Think you know the FAFSA? Let’s bust some common myths
If you’ve spent any time thinking about financial aid, chances are you’ve heard a few things about the FAFSA.
“My family makes too much money.”
“My grades aren’t good enough.”
“If I fill it out, I’ll have to take out loans.”
Sound familiar?
There are a lot of FAFSA myths out there, and some of them can keep students and families from taking an important step toward paying for college. So, we’re setting the record straight.
Now, let’s separate FAFSA fact from fiction.
Myth: We won’t qualify for aid, so we shouldn’t bother.
Reality: You never know what you’ll qualify for.
The FAFSA isn’t only used to determine eligibility for federal financial aid. Many colleges use FAFSA information when awarding their own aid, and private scholarships may ask for information from a completed FAFSA.
Don’t assume your family makes too much money or otherwise won’t qualify. Filling out the FAFSA gives you the opportunity to find out what aid may actually be available.
Myth: If I file the FAFSA, I’ll be obligated to pay for college or take out loans.
Reality: Filing the FAFSA doesn’t commit you to anything.
Completing the FAFSA simply means you’re applying for financial aid. Once you receive a financial aid offer, you can decide which parts you want to accept or decline. If you don’t file, however, you won’t be eligible for most types of aid—including some grants and scholarships.
Myth: If my parent completes their part of the FAFSA, they’ll have to pay for my college.
Reality: Providing information on the FAFSA doesn’t obligate your parent to pay for college.
A parent who contributes information to your FAFSA is helping complete the financial aid application. Doing so does not mean they are agreeing to pay your college costs or take out a loan.
Myth: My grades aren’t good enough for financial aid.
Reality: Federal financial aid isn’t tied to your grades.
Many colleges also use the FAFSA to award their own need-based aid. And merit-based aid isn’t necessarily limited to students with the highest GPAs. Schools may offer aid for leadership, music, and other talents and accomplishments.
So don’t let your grades stop you from completing the FAFSA.
Myth: I already applied to college, so I’m done.
Reality: Applying to college and applying for financial aid are two separate steps.
You don’t need to wait until you’ve been accepted to a college to complete the FAFSA.
Completing it earlier in the process also means you’ll be ready to consider the financial side of your college options when financial aid offers arrive.
Myth: I completed the FAFSA last year, so I’m all set.
Reality: You need to complete a new FAFSA each year.
If you’re attending college, you’ll need to file the FAFSA every year.
Financial aid doesn’t automatically carry over from one school year to the next. You’ll need to submit a new FAFSA each year you’re enrolled to be considered for financial aid for that year.
Myth: I’m already in college and didn’t complete the FAFSA last year, so I’ve missed my chance.
Reality: It’s not too late!
You can submit your first FAFSA for a year you’re in school even if you haven’t filed before. So, if you skipped the FAFSA in a previous year, don’t let that stop you from completing it now.
Myth: My family situation is complicated, so I can’t complete the FAFSA.
Reality: Many family circumstances are accounted for in the FAFSA process.
For example, if your parents are divorced, you generally only need information from the parent who provides the most financial support, along with that parent’s spouse if they’ve remarried.
Students in legal guardianships may qualify as independent students and not need to provide parent or guardian financial information. Students who aren’t in a legal guardianship but have no contact with a biological parent may also still be able to file and potentially qualify for independent status.
If your circumstances don’t fit neatly into the FAFSA questions, don’t assume that means you can’t file. Your college’s financial aid office can help you determine the appropriate next steps.
Myth: My parents won’t provide their financial information, so I can’t file.
Reality: You may still have options.
If your parents won’t provide their information or help pay for college, the FAFSA includes a way to indicate unusual circumstances. After filing, you’ll need to contact your college’s financial aid office, which can help you understand what additional steps may be required.
Myth: We don’t earn income, so we can’t complete the FAFSA.
Reality: You can still file.
Not having earned income or tax information to report doesn’t prevent you from completing the FAFSA. For example, if your family receives Social Security disability benefits and doesn’t file taxes, you can still submit the FAFSA. You may be asked to provide additional documentation about your circumstances.
Myth: I haven’t completed my taxes yet, so I can’t complete the FAFSA.
Reality: The FAFSA uses income and tax information from two years prior.
So don’t let uncertainty about which year’s tax information you need keep you from getting started.
Myth: I’m too old to receive financial aid.
Reality: Age doesn’t disqualify you from federal financial aid through the FAFSA.
Whether you’re heading to college right after high school or returning to school later in life, completing the FAFSA can help you explore what funding may be available.
Myth: Once I submit my FAFSA, I’m done.
Reality: Hitting submit is a big step—but there may be more to do.
Your school will handle the next stages of the financial aid process, including providing your financial aid offer. You may be asked for additional documentation, and there may be additional steps required to accept your aid.
Still have FAFSA questions? We can help.
The FAFSA can feel confusing, especially when your circumstances don’t seem to fit neatly into the questions on the form. You don’t have to figure it out on your own.
We offer FAFSA assistance to New Hampshire students and families. Whether you’re getting ready to file, you’ve started and gotten stuck, or you’ve submitted your FAFSA and aren’t sure what comes next, our team is here to help. And we don’t charge for our services!
Make an appointment with our education and career pathways team to ask a question or get help completing your FAFSA.