The Free Application for Federal Student Aid (FAFSA) unlocks federal, state and institutional scholarships for millions of students each year, but some students believe they don’t qualify for financial aid.
Those students are probably wrong.
“The No. 1 thing we hear all the time is, ‘I'm not going to get anything, and I'm not filing,’” said Bill Wozniak, vice president and chief marketing officer of INvestEd. “Most often, that's incorrect.”
The National College Attainment Network analyzed why students don’t complete the FAFSA. About half of undergraduate students surveyed in 2024 said they didn’t think they would be eligible for financial aid — even those in lower income groups.
Wozniak said all colleges have net price calculators, which are tools that estimate how much financial aid a student could receive. For example, calculators for Indiana University Bloomington and Purdue University predict the total cost of attendance based on grades, military benefits, household size and more.
The federal College Navigator also shows average prices for each income bracket and the type of financial aid awarded to students.
Students from wealthier families often receive institutional aid, Wozniak said. This funding from a college or university does a lot of heavy lifting for those students. Or, they might qualify for federal student loans, which are often less dangerous than private loans with higher interest rates.
“When you look at the entire pool, most people receive financial aid,” Wozniak said. “The gateway to that financial aid is the FAFSA.”
Sixty percent of the class of 2025 completed the FAFSA, according to the Indiana Commission for Higher Education. More than 50,000 students filed the form.
Indiana requires high school seniors to file the FAFSA, unless they opt out. Wozniak said the form is short and simple for most families.
“The big expenditure is a few minutes of time to file,” he said. “And it could be worth thousands and thousands, or tens of thousands of dollars of financial aid.”
Lower-income students were also more likely to report a lack of information on how to apply for aid, the National College Attainment Network reported.
Hoosier families can receive free assistance with INvestEd by email at outreach@investedindiana.org or phone at 317-715-9007. The Commission for Higher Education also employs outreach coordinators for each region to help with FAFSA filing.
“Do not miss out on valuable financial aid because you have a question that you just didn't want to ask, or you thought somebody wouldn't help you,” Wozniak said.
