FAFSA and Financial Aid: Funding Your Educational Future
The Free Application for Federal Student Aid (FAFSA) is a key tool that opens doors to grants, loans, and scholarships. With the right preparation, you can open yourself up to more opportunities to fund your dream education. Here’s our guide to get you started.
Know Your Deadlines
Timing is everything when it comes to FAFSA. The application typically opens on October 1st for the following academic year, and many schools have priority deadlines as early as December or January. Submitting your FAFSA as soon as possible ensures you’ll be in the running for state and institutional aid, which often has limited funds available.
It’s important to track three main deadlines: the federal deadline listed on the official FAFSA website, your state’s deadline as outlined by its education department, and the specific deadlines set by the BS/MD programs or universities you are applying to. Staying ahead of these dates can make a significant difference in your financial aid opportunities.
Fill It Out—Even If You Think You Won’t Need It
You might assume you won’t qualify for aid or that your family’s income disqualifies you. However, filling out the FAFSA is essential for two reasons. First, many schools and private scholarships use FAFSA data to determine eligibility for both merit-based and need-based awards.
Second, life circumstances can change unexpectedly—such as a sudden drop in family income—which could impact your financial needs. Having your FAFSA on file ensures you’re prepared to access aid if necessary. Skipping the FAFSA could mean missing out on financial resources that could significantly reduce your college costs.
Grants vs. Loans: What’s the Difference?
Understanding the types of financial aid available is crucial as you plan for your education. Grants are essentially free money that you do not need to repay, making them a highly desirable form of financial aid. These are often awarded based on financial need and include options like the Federal Pell Grant or state-specific grants.
On the other hand, loans must be repaid with interest, although federal student loans, such as Direct Subsidized and Unsubsidized Loans, typically offer lower interest rates and better repayment terms than private loans. Being strategic about combining grants, scholarships, and loans can help you minimize debt while covering your educational expenses.
What You’ll Need to Get Started
Before diving into the FAFSA application, it’s helpful to gather all the necessary documents and information to streamline the process. You’ll need your Social Security Number, as well as federal tax returns from two years prior—both yours and your parents’ if you’re a dependent.
Other essential information includes records of untaxed income, such as child support or veterans’ benefits, along with details about your family’s bank accounts and investments.
Finally, you and your parent(s) should create a FSA ID, which serves as your electronic signature and login credential for the FAFSA portal. By having these materials ready, you can complete the application more efficiently and with greater accuracy.
Learn More Tips
Securing financial aid is an important step in your BS/MD journey. Not every college has a plethora of scholarships and having a clear plan for funding can make paying for your education much less intimidating. With an understanding of FAFSA, its deadlines, and the differences between grants and loans, you’re better equipped to fund your education.
Looking for more tips? Tune in to our latest White Coat Club Podcast episode, Funding Your Future: FAFSA and Financial Aid. We dive deeper into these tips and provide expert advice to help BS/MD students maximize their financial aid opportunities. Listen now on Spotify, Apple Music, Amazon, and Youtube to take the next step to funding your academic journey!
