Having a FAFSA freakout? Don’t worry, experts say.
Despite the late and rocky start for the new, simplified Free Application for Federal Student Aid (FAFSA), things are improving, they say.
Increasingly, families can complete their form for the 2024-25 academic year without delays. But if you’re still worried about roadblocks or whether the change in the financial aid formula will net you enough money for school, there are other non-FAFSA related avenues to explore.
Keep in mind that students have to fill out the form– which has been streamlined compared with past years– if they want federal financial aid in the form of Pell Grants or government student loans. Financial aid experts advise all students to complete the FAFSA even if they’re unsure if they’ll receive aid.
That said, here’s where you can look for money or what you should know.
Learn more: Best personal loans
FAFSA first
Before heading down the road of alternatives, FAFSA remains the top option for securing financial aid, experts say.
“The reason we think of FAFSA for financial aid is that Pell Grants and federal loans are the backbone,” said Bill DeBaun, nonprofit advocate National College Attainment Network’s senior director of data and strategic initiatives.
The U.S. Department of Education awards more than $120 billion a year in grants, work-study funds, and low-interest loans to around 13 million students. And federal loans offer better consumer protections, including flexible
