Understanding FAFSA Can 'Seriously Save You Money'

It's estimated, at least $15 million a day is lost to Oklahoma college students because they’re not taking advantage of federal financial aid.

In Oklahoma, more than half of college graduates will have an average debt of more than $23,000.

There is, however, federal money waiting, but you have to file a FAFSA form to get it. And if you do, it can make a big difference by ‘Seriously Saving You Money.’

Before your son or daughter ever sets foot on their college campus, there’s one thing you can do right now that might help you pay for their education.

TCC student, Taylor Finley, is proof the 20 minutes it takes to fill out the FAFSA form are worth it.

"I get refunds, which is good, and I'm able to completely cover my college expenses - including not just tuition, but text books and any fees that I may have," she said.

Kathy Taylor is a philanthropist, former mayor and head of Impact Tulsa – a partnership of community leaders dedicated to helping students get a college education. As part of that effort, Taylor wants to increase the number of people applying for federal student aid by ten percent this year.

"We figure, right now, we're leaving at least $15 million in Tulsa County on the table every single day," Taylor said.

That’s work-study, scholarship and grant money available to help students who need it most; all they have to do is sign up.

Taylor said, "The surrounding states are doing a better job. Ultimately, that means that those states will have a better educated workforce, they'll be able to attract better jobs and we don't want our kids to leave, we want the jobs to be here."

While your income is taken into consideration, it doesn’t automatically prevent you from getting federal student aid.

Students should have their parents’ and their own tax return information handy to start the application process.

Finley said, "You definitely need to fill it out. You just never know, you never know what you're going to get. It could be helpful, even it's a little bit. That's still some money to go and to put toward your education."

The goal is to get the most kids possible signed up by March 1.