FAFSA Support, Strategies & Everything You Need to Know
In this episode, Daniel Barkowitz, Assistant Vice President of Financial Assistance and Student Employment at the University of Miami, discusses the importance of completing the FAFSA (Free Application for Federal Student Aid) and offers valuable tips for students and parents. He explains the FAFSA's role in determining eligibility for federal aid, including grants, scholarships, work-study, and loans. Daniel highlights common misconceptions, the importance of early application, and resources for help. He also addresses financial aid appeals, common mistakes, and strategies for covering college costs beyond aid.
Grab your favorite notepad and pen. I’m about to show you how to earn a debt-free degree and make smart money moves.
Show Notes for Episode 36: FAFSA Support, Strategies & Everything You Need to Know
Key Takeaways:
FAFSA is a free application that students must complete each year to determine their eligibility for federal financial aid.
FAFSA is the gateway to additional funds, including grants, scholarships, and work-study opportunities.
Students should complete the FAFSA even if they think they may not qualify for aid.
FAFSA application process involves creating an ID, completing sections for the student and parents, and listing colleges of interest.
Common misconceptions about the FAFSA include thinking that it only provides loans and that it makes financial aid decisions.
Students can qualify for various types of financial aid through the FAFSA, including grants, scholarships, work-study, and loans.
It is important to start your FAFSA application early and seek assistance from high school guidance offices, studentaid.gov, and financial aid workshops/webinars.
Students can appeal their financial aid decisions through a process called professional judgment.
Common mistakes that can reduce a student's eligibility for financial aid include providing incorrect information and waiting too long to complete the FAFSA.
Students should consider targeting schools where they are highly valued to potentially receive more favorable financial aid offers.
There are strategies for paying the difference between financial aid and college costs, such as monthly payment plans and direct payments.
Students should explore alternative financing options before resorting to loans.
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Listen to the full episode here.