Out of all the topics I have discussed with parents, financial aid tops the list. People are stressed and armed with tons of inaccurate information regarding the FAFSA (Free Application for Federal Student Aid). Since FAFSA made the announcement about recent changes, I’ve attended a number of trainings to get up to speed.  Between the trainings and questions asked by students and their parents I have some updates my last post on FAFSA, but let me get on my soapbox before dispensing the info.

There are some parents that REFUSE to help their children with the financial aid process.  I’m not talking about paying or assisting with the tuition–that’s a matter of preference.  I’m talking about providing information for the application. I will be the first to say that I wasn’t crazy about sharing my financial information with my daughter or anyone else for that matter, but it had to be done in order to set her up for the best financial options possible.

The parents that refuse either don’t want the child to know their income (or lack thereof) or are just plain uncooperative. If the parent side of the application is not completed, YOUR CHILD IS SCREWED. Yes, I said it– SCREWED. They can’t file the FAFSA in the way it is intended.  This will create tons of stress and unnecessary hurdles for your child.  They will either have to figure out a way to pay the full tuition, become a parent (to be classified an independent) or wait until the designated age of 24 to be classified as “independent.”

Now you know that’s not right.

As parents, it is our job to set our children up to have better options than we had.  Not providing information for FAFSA negates that. So help

the child!

Now off of the soapbox.

Tidbits for filing:

• The FAFSA is now open as of October 1st.  That will be the official date every year.
• You will use your tax return from 2 years ago.
• Create your FAFSA ID BEFORE  entering student information.  Not doing so may create errors (see FAFSA ID video below).
• If parents are divorced, the student must file with the parent/legal guardian that they live with 51% of the time. If that parent is re-married, the income of the parent and step-parent must be used.
  
• If there have been any major life changes since the tax return, still file. Make an appointment with the school of choice to explain the circumstances. The school will require some type of documentation. The rule of thumb is that the federal government determines the amount that a family should contribute and the school has the flexibility of resolving any issues and altering the contribution amount.
• When completing the FAFSA, look at the social security card (for the student and the parent) and list the name EXACTLY as it appears.  This will prevent errors in the process.
• If the plan to commute is not definite, the student should list as “staying on campus.”  Making a change to the FAFSA creates delays.
• Some students have special circumstances and don’t know which parent/guardian to use.  The chart below should be used as a guide.  If it is too small, click on the graph and re-direct to the article 12 Common FAFSA Mistakes by blog.ed.gov (and scroll to the bottom). There are great questions and answers there, as well as other articles related to financial aid.

 

 

• To be strategic, list the first choice of school at the top of the list. Next, list the remaining schools in your state with out-of-state schools at the end.
• After the FAFSA is completed, apply for state aid. BEFORE CLOSING THE PAGE, click the icon for state aid. The button is very small and randomly placed.  See the example circled in red for Pennsylvania residents below.

 

 

• If the student desires to attend a school out-of-state, keep in mind they will receive very little state funds, if any.  Please check with your individual state grant agency to see what funds are transferred.  In the state of Pennsylvania, approximately $544 in state aid is transferred to the states of DE, MA, OH, VT, WV and DC. Veterans may receive up to $683. Please note: This is separate from federal aid.
• No one makes too much money to file. Regardless of the income, FILE. There are various scholarship programs that require the Student Aid Report (SAR), which is a summary of your FAFSA filing.  Additionally, if a student desires to be eligible for work-study or government loans the FAFSA must be completed.

 

Please Note:

Patience with this process is a MUST!  In the past, the FAFSA opened in January and schools would collect information and send award letters (financial aid package) sometime in March/April. Many of these schools will not be adjusting their recruitment schedule to send award letters out early.  They either don’t have the budget to do so or have to wait for their Board of Directors to decide how funding will be spent for the upcoming academic year. Schools that have obtained extra funding will allocate staff to handle early notification of financial aid. They will do so to get an edge, so don’t feel “snuffed” by any schools that don’t send award letters out before March.  

Wait patiently for these letters in order to make an informed decision to the school offering the best package. Please remember that EVERY school MUST give you until May 1st to make a decision on the final choice of school. This is a national deadline.

If you would like more tidbits, check out my post To FAFSA or not to FAFSA: THAT is the Question. Also, check out the updated FAFSA website.

Below are a few videos that provide the most essential information in regard to filing the FAFSA. Of course, there are many videos following (the joy of YouTube), so feel free to travel down the rabbit hole.

Now get started!

P.S. I would LOVE to hear your comments, feedback or questions in the comment section below!

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