Yahoo Finance

More than a Quarter of Families Skipped FAFSA Last Year, Missing Out on Scholarships, Grants, and Federal Financial Aid

Sallie Mae Offers Free Step-by-Step Guide and Tools to Help More Families Complete the FAFSA

NEWARK, Del., December 03, 2024--(BUSINESS WIRE)--The Free Application for Federal Student Aid (FAFSA) for academic year 2025-26 is available now, and completing it is one of the most important steps for students and families planning for higher education – it’s the gateway to accessing more than $100 billion in scholarships, grants, and federal financial aid for college.

Completing the FAFSA as soon as possible is also critical as some school and state-based aid is limited and awarded on a first-come, first-served basis. Roughly a quarter of families (26%), however, skipped the FAFSA last year. Separately, one-quarter of families making less than $100,000 – those who would likely qualify for Pell grants and other need-based aid – chose not to file the FAFSA because they believed they made too much money.

"When it comes to paying for higher education, the last thing you want to do is leave free money on the table, so that’s why all students and families should complete the FAFSA," said Rick Castellano, vice president, Sallie Mae. "Now is the time to get in line for scholarships, grants, and other aid that can help make college more accessible and affordable."

Sallie Mae offers the following tips to help families complete the FAFSA with confidence:

• Create an FSA ID — Both students and parents need a Federal Student Aid (FSA) ID, before starting the FAFSA. Create one as soon as possible to avoid delays.

• Know your deadlines — Many states and colleges set priority deadlines to submit the FAFSA to be considered for aid. Families can check deadlines for each state and school and use Sallie Mae’s free step-by-step FAFSA Guide to stay on track.

• Remember to file each year — The FAFSA is not just for incoming freshmen. Undergraduate and graduate students should complete the FAFSA every year in school.

• Don’t assume you won’t qualify for aid — Just about everyone who completes the FAFSA qualifies for some form of aid. In addition, some scholarship eligibility requires students to complete the FAFSA.

• Avoid Errors — Mistakes on the FAFSA can delay the application and impact eligibility for aid. Carefully read all of the questions, do not leave any blank fields, and make sure you receive a confirmation after you submit it.

• Never pay to fill out the FAFSA — Filing is free, period. There are also a variety of free resources available to help students and families complete the FAFSA.