More reasons to file your FAFSA

Courtesy of Money Magazine’s 4 Things to Know About the New FAFSA, here’s a well-argued response to any family who resists filing the FAFSA:

“Just submitting a FAFSA will automatically qualify you for a low-cost federal student loan of up to $5,500 for freshman year. The interest rate on undergraduate student loans is currently 3.8% plus about 1% in fees, which works out to an annual percentage rate of roughly 4.1%. The FAFSA is also required for many other kinds of aid, including work/study jobs; federal parent PLUS loans; scholarships from state agencies, private foundations, and colleges; and, in a few cases, merit aid.”