As of October 1, anyone who will be attending college or higher education next year (Fall 2020) can fill out the Free Application for Federal Student Aid (FAFSA). Schools often have deadlines for you to complete these in order to be eligible for some type of aid.
I always dread it for some reason. Up until this year we took out zero student loans. Technically, our daughter took it out. It is a bit of a mute point if you don't even intend to use them, but we did find out with our youngest daughter's college that they use the FAFSA to determine grant money the University offers. Our daughter received $1200 her first year and $1000 for this school year. It will be interesting to see if that goes away since our FAFSA info will reflect she is our only student in college next year.
We are grateful for not needing to take out very many student loans. Will you fill out the FAFSA for yourself or your children this year?
College Next Year? FAFSA Time!
October 19th, 2019 at 03:46 pm
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Glad it worked out Michele! Yay!
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@crazyliblady, I believe if you don't use the 529 funds, that you still keep the money, but that it is then taxed on withdrawal because it wasn't used for qualified educational expenses. It's similar to the penalty on IRAs, at 10% on the earnings in the case of 529 plans.