MIAMI - Time is running out for parents of high school seniors to fill out the free application for federal student aid.
The online Free Application for Federal Student Aid (FAFSA) form is used to apply for federal aid like grants, work-study, and loans and helps streamline the financial aid process.
The deadline to fill out the form for Florida schools is Monday, May 15th.
Colleges and states also use the form to award non-federal aid as well. But according to formyourfuture.org, only about 50 percent of high school seniors have filled out the paperwork so far-- leaving a lot of money on the table.
To fill out the form, students must first create a federal student aid login. A parent or guardian will most likely help.
Information required to fill out the form includes expected family contributions, tax information, and the school the student will attend. If they don't know yet, they can list up to four schools.
The information on the application can also help the student get access to a federal Pell Grant which does not have to be repaid.
Mary Jo Terry, a managing partner at Yrefy, a company that helps refinance defaulted loans, said finding out about all financial aid options is important.
"If you have questions, talk to your high school counselor, talk to your admission counselor as well as anyone in financial aid. Everyone is there to help you through this process," she said. "We talk to people every day who end up in financial situations because they weren't paying attention to how much aid they were receiving as well as the degree program they were going into. So take the time and let's find the free money," she said.
While the deadline for aid in Florida is May 15, the federal deadline is June 30th.
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