Learn from Spaugh Dameron Tenny's Shane Tenny, CFP®, and Will Koster, Associate Planner in this 4-part series. Read the full blog here: http://bit.ly/2melHkC
Transcript:
WILL KOSTER: Wait, wasn't I sitting there?
SHANE TENNY: Yes, but I like this chair better.
WILL KOSTER: Okay. In this video, we'll be talking about the FAFSA.
SHANE TENNY: Yep. The dreaded free obligation for federal student aid. It's important to note here the application is free, not the aid.
WILL KOSTER: That's right. We have more questions about the FAFSA than almost any other topic around college planning.
SHANE TENNY: Yep. And the first question is always the same Do I actually have to fill this thing out?
WILL KOSTER: The short answer is Yes, you do.
SHANE TENNY: Yeah, but why do you have to fill it out Will, if you don't think you're going to be qualifying for aid because your income's too high or you've saved too much for college?
WILL KOSTER: Yeah, there are three good reasons why. Number one is most families underestimate their ability to qualify for aid. It's important to keep in mind as the cost of attendance rises, your ability to qualify for aid also increases regardless of your income.
SHANE TENNY: The second reason to fill out the FAFSA is there is such a thing as non-need-based aid. In fact, the FAFSA is the form that's required by most universities to award non-need-based aid like merit-based grants or scholarships.
WILL KOSTER: Yeah, and the third and final reason is access to state aid. State-sponsored programs often require families to at least apply for government aid through the FAFSA before being eligible for state-level programs.
SHANE TENNY: Yep. So the bottom line here is clear. You got to fill out the FAFSA, but it's way easier than it used to be. And we're here to help if we can. So stay tuned. We've got more to come in the next episode.