More stimulus checks are unlikely to come this year, but there is one federal aid program that could bring as much as $30,000 to one segment. This federal aid is available to prospective as well as current college students. However, there are a few important things that those looking into this coronavirus stimulus checks for students should consider.
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Not really coronavirus stimulus checks for students
The coronavirus stimulus checks for students that we are talking about actually has no relation with the COVID-19 aid. Rather, it is the Free Application for Federal Student Aid, or FAFSA. One reason why we are talking about this aid now is because the government only recently opened applications for this aid for the 2022-23 academic year.
The authorities started accepting applications for FAFSA from October 1. Those who are planning to apply for this aid must keep in mind a few important dates. As per studentaid.gov, the FAFSA form needs to be submitted by June 30, 2022 at 11:59 pm. Moreover, any corrections or updates to the application should be done by 11:59 pm (Central Time) on September 10, 2022.
Along with the FAFSA deadlines, it is crucial that applicants are aware of the colleges’ deadlines. Individual colleges have their own deadlines.
It is recommended that applicants shouldn’t wait for the deadline to submit their applications, rather do it as early as possible. According to experts, students and families miss out on billions of dollars in aid every year because schools usually give financial aid on a first-come, first-served basis. Also, confusion over forms is another reason why many families miss out on aid.
For the 2020-2021 academic year, only 68% of students and families submitted the FAFSA application. This is the lowest ever recorded by Sallie Mae since it started its How America Pays for College report in 2008.
Common misconceptions about FAFSA
There are a few misconceptions about FAFSA that makes families miss out on aid money. One common misconception with many families is that they don’t believe that they will qualify for the aid. However, what families don’t know is that there is no official income cutoff to apply for this aid.
Another misconception among students is that FAFSA only determines student loans and that students need to take out all of the loans that they are offered. What many students don’t know is that FAFSA determines eligibility for other free aid as well, including grants and work-study.
Another important point that students need to know is that they can always appeal against the financial aid package to get more aid money. For instance, if after submitting the application there is a change in the financial condition, such as a family member has lost a job, then students must bring it to the attention of the concerned authorities and they may make an adjustment.
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