Any downside to NOT doing FAFSA for my older 2?

With my youngest, I did her FAFSA back in January, as she will be starting college this Fall.

I have two older girls, both still in college, Historically have done the FAFSA for them, but we never get financial aid and they both have locked in 4 year merit packages (I assume no annual FAFSA is needed for those). Would love to not bother with their FAFSAs this year, is there downside to skipping?

We have never done one. I guess the only risk would be if you have a major change in your financial situation. My kids also have merit aid.

No need to do the FAFSA unless you want the older siblings to have access to the federally funded Direct Loan. FAFSA required for that.

1 Like

We filled out fafsa for the federal loans, but also in case of a job loss. Three of my kids received COVID relief funds in college, the only requirement from their universities was having fafsa filled out, those who didn’t received nothing (not that I’m expecting another plague).

Oh, follow up here then. Does that need to be done every year, or just the first year? I assumed only the first, since they originally got (and have taken) the federal amounts in their names. That’s one of our requirements for them, that is their skin in the game. So would I need to fill that out this year for them to get it again next year (year 4 for both of them)?

If you want them to have access to the federally funded direct loan, you need to do the FAFSA for each academic year they wish to take it.

What did you do in years 2 and 3 for these older siblings?

I’ll let @kelsmom verify this.

2 Likes

Yes, the FAFSA is required for each year in which the student wants to borrow a federal loan.

1 Like

I have done the fafsa for each child every year so far. For this year only so far for child 3. But you answered my question. I’m on the hook. Thanks for the help!

2 Likes

Access to the federal loans because those are the only ones that can be forgiven…