Interesting Facts About the Financial Aid Application
The Free Application for Federal Student Aid, better known as the FAFSA, can sometimes feel more overwhelming to complete than filing your federal tax returns. However, being aware of the most common myths, will give you some helpful tips on filing the FAFSA.
Myth #1: The FAFSA costs a fee to complete.
False. This
application is absolutely free! In fact, the
first word of the acronym stands for FREE.
Students and parents may easily make the mistake of typing the website
address as FAFSA.COM, however, this is a government form, therefore, the
correct web address is WWW.FAFSA.GOV. Note: If
you are prompted to enter credit card or banking information, this is not the
correct site. You should never pay one
cent to complete this form.
Myth #2: I can’t file my
FAFSA until my taxes are complete.
False. Filers may use the income on their
W-2 forms and/or estimate their figures on the FAFSA prior to their tax
filing. Once they have completed their
tax returns, they can log back into their FAFSA account and update their
information, where necessary.
Most
states have scholarships available to students who file their FAFSA by the
priority deadline posed by the state. (i.e. Maryland – March 1st). Therefore, it is beneficial for students to at
least submit their preliminary FAFSA for full aid consideration.
Myth #3: I just want student loans, so I don’t need to do the FAFSA.
False. Actually, federal student loans are a source
of financial aid and does require a FAFSA on file annually in order to be eligible to obtain federal Stafford loans (subsidized and unsubsidized), Perkins
loan, and some alternative/private loans.
Myth #4: I live on my
own, so I should be considered an independent student.
The
Department of Education (DOE) considers a student “independent” if they meet any of
the following terms:
a.
At least 24 years old;
b.
Married;
c.
Has a child(ren)
d.
Has dependents
e.
Served in the armed forces;
f.
Was and/or is currently at risk for homelessness
g.
Was in legal guardianship;
h.
Was in foster care by the age of 13
Any student who does not meet the criteria above must include
at least one (1) parent on their FAFSA and is considered a “dependent” student by the DOE,
even if they are living on their own. If the student’s parents are married, both parents must be included on the application, along
with their combined annual wages and income. (This is
also true if the primary guardian is remarried; the stepparent must be included
on the application.)
Myth #5: I make too much
money! I will never be eligible for aid.
This is not necessarily
true. There are many factors that are
taken into consideration in determining a student’s financial need.
The
EFC or the ‘Expected Family Contribution’
is a number that is calculated and distributed once the FAFSA is submitted
on-line. This EFC number reviews the
annual income, household size, number of family members in college, residency and additional untaxed income.
Even though a student may not be eligible for the Federal Pell Grant; they may still display financial need and be eligible for alternative aid (i.e. state and/or institutional funding).
Resources:
The 2015-16 FAFSA becomes available on January 1, 2015!
 |
| Visit www.fafsa.gov to submit your FREE application. |
Helpful Tips! Do your research to find helpful resources to assist you in funding your education for free through grants and scholarships ("free money") first! Higher education is an extremely costly investment, therefore student loans may also be one of your resources. Make smart choices to limit the amount you must borrow throughout the life of your education. If you must resort to borrowing student loans, there is an awesome option to pay down your loans through SponsorChange! For additional information about SponsorChange, contact me at keia@sponsorchange.org
"In the middle of difficulty lies opportunity." - Unknown
Keia Brown
Miss District of Columbia International 2015
