Should You Bother to File FAFSA?

The new FAFSA (Free Application for Federal Student Aid) is now "periodically available" (meaning, "not available because it's glitchy") and many parents wonder, "Should I even bother to fill it out?"

Our stock recommendation is to file, for the following reasons:

• You may actually be eligible for aid, even if you don't think you are
• If you're not eligible but want to show financial strength to your child's colleges to make him a more attractive candidate. Filing the FAFSA could help him get in.
• Some (not all) colleges require you to file the FAFSA in order to be considered for MERIT (non need-based) aid.  Check each of your college's requirements.
• In the event that you are considering borrowing any amount in federal loans, you should file the FAFSA
• If you are not currently considering borrowing any amount in federal loans, but want to be safe and preserve your options -- if, for example, you suffer a Black Swan economic blow such as loss of job or a huge customer leaving your business, you should file the FAFSA.

Those are some quickie observations off the top of my noggin.  If you want our help with the financial aid process, including strategies to get more cashola, help negotiating your awards, more. I will be sending out a "flash sale" announcement tomorrow as a special New Year's gift of 10% off our regular fee.

Keep your eyes peeled in your inbox tomorrow!

-Andy Lockwood