Accessing college education is getting more challenging for United States residents and citizens. Unfortunately, this still remains one of the biggest problems in the country, and yet no solution has been provided or proposed.
However, the only thing that the federal government can do is offer FAFSA. FAFSA stands for Free Application for Federal Student Aid, and it offers an opportunity for many students to access a proper education all around the United States.
Considering the peak inflation rate and increasing prices, plenty of high school students and families will have trouble paying their college tuition. As a result, most of them will have no choice but to go into student debt, which they will have to pay for decades.
On the other hand, you may have a chance to avoid this debt by applying for FAFSA 2023-24. According to the annual How America Pays for College report by Sallie Mae, most families use different combinations of resources to meet the college tuition of their children.
Some of them spend their income and life savings to cover only half of the costs, and the grants as well as scholarships that students receive only correspond to one-quarter of these costs. As you may guess, student loans are the preferred resource for meeting these costs.
The FAFSA 2023-23 is one of the rare and important resources to meet these increasing costs. It is worth noting that the FAFSA filing season for the 2023/2024 academic year will start on October 1, 2022. If you are looking for additional funds, then it will be better for you to file your application as soon as possible.
According to Sallie Mae, families who fill out their forms earlier have more chances to receive funds. Some of these funds are derived from limited funds provided by different programs and funds offered on a first-come, first-served basis.
Therefore, those who will take action quickly will have a better opportunity to find additional resources to meet the education costs of their children. Without a doubt, it is an opportunity you may not want to miss.
Another important detail that families need to know is that all students in the United States are eligible to claim FAFSA. Moreover, the number of families who completed the FAFSA was around 70% in the previous year. This is pretty low, considering the record low is only 68%.
This means you have a great chance to enjoy additional funds for the education of your children. We recommend taking notes on your calendar to ensure you do not miss FAFSA 2023-24 applications, which will start on October 1, 2022.