What to Do When You Can’t Pay Your FAFSA Bill
The FAFSA or Free Application for Federal Student Aid is a student loan application required from every college student before receiving financial aid or applying for college loans. The FAFSA is a detailed application that asks for financial information about both students and parents. Parent income is used to determine eligibility for federal student aid. If the student wishes to remove parent financial information from the application, they must be married or emancipated. Once the FAFSA application is complete, students are given a monetary number. This number shows how much money the student is responsible for paying during the following school year. FAFSA applications are filled out every year so amounts will change as parent or student income changes.
How to Pay the Bill
The FAFSA is a free application. There is no bill associated with the application, but students are required to pay college expenses based on the EFC or estimated family contribution. If you cannot pay the EFC, you will need to apply for scholarships or direct loans to cover the costs of college.
Apply in person: Many college financial aid offices allow students to apply for financial aid and student loans in the finance office. Financial aid officers can answer questions about the FAFSA and student loan applications.
Questions About Your Billing Statement or Account?
Although the FASFA does not charge fees, you may not be familiar with the verbage used to explain the form. We suggest you visit the FAFSA FAQs for additional information. YOu have the ability to receive additional explanation by calling customer service at 1-800-433-3243.
How Penalty Fees Work
There are no penalty fees associated with the FAFSA. Students with a low EFC may be eligible for Pell Grants and other forms of financial aid that don’t require repayment.
I Can’t Make a Payment
Plenty of students have trouble making college payments. The FAFSA cannot directly help the payment process, but the resulting EFC could qualify students for financial aid and work study programs. Some college campuses allow students to work for college departments for minimum wage. The money is used to cover student expenses.
Will They Work With Me to Pay My Bill?
The FAFSA will not work with students to make college payments, but it is important for students and parents to review information included on the FAFSA application thoroughly. If there is one missing decimal point, the EFC could be inflated and render the student ineligible for income-based student aid. If there is a problem with information reported on the FAFSA, students and parents can request a change to the application and a new EFC.