The Free Application for Federal Student Aid or FAFSA is a very popular term that almost all of you have heard. There is so much information about FAFSA that it is really difficult to tell which ones are facts and which ones are myths. More often than not, the myths seem to override the facts. The biggest FAFSA myths on Seedebtrun is very informative about this. Listed below are a few such myths about FAFSA that you need to know in order to make an informed decision about your application.The process
1. Federal Aid is only for the poor
This is totally not true. Irrespective of how much money you make, you could still apply for federal aid because you won’t know whether you qualify or not if you don’t try. And against popular belief, federal student aid is not limited to scholarships alone. They are also applicable to research grants and fellowships.
2. File just once and forget about it
This couldn’t be farther from the truth. You need to apply every year in order to continue receiving the grants.
3. Private student loans too need FAFSA filled out
Federal aid is your first option when it comes to getting scholarships. In cases where federal aid is not available, you could go for a private student loan. There is no relation between FAFSA and private loan; so you don’t need to fill out the FAFSA for availing that.
4. Filing for FAFSA just before the deadline is enough
FAFSA has a deadline. True. But it is not enough if you just stick to the deadline. Most educational institutions decide on the grants and scholarships on a rolling basis. So there is a very good chance of you getting the federal aid if you submit your application earlier.
5. One needs good grades in order to qualify for the grant
Federal aid has got absolutely nothing to do with your school grades. It is purely about financial aid for your higher studies, and your school grade is not a determining factor in your qualification to this funding.
The biggest FAFSA myths on SeeDebtRun will help you understand more about this really confusing, exhausting procedure. Receiving federal aid is a very tiring process, but if you have the right information and take the time out to do it right, you stand to benefit a great deal during your higher studies.…