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Affording College—the Importance of Financial Aid

FAFSA.

The five-letter acronym that stresses many students out. Filling out the FAFSA—Free Application for Federal Student Aid—is the only way to get federal aid. The application uses financial information to figure out which grants and loans you qualify for. Even if you think you may not be awarded anything, it is always important to at least check.

You may be awarded grants. Grants are a form of financial aid that you do not have to pay back. You may also be offered subsidized loans which means that the department of education pays the interest. Interest adds up, so this is the best loan option. 

You should fill out the FAFSA as early as possible. The FAFSA opens Oct. 1, and closes by the end of June. Many states, like Indiana, have different deadlines though. Indiana’s FAFSA deadline is April 15, while the Federal FAFSA deadline is June 30. You can read more about FAFSA and apply at www.studentaid.gov.

If you are an Old National Bank Mid-North Promise Program participant and have any questions about FAFSA, we encourage you to reach out to your Family Learning Navigator! 

Other Resources:

Why is FAFSA Important?
College Questions Answered
College Funding Workshop