Report found that only about 63% of high school students submitted the Free Application for Federal Student Aid (FAFSA) form between October 2021 and September 2022. Don’t let this be you! Read on for the facts you need to know for FAFSA. Myth 1: The FAFSA form costs money. FACT: No, no, no, no, no. The FAFSA form is free. The quickest and best way to fill it out is on fafsa.gov. Don’t complete your FAFSA form on websites that charge fees. Myth 2: My family’s income is too high for me to qualify for financial aid. FACT: That’s one of the most common financial aid myths, but there’s no income cutoff. Most people qualify for some type of financial aid, which range from grants and scholarships to loans and work-study programs. Many factors besides income – such as your family size and your year in school – are considered to create your financial aid package. When you submit the FAFSA form, you’re also automatically applying for state funds and possibly financial aid from your school, including grants and scholarships. In fact, some schools won’t even consider you for their scholarships (including academic scholarships) until you’ve submitted a

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