GOLDEN VALLEY, Minn. — It’s that time of year again - college acceptance letters are going out. If high school students applied early, they'll have already heard back about admissions, while others will hear any time between now and the end of March.
But then comes the big question: how do you pay for that higher education?
That's where the FAFSA, or the Free Application for Federal Student Aid, comes in.
Tina Falkner, the director of the University of Minnesota’s Office of Student Finance, breaks down what you need to know if you know someone who needs to fill it out.
Falkner said the 10 pages can seem daunting.
“Some people wonder is it worth it to take the time to do it,” Falkner said.
That’s a legitimate question, with an easy answer for that soon-to-be college student.
“We encourage all of our students to complete a FAFSA even if they don't think they might be eligible for any Pell Grants or any aid,” she said.
The FAFSA is the federal form a student fills out, and based on the output of the FAFSA, students qualify for different types of financial aid such as Pell Grants, Federal Subsidized Loans, Unsubsidized Loans, etc. All eligible students qualify for some form of aid.
She said it can take anywhere from 30 minutes to 2 hours to complete, but every situation is different.
“The biggest question is how do I complete this? And we tell them to go to studentaid.gov, which is a federal website where they will be able to go in and actually complete the FAFSA,” Falkner said. “But it also has very comprehensive and understandable instructions on how to complete it,” she said.
Once the forms are complete, Falkner said it’ll take some time - maybe a couple of weeks or more - for you to find out if you are eligible for aid. She said that would come in the form of an e-mail. Falkner said there might be other forms or documents needed in some cases, also.
“The one that most people are familiar with is the Pell Grant and that is money that students don't have to pay back so that's the most desirable aid,” Falkner said.
Amounts can change yearly. The Federal Student Aid website said the maximum Pell Grant award is $6,195 for the 2019 through 2020 school year. The amount you get, though, will depend on a number of factors like your expected family contribution and the cost of attendance.
To learn more about a Pell Grant, visit the student aid website for more. To apply for this type of grant, fill out the FAFSA.
“But it's also where students can get qualified for both subsidized and unsubsidized loans that are through the federal government,” Falkner said.
Falkner said if loans are your route, make sure to only borrow what you need.
For 2019, the U of M said of the output of the FAFSA for 66,405 degree-seeking undergraduate students, both returning students and newly admitted incoming students, has been fairly steady for the past five years. Falkner said it’s at around 66,000 to 69,000 each year. She said about two-thirds of the incoming class submit a FAFSA.
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Falkner said there are many reasons families may not choose to submit a FAFSA. For example, they believe they may not be eligible for aid, they already have a plan for how to cover college expenses, they believe it is too difficult to complete, or any number of other reasons.
She also said if you're not sick of paperwork during all this, apply for scholarships.
“We also tell our students don't only focus on the large dollar scholarships,” Falkner said. “If you get four or five $500 scholarships, that could be two to three thousand dollars,” Falkner said.
Falkner also warns about scams that happen every year. She said never pay anyone to help you fill out the FAFSA. As for scholarships, don't pay to apply. She said if you have questions, you can always check in with your financial aid office.