Having a FAFSA freakout? Don’t worry, experts say.
Despite the late and rocky start for the new, simplified Free Application for Federal Student Aid (FAFSA), things are improving, they say.
Increasingly, families can complete their form for the 2024-25 academic year without delays. But if you’re still worried about roadblocks or whether the change in the financial aid formula will net you enough money for school, there are other non-FAFSA related avenues to explore.
Keep in mind that students have to fill out the form-- which has been streamlined compared with past years-- if they want federal financial aid in the form of Pell Grants or government student loans. Financial aid experts advise all students to complete the FAFSA even if they’re unsure if they’ll receive aid.
That said, here’s where you can look for money or what you should know.
Learn more: Best personal loans
Before heading down the road of alternatives, FAFSA remains the top option for securing financial aid, experts say.
“The reason we think of FAFSA for financial aid is that Pell Grants and federal loans are the backbone,” said Bill DeBaun, nonprofit advocate National College Attainment Network’s senior director of data and strategic initiatives.
The U.S. Department of Education awards more than $120 billion a year in grants, work-study funds, and low-interest loans to around 13 million students. And federal loans offer better consumer protections, including flexible payment options and potential forgiveness.
The average amount of aid for a full-time equivalent undergraduate totaled $15,480 in 2022-2023, according to the nonprofit College Board, which promotes college readiness.
FAFSA is “the most important step in the financial aid application process and should not be skipped by any student graduating from high school,” said Bethany Hubert, a financial aid specialist for Going Merry by Earnest. “Skipping the FAFSA could mean leaving financial aid on the table.”
What to expect:How is the FAFSA going to change? How it'll mean less financial aid for some.
If you’re frustrated and worried after waiting patiently for your financial aid award letter you won’t have enough or can’t even apply to FAFSA, here are some options you can explore to provide backup, experts say.
You also can earn and learn. “You don't have to quit to go back to school,” Collins said. “You can do distance education online.”
Lastly, college may turn out not to be the most cost-effective option, and that’s okay too, Collins said. There are also non-degree technical programs, apprenticeships and internships. Many of them are low cost or can be paid with workforce development funds and grants.
Medora Lee is a money, markets and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
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