After narrowing down your top university contenders and completing your applications, it’s time to consider what comes after you’ve been accepted. From choosing your classes for your first semester to purchasing every book on each course syllabus, there are so many items to add to your educational to-do list ahead of your first day of classes. 

However, have you considered how you’ll be paying for those courses and textbooks? That’s why prioritizing your FAFSA application should be at the top of your to-do list. This simple application is your gateway to accessing multiple forms of financial aid, from grants to loans (and plenty in between). 

Today, we’re discussing all things FAFSA, including what it is and why it’s important to fill out—the sooner the better! 

The FAFSA 411: Everything You Need to Know 

The Free Application for Federal Student Aid, better known as FAFSA, is a form that most students are eligible—and encouraged—to complete. The application collects the following information to determine the amount of financial aid you may be qualified to receive from the college you’re attending: 

  • Your social security number (or alien registration number if you’re not a U.S. citizen) 
  • Your federal income tax returns and W-2s* 
  • Bank statements* 

*Please note that if you’re a dependent student, you’ll need the above information from your parents to apply. 

After submitting your FAFSA, your information will be reviewed and sent to the universities listed on your application. The colleges will then use that information to determine your eligibility for financial aid. You may qualify for a variety of different types of financial aid, including but not limited to: 

  • Federal grants 
    Grants are mostly given on the basis of need and don’t require repayment. 
  • Scholarships 
    Like grants, scholarships don’t need to be repaid once you’ve earned your degree. However, unlike grants, they’re usually awarded based on merit, such as academic achievements or extracurricular activities. 
  • Federal student loans 
    Funded by the U.S. Department of Education, federal loans are based on financial need and must be paid back with interest. 
  • Work-study 
    This is a federal work program that allows undergraduate and graduate students at participating schools to earn money while working to pay for tuition. 

Why Is Filling Out the FAFSA Essential? 

Some students receive financial assistance through scholarships or their parents’ college savings funds. However, those avenues may not always fully cover tuition and other expenses. Whether you believe you can afford college independently or feel you won’t qualify for aid, consider the following reasons you should run, not walk to your keyboard and fill out the online application before the deadline. 

The FAFSA Is Your Window Into Financial Assistance 

True to its name, the Free Application for Federal Student Aid costs nothing. It takes just an hour to complete, and within a few weeks, you’ll know whether you qualify for one or more of the various forms of financial aid. 

If you find out you’re eligible for funds, you can rest assured that you have a guaranteed means to pay for your education. In addition, if you learn that you don’t need the financial aid offered to you, you’re not legally bound to take it. You can say “No, thank you,” and happily move on with your to-do list. 

The FAFSA Can Help You Budget Effectively 

Have you broken down the costs for all the items you’ll need for your courses? From laptops and lab equipment to textbooks and everything in between, there are a few additional expenses you may not have accounted for—and that’s okay! The FAFSA is here to help. 

Your application results can give you a clear understanding of the general costs associated with attending college, whether you need the assistance or not. It also shines a light on the financial resources available to you, so you can make informed decisions about budgeting and financing for the future. 

The FAFSA Can Present Work-Study Opportunities 

Looking for ways to pay for your education, sharpen your skills, and give your resume a boost? After completing your FAFSA, you might find that you’re eligible for a federal work-study program. These programs offer part-time job opportunities that help you earn money for educational expenses while allowing you to gain valuable work experience that you can proudly add to your resume. 

Secure Your Future (and Your Funds) by Filling Out Your FAFSA Today 

At The University of Texas Permian Basin, we strongly encourage all students, regardless of their program, to submit a FAFSA. Whether you’re an incoming freshman, transfer student, or graduate student, all you need to do is fill out the application. The Department of Education and UTPB will handle the rest. 

If you’re worried that you missed your window for the 2024 school year, worry not. The FAFSA deadline isn’t until June 30, 2024, with the application window likely to begin in December 2023. Since schools often allot and distribute funding on a first-come, first-served basis, it’s in your best interest to submit your application as early as possible to ensure you’re able to secure your funds. 

Take the next step in financing your future by making sure you’ve got your expenses covered. Explore our FAFSA page today. 

Sources: 
https://studentaid.gov/help/info-needed
https://studentaid.gov/resources/types-infographic-accessible