By Terry Savage on March 21, 2024 | College Savings / Student Loans

Hi Teri, I enjoy listening to you on WGN radio. My question pertains to the FAFSA. My daughter is a current college freshman. We completed this form last year, but received no additional monies other than the basic government and parent plus loan options. We did not take these as have enough money in her 529 for the first three years of college. My question is if we have to borrow for her senior year do I need to do the FAFSA every year or, can I wait a couple years and then do it again, when our 529 money will be close to zero. I have not completed this year due to all of the issues I keep hearing about, I prefer not to do it, if not needed. Thank you

Terry Says

Exactly. If you’re not going to apply till her senior year in college, when the 529 money is spent down, then you don’t have to apply until the fall of her junior year. Hopefully by then the system will be working better.
BUT, you can still apply for merit aid at her school — if they want to retain her and your circumstances change. In that case, you would want to file the FAFSA maybe next year.

And she should register at Scholarships.com to see if there is any free money for which she would qualify. Those are not based on need.

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