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College Next Year? FAFSA Time!

October 19th, 2019 at 02:46 pm

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?

7 Responses to “College Next Year? FAFSA Time!”

  1. michele Says:
    1571507194

    CCF - i just completed my son's FAFSA. It wasn't too bad. Some good news that will save us some money - my daughter is on track to graduate a whole year early! Boy does that save us some of our 529 money. She will graduate in August of 2020. Thanks, kiddo!

  2. creditcardfree Says:
    1571507722

    Oh, that's great michele! I do remember one year it seemed fast. I'm sure it will be fine once I just decide to get it done. That's fantastic your daughter will graduate early!! I have a friend with a son who might be able to do that same thing.

  3. crazyliblady Says:
    1571514348

    I don't have kids, unless you count my four-footed ones, so I am just curious. I also graduated with my master's in 1995 and I don't think they had 529s then. If you have the unlikely event that 529 funds are left over, what can you do with them? I thought they could only be spend on education.

  4. rob62521 Says:
    1571521294

    Hope you get some money CCF for your daughter!

    Glad it worked out Michele! Yay!

  5. disneysteve Says:
    1571535211

    Been there, done that. Ours graduated in 2018 so we're done with that process. You're absolutely right that you need to file the FAFSA even if you won't be borrowing money. It is required for school-based aid. Our daughter got a merit scholarship each year ($19,500) and a couple of smaller scholarships along the way. Best of luck to your daughter.

  6. Jenn Says:
    1571548840

    I don't do the FAFSA. I know the only "financial assistance" that would be offered is loans so it's a waste of time. The kids in college now and the one starting next year qualify for some small scholarships but they aren't need-based so the FAFSA isn't required.

  7. creditcardfree Says:
    1571582529

    Jenn, always thought so too, a waste of time, but I have found it varies by state and school. Some really do use it to offer their own assistance, outside of Federal loans. This was never the case with our oldest, but is with our youngest. The scholarships our oldest daughter received seemed to always be merit based or activity based.

    @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.

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