Fox News Interview Reveals the #1 FAFSA Mistake Families Are Still Making

Don’t Miss the FAFSA Deadline: Why Time, Strategy, and Smart Choices Matter More Than Ever
By Dr. Shaan Patel, CEO & Founder of Prep Expert

Every year, millions of families across the U.S. face a critical countdown: the FAFSA deadline. But this year, with delays, tech glitches, and rising college costs, the stakes are even higher.

If you’re a student, or a parent, reading this within days of the FAFSA closing date, the message is simple: submit your application now. But beyond the urgency, this moment highlights something deeper:

The college affordability crisis is real, and families need to be more strategic than ever about how they pay for higher education.

Let’s unpack what’s at stake and what you can still do to get the financial help you need.

FAFSA Isn’t Just a Form, It’s a Gateway

For some families, FAFSA (Free Application for Federal Student Aid) still feels optional. It’s not.

Even if you don’t think you’ll qualify for need-based federal aid, FAFSA is required to unlock:

• State-level grants and aid
• Work-study programs
• Many school-specific scholarships
• Some private merit-based awards

Failing to submit the FAFSA on time can mean missing out on thousands, or tens of thousands of dollars in free or subsidised funding.

I’ve seen too many students delay or avoid filing altogether because of confusion, fear of rejection, or misinformation. The truth? FAFSA should be the first step in every college financial plan.

The Cost of College Is at an All-Time High

Let’s talk numbers. According to EducationData.org, here’s what families are up against:

• In-state public college: ~$27,000/year
• Out-of-state public college: ~$45,700/year
• Private nonprofit college: ~$56,600/year

And that’s just one year.

It’s no surprise that student debt in the U.S. has ballooned to over $1.7 trillion. As someone who once advocated for shooting for the Ivy League no matter the cost, I’ve changed my stance over the years.

Now, I tell families: Go to the best school that is the most affordable to your family. Prestige is great, but not if you’re saddled with a lifetime of debt that doesn’t lead to a return on investment.

What You Need to Complete the FAFSA

Let’s get practical. If you’re scrambling to finish (or start!) your FAFSA application, here’s what you’ll need to gather:

1. Social Security Number (and alien registration number if applicable)
2. Federal income tax returns (typically from two years prior)
3. W-2s and 1099s
4. Bank and brokerage account statements
5. Records of untaxed income
6. FSA ID for both student and parent (if dependent)

Don’t overthink it. You don’t need a perfect financial strategy to submit your FAFSA, just an honest and complete picture of your family’s finances. The government uses this info to calculate your Expected Family Contribution (EFC), which drives aid eligibility.

Why Some Families Miss Out, and What to Do Instead

One of the biggest myths I see? That only “low-income” families should bother with FAFSA.

That couldn’t be further from the truth.

I’ve worked with students from middle- and even high-income households who qualified for:

• School-based merit aid
• Institutional grants
• Work-study positions
• State-level assistance

But they only got that money because they filed the FAFSA.

Even if your family doesn’t qualify for Pell Grants or federal need-based aid, many colleges use FAFSA data to allocate their own aid packages. No FAFSA = no consideration.

FAFSA Is Just One Piece of the Puzzle

Filing FAFSA is essential, but it’s not enough.

To truly reduce college costs, families should pursue a layered strategy:

1. Start with FAFSA – Unlocks federal and institutional aid.
2. Apply for state-based scholarships – Many states have grants for residents who meet academic or financial criteria.
3. Search local opportunities – Community foundations, credit unions, and small organizations often offer under-the-radar scholarships.
4. Target national scholarships – Use reputable sites like Fastweb, College Board, or Scholarships.com.
5. Leverage test prep – Higher test scores can increase merit aid eligibility at many schools. At Prep Expert, we’ve helped thousands of students earn scholarships this way.

I’ve seen students earn six figures in scholarships simply because they applied to 100+ local and national awards with consistent effort.

What Happens If You Miss the Deadline?

If you’re reading this after the federal FAFSA deadline, don’t panic, but act fast:

• Check your state’s deadline: Some states have later deadlines or extended windows for filing.
• Contact your college’s financial aid office: Some schools accept late applications for institutional aid.
• Apply for private scholarships: These often have deadlines throughout the year.
• Look into emergency aid funds: Many schools offer assistance for students facing unexpected financial hardship.

While missing the main FAFSA deadline can be costly, there are still pathways to minimize the impact, especially if you act quickly.

5 Key Actions You Should Take Right Now

If you’re serious about maximizing financial aid this year, here’s what I recommend:

1. Submit the FAFSA today, even if you feel late or unprepared.
2. Double-check your state’s financial aid deadline, it might still be open.
3. Call your school’s financial aid office and ask if institutional aid is still available.
4. Create a scholarship tracking spreadsheet to stay on top of deadlines and submissions.
5. Invest in SAT/ACT prep early, it can pay off in merit scholarships and admissions.

Final Thoughts

The FAFSA deadline isn’t just a date on a calendar, it’s a door. And for too many families, that door closes before they even realize what’s behind it.

As someone who built Prep Expert on the belief that education should be both excellent and accessible, I know that paying for college doesn’t have to mean a lifetime of debt. But it does require planning, strategy, and action, especially now.

So whether you’re a high school senior, a returning college student, or a parent trying to make the numbers work, don’t leave free money on the table.

Because when it comes to college, deadlines don’t just determine paperwork, they determine opportunity.

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Dr. Shaan Patel is a Shark Tank winner, bestselling author, and founder of Prep Expert, an education company that has helped over 100,000 students improve test scores, win scholarships, and gain admission to top universities. He scored a perfect SAT and is passionate about expanding access to education worldwide.