Have a FAFSA New Year!

The FAFSA (Free Applications for Federal Student Aid) is a financial form that helps the federal government determine your financial “need.”  I just think the whole concept is hilarious, really!  Just imagine the federal government somehow knowing exactly what you can afford to spend on college!  OK, stop laughing!  Now let’s get serious!

The FAFSA is the basis for many college scholarships. Seniors need to fill out the FAFSA as soon as possible each year.  In fact, many colleges suggest that parents spend each New Year’s Day filling out the FAFSA.  Now really, what could be more fun?

Is it worth the hassle?  Let’s look at this really closely for a moment. I have mentioned that rarely do people pay “sticker price” for a college. I love to read about how the AVERAGE parent saves 43% of the average college costs – in both public and private school!

While you could conclude that you still need to panic about the cost, I prefer to look at the bright side. College costs are not as astronomical as they appear on the brochures.

There are people who believe you “should not” save for college because the more you save, the less that will be awarded to you through the FAFSA. Here is an article that says that saving money will not hurt you (at least with financial aid.)

For our family, we did what we could to save for college, knowing full well that we couldn’t save enough to pay the “sticker price” for a private school. We tried to save enough for the kids to attend a public university while living at home. That way, if they didn’t get ANY scholarships, we could still afford college.

Our FAFSA results confirmed that we weren’t penalized for our savings at all. Each family is unique, of course, but don’t hesitate to save for college because you think it will cost you in financial aid.

To get more information, there is a video that can explain everything.  It’s called “The Five-Minute FAFSA Video” available on the Fastweb site.

Plan ahead, because you need to get a PIN number from the federal government in order to fill out the FAFSA.  Not surprisingly, it takes the government a while to get you the PIN once you request it!  Ask for your PIN in mid-December, so you’ll be ready for January 1, and the big FAFSA party!

Not planning for financial aid is a mistake, but not the biggest mistake you can make when your kids are in high school.  Here is a resource that will help you avoid some real whoppers during homeschool high school.

Learn how to save money homeschooling with my free Special Report: “7 Secrets to Homeschooling Through a Financial Storm.”

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