March 28, 2024

Iowa students leave $20.6 million of free money unclaimed

Whoa ... how does that happen? Especially in this era of rising college debt?

Simple and sad: Students do not complete the FAFSA (Free Application for Federal Student Aid). According to Nerdwallet, the average amount of free grant money unclaimed per student in Iowa is $1,861. And given the average completion time of 21 minutes, this comes out to over $5,000 per hour for the effort. Yet left undone.

Even if it takes you an hour, that would be over $1,800 per-hour pay. Would you take that part-time job? Many, astonishingly, do not. Complete the FAFSA as soon as possible. Some important points I have experienced in my quarter century as a high school counselor:

1. It’s free and the average lost to those who do not complete it is, as mentioned already, significant. Nationally, over two billion dollars of free money is left on the table.

2. It’s quick and easy. Go to fafsa.ed.gov and the average completion time is well under an hour.

3. Better yet, when done, it’s done. One more thing to check off the list and stop stressing over. I have found the greatest stress is in thinking about doing something rather than just doing it.

4. There are many factors in determining eligibility. Only way to know is to fill it out.

5. And maybe most importantly, the sooner you complete the FAFSA, the sooner you receive your aid package and KNOW what the real cost of college will be for you.

If you’re sitting on a trust fund which will cover all your college costs, good for you. If not, don’t be among those Iowa students who miss out on an average of almost $2,000 per year of free money simply because you chose not to take less than an hour to finish the FAFSA. Let that be someone else.

Don Arends

Newton