Why We Love the FAFSA!

Jerry Goss '22
ageorges 

The FAFSA (Free Application for Federal Student Aid) priority deadline is coming up very soon (February 15th) for Olin College. And the best part about FAFSA is that it is completely free, which is a big deal, especially for a private college. Many other private colleges require a CSS Profile, which you have to pay for, and even if you get tons of aid, you won’t get that money back. Olin sensibly allows students to apply for financial aid with only the FAFSA, which is absolutely free. 

Why wouldn’t you fill out the FAFSA?

I really have no idea; the FAFSA is completely free, and it doesn’t do you any good to throw away a potential opportunity for free money. But realistically, there are some things that could pose an obstacle to a student filling out the FAFSA. Conflicts can range from guardians being too busy, being unwilling to fill it out, not having all the required materials, or even not understanding the site. 

If your parents aren’t tech savvy, you hopefully can be a resource to them and maybe even learn a few things about adulting. Fortunately FAFSA has a relatively thorough help system for user autonomy, and they have the IRS Data Retrieval Ttool which retrieves necessary information without you needing to look for it. You can also take advantage of skip logic while you’re filing the FAFSA, which will allow you to avoid questions that aren’t applicable to you.

The FAFSA in reality only takes about 55 minutes to complete, which with all of the resources it has, makes it a lot simpler than one might think. If you and/or your guardian(s) take advantage of the tools and explanations on the site, filing the FAFSA can be really easy. If you’ve done it once already, you can save at least 10 minutes the next time you file because it will save some of your information for you. 

Why would you fill out the FAFSA?

It has resources to make filling it out easier for you, and you might get free money to go to school! Even if you don’t think you’ll get aid, you should still apply! Applying for FAFSA is the only way to get federal loans, which are available to students regardless of financial need and are among the best of loans since they have favorable terms, interest rates, and protections for students (including not having to start making payments on them while you’re still in college). Subsidized loans are only accessible through FAFSA, which means that they won’t accrue interest until after you graduate so you’ll end up paying less in the long run. 

Feel free to reach out to the Office of Admission and Financial Aid! Our information is listed below!

 

Jerry Goss

Financial Wellness Ambassador

Office of Admission and Financial Aid

781-292-2215

finaid@olin.edu

Posted in: Jerry '22