Sallie Mae Offers Tips, Free Resources to Help Families Complete the FAFSA®
September 20 2021 - 2:12PM
Business Wire
Just 68% of College Families Filed the FAFSA
Last Year, With Many Citing the Form’s Complexity and Time Needed
to File
Last year, just 68% of families filed the Free Application for
Federal Student Aid (FAFSA®), the gateway to $150 billion in
scholarships, grants, work study, and federal student loans. Among
the top reasons for not filing? Families cited the complexity of
the FAFSA, along with the time it takes to file. In addition, of
those who didn’t complete the FAFSA for academic year 2020-21, 44%
said they didn’t think they’d qualify for aid.
To help students and families complete the FAFSA®, and
ultimately make informed decisions about financing higher
education, Sallie Mae® today rolled out a free FAFSA® application
tool that simplifies the process and dramatically reduces the time
it takes to file for federal financial aid. In fact, students can
file in as little as seven minutes.
“Completing the FAFSA® is one of the most important steps a
student should take in their higher education journey,” said
Jennifer O’Donald, senior vice president, Sallie Mae. “The reality
is, nearly all who apply will qualify for something. It’s so
important that students approach their college decision-making
process with eyes wide open and maximize the resources available to
them.”
Sallie Mae offers the following tips to help students and
families get prepared to complete the FAFSA®:
- Complete the FAFSA® on October 1 (or soon after) – Some
financial aid is awarded on a first come, first-served basis, or
from programs with limited funds. The earlier families complete the
FAFSA®, the better the chance to be in line for that aid.
- Do your homework before you file — Both students and
parents should gather Social Security numbers, driver’s license
numbers, bank statements, 2020 tax returns, and W-2 forms. Having
this information ready before you begin the application can help
expedite the process and alleviate stress.
- Sync your tax return — Available through Sallie Mae’s
free online FAFSA® application tool, students and parents can
upload their tax return from the IRS’ website, expediting the
process and simplifying the application.
- Be mindful of potential errors — Mistakes on the FAFSA®
could delay an application, meaning students and families could
possibly lose out on some financial aid. Entering incorrect social
security or driver’s license numbers or forgetting to sign the
application are some of the most common errors.
- File the special circumstances form if COVID-19 impacted
your finances — There’s an opportunity after filing the FAFSA®
to submit a special circumstances form, specifically if a student
or parent’s income has changed as a result of COVID-19 or other
events. The form can be requested from college financial aid
offices.
For more information about completing the FAFSA®, visit
SallieMae.com.
Sallie Mae (Nasdaq: SLM) believes education and life-long
learning, in all forms, help people achieve great things. As the
leader in private student lending, we provide financing and
know-how to help make college happen and offer products and
resources to help customers make new goals and experiences, beyond
college, possible. Learn more at SallieMae.com. Commonly known as
Sallie Mae, SLM Corporation and its subsidiaries are not sponsored
by or agencies of the United States of America.
Category: Financial Literacy
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version on businesswire.com: https://www.businesswire.com/news/home/20210920005728/en/
Ashley Boucher 856.430.0755 Ashley.Boucher@salliemae.com
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