College is mad expensive. 😵💫 We know Uncle Sam doesn't throw everyone a bone, but you could get a break on higher education costs by filling out a FAFSA! 💸
FAFSA stands for Free Application for Federal Student Aid. Students fill out the form each year. It's used to award both federal and non-federal aid money to qualifying students in the form of grants, scholarships, and loans. 🏦
Is filling out a FAFSA mandatory? The short answer: it depends where you live.
Here’s Five Fast Facts on the FAFSA form:
- 📈 Rise and Shine - The cost of college is on the rise. According to a recent report by the College Board the current average cost per year of a public four-year in-state school was $11,260, $270 higher than in 2022-23 (2.5% before adjusting for inflation). A public four-year out-of-state school costs $29,150, $850 higher than in 2022-23 (3.0% before adjusting for inflation).
- 🎓 Head of the Class - Although completing the FAFSA form isn't mandatory for everyone in the U.S., more states are making it a requirement. In states where it's mandatory, high school students are required to complete the form in order to graduate. No FAFSA, no diploma.
- 📑 Form Check - Currently, FAFSA is a requirement for students in these states: Louisiana, Illinois, Alabama, Texas, California, Maryland, New Hampshire, Indiana, Oklahoma, and Connecticut. Kansas also jumped on the bandwagon, but students will not be required to complete the form for high school graduation until the 2027/2028 school year.
- 🤔 On Deck - These additional states are considering making the FAFSA form mandatory in the future: Florida, Hawaii, Kentucky, Nebraska, New York, and South Carolina.
- 📝 Fill It In - Even if you don't have to complete the FAFSA, not doing so means you won't be able to receive federal financial aid. You could also miss out on certain types of college scholarships and state aid.
🔥Bottom line: The requirement seems odd, but in the states where the FAFSA is mandatory, they've seen a significant increase in students getting the financial aid they deserve. Hey, if the government's giving it out, you should claim it! If you need help filling out your FAFSA, check in with your high school guidance counselor or college financial aid office.
Are you planning to attend college this year?
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