Skipping out is missing out

I’ve noticed a lot more family awareness around the potential perils of taking on too much student debt to attend college. That caution is a good thing. But some families use that debt reluctance as an excuse to not apply for financial aid. That’s not good at all.

Filing a FAFSA to apply for need-based financial aid is not the same thing as applying for a loan, and it’s nowhere close to agreeing to take on debt. If you file the FAFSA and qualify for aid, the package you receive from each college might include some loans. But there are three important things to remember:

1. Each college will send you its own financial aid package.
2. That aid package can contain grants (free money that doesn’t need to be paid back) and work study programs in addition to loans.
3. You retain the right to accept pieces of the package and to decline others.

Submitting a FAFSA doesn’t mean you’re agreeing to take on debt. All you’re doing now is raising your hand and availing yourself of possible financial assistance to attend college, none of which will you later be obligated to accept without choice.

The choice about debt and how much—if any—to take on is different for every family. But the choice about whether to apply should be clear. You risk nothing other than time in filing your FAFSA. But you risk the loss of potential aid, including free money, if you don’t file.

The risk of skipping out is missing out.