FAFSA
FAFSA
Transcript
What is the FAFSA? The FAFSA is the Free Application for Federal Student Aid. It is provided by the Department of Education to allow all students in the US to apply for all types of federal aid at all colleges and universities. The FAFSA results are used by colleges to determine if you qualify for federal financial aid, including grants, loans, or work study opportunities. Colleges and universities may also use this to determine eligibility for school resources. Don't worry about if you will qualify. Most students qualify for some type of financial aid, and many organizations offering scholarships and grants will require a copy of this form.
In general, to be eligible for student aid, you must be a citizen or eligible noncitizen of the United States with a valid Social Security number and have obtained a high school diploma or a GED. The FAFSA is available for submission each October 1st for the next academic year. For example, if you want to apply for financial aid for the 2019, 2020 academic year, you can complete the FAFSA as early as October 1st, 2018. It's always best to submit a FAFSA prior to a school year start date, but it can be submitted as late as June of the academic year in question. There may be both state and institutional deadlines for a particular school you need to adhere to. So always check with the school where you're applying.
Here is a helpful website on state deadlines. Be sure to understand what deadlines the school you want to attend might have for FAFSA submission. Just as with early decision, early action, it is always best to put in your FAFSA application as soon as possible. Some schools may be able to provide more funding to those who apply early. When completing the application, here are some steps that can help.
One, there is a variety of information you are going to need in order to fill out the form, including your tax returns and list of prospective schools. Here's a quick list. A, your social security number or your alien registration number if you are not a US citizen. B, your federal income tax returns, W-2's, and other records of money earned. Note, you may be able to transfer your federal tax return information into your FAFSA using the IRS data retrieval tool. This is highly recommended. C, bank statements and records of investments. D, records of untaxed income. And E, an FSA ID to sign electronically.
Two, you will need to get an FSA ID. What are some of the common mistakes people make when filling out the FAFSA? Here are a few I've come across over the years. One is using the wrong year for income tax data. Read the directions carefully. Best yet, use the IRS data retrieval tool if you can. Another, not listing the right school. Be sure you have all of the correct schools listed you want to receive the submitted FAFSA. Submitting it after school based priority application deadlines. Look carefully at the school's website for deadlines.
Student veterans often ask, I have my GI Bill benefits. Why do I need to fill out the FAFSA? There's literally no downside to completing the form. First, you may have eligibility for a Federal Pell Grant. Secondly, you might not need a loan, but you might be surprised by how many grants and scholarships need the FAFSA information as part of their review process. Think of it a little like the common app of financial aid. With that in mind, we think that you should always fill out the FAFSA form to make sure that you take advantage of all opportunities for resources to fund your education.
One final thing you should think about. When you apply for financial aid while still on active duty, your pay may be included in the determination of your financial aid package. Check with your school about the process to have your income re-evaluated if you are not planning to work when you start classes. Most colleges and universities have a process that allows a student to present documentation that their income has changed. If there will be a significant change to your income, you could qualify for the Federal Pell Grant.
In general, to be eligible for student aid, you must be a citizen or eligible noncitizen of the United States with a valid Social Security number and have obtained a high school diploma or a GED. The FAFSA is available for submission each October 1st for the next academic year. For example, if you want to apply for financial aid for the 2019, 2020 academic year, you can complete the FAFSA as early as October 1st, 2018. It's always best to submit a FAFSA prior to a school year start date, but it can be submitted as late as June of the academic year in question. There may be both state and institutional deadlines for a particular school you need to adhere to. So always check with the school where you're applying.
Here is a helpful website on state deadlines. Be sure to understand what deadlines the school you want to attend might have for FAFSA submission. Just as with early decision, early action, it is always best to put in your FAFSA application as soon as possible. Some schools may be able to provide more funding to those who apply early. When completing the application, here are some steps that can help.
One, there is a variety of information you are going to need in order to fill out the form, including your tax returns and list of prospective schools. Here's a quick list. A, your social security number or your alien registration number if you are not a US citizen. B, your federal income tax returns, W-2's, and other records of money earned. Note, you may be able to transfer your federal tax return information into your FAFSA using the IRS data retrieval tool. This is highly recommended. C, bank statements and records of investments. D, records of untaxed income. And E, an FSA ID to sign electronically.
Two, you will need to get an FSA ID. What are some of the common mistakes people make when filling out the FAFSA? Here are a few I've come across over the years. One is using the wrong year for income tax data. Read the directions carefully. Best yet, use the IRS data retrieval tool if you can. Another, not listing the right school. Be sure you have all of the correct schools listed you want to receive the submitted FAFSA. Submitting it after school based priority application deadlines. Look carefully at the school's website for deadlines.
Student veterans often ask, I have my GI Bill benefits. Why do I need to fill out the FAFSA? There's literally no downside to completing the form. First, you may have eligibility for a Federal Pell Grant. Secondly, you might not need a loan, but you might be surprised by how many grants and scholarships need the FAFSA information as part of their review process. Think of it a little like the common app of financial aid. With that in mind, we think that you should always fill out the FAFSA form to make sure that you take advantage of all opportunities for resources to fund your education.
One final thing you should think about. When you apply for financial aid while still on active duty, your pay may be included in the determination of your financial aid package. Check with your school about the process to have your income re-evaluated if you are not planning to work when you start classes. Most colleges and universities have a process that allows a student to present documentation that their income has changed. If there will be a significant change to your income, you could qualify for the Federal Pell Grant.