Financial Aid Frightens Some Adults.
Interestingly, so many families are scared of the FAFSA form. The acronym for FAFSA, which stands for- Free Application for Student Aid, is the primary form that has been modified many times to make it simpler and more secure. I applaud these changes, yet their primary purpose for determining financial needs has remained unchanged as they continue to create fear, uncertainty, and insecurity for those who must complete them.
To be more creative, my acronym for the FAFSA is: Financial Aid Frightens Some Adults. This is often the case when I observe many parents exiting financial aid nights at high schools or forums. Their first reaction is to refrain from completing a FAFSA since they think they may not qualify for much aid. They fail to recognize that it packs a mighty punch when calculating how much a family should be (but may not be able) to contribute to the cost of college. They may need to comprehend that with a submitted FAFSA, the student qualifies for at least a Stafford loan, a Pell grant, or college aid that may be forgiven over time.
Knowing this, my mission is to avoid personally filling in the blanks on a form. It is to correctly guide families through reviewing and analyzing their information while identifying the red flags (questionable and conflicting data ) that impact the calculated FAFSA output- the Expected Family Contribution. After that, I elaborated on what to do next after each form was completed.
My best analogy about completing the form independently or retaining a qualified financial aid consultant can be compared to the IRS tax forms. There is no question that they are free to complete it, yet the IRS lists many services that can make it accessible for the neediest families or charge a fee. These tax returns and supporting documentation can be completed in many ways via the do-it-yourself process, through a tax service, a CPA, using user-friendly tax return software, or talking to virtual and some live customer service respite good news is that individuals have choices and are certainly capable of doing or getting advice on their own. It looks easy, so why not save money and do it ourselves? The reason is simply that it may cost more in the long run if you do not fully comprehend the process, withhold critical information, or make simple mistakes that are later discovered. The consequences could be devastating and put many financial aid awards at risk. Then, ask yourself if it was entirely worth it. The answer depends on the sought-after results, value cost, and integrity of the organization helping you.
The FAFSA instructions state that it takes about an hour to complete. I highly doubt it would take that long, but it could be for those less familiar. It can also require the submission of a verification form to the college at random or for conflicting information, request detailed personal and business income tax returns for further review, require explanations for one-time exceptions (such as capital gains or payouts not highlighted or visible from the IRS Data Retrieval System) and substantiation for non-custodial or unmarried family members providing additional financial support.
It doesn't analyze the financial aid award, strategize the appeal process or recommend the right loan and or financing that fits a family’s budget. It excludes the more detailed CSS Profile that may be needed by some colleges and or the non-custodial profile, when applicable.
To reiterate, the FAFSA is an essential form with online links with informative information that does not do it all. Only one requirement qualifies the student for some aid but does not guide the parents through every aspect of a long and often expensive financial aid trail. That is why it is usually best to get more personalized attention to overcome information overload, which can be overwhelming. Beyond that, I help families better understand the required forms, their options, and what they are getting into.
Helping others creates greater personal satisfaction, knowing I led them in the right direction.
Let me add another acronym for those needing my help: Finding Alternatives For Smart Adults. That’s what it is all about!!