Financial Literacy Column
Every year millions of students fail to file the free application providing them with the financial aid necessary to continue their college education. That free application is the FAFSA, and it’s mandatory that students who will be returning to school the following year file the application.
The financial aid provided by the FAFSA includes grants and work-study eligibility, in addition to federally subsidized and unsubsidized student loans.
Grants, like the Pell Grant, are free money, meaning the student does not have to pay it back after graduation. Federal Student Loans, like any loan, must be paid back. They are the only student loans with six-month grace period after graduation, while other loans require payments to be made right away, making repayment much more difficult.
As of Oct. 1, students are able to file the FAFSA for the 2020-21 school year. If a student files a FAFSA with the Educators before Nov. 1, they will be entered to win a cash prize.
Students can reach out to the UMF Financial Literacy Peer Education Program by emailing caleb.grover@maine.edu or DMing them on Instagram @umf_finlit.