COLLEGE FINANCIAL AID – IT STARTS WITH THE FAFSA!
While in the Hallmark store earlier this week, I couldn’t help but notice the change of seasons within. Signs of Halloween, Thanksgiving and even Christmas were sprinkled throughout the store, and I thought “it must be Fall.” Days are getting shorter. Families are back in the groove of the school year. Football, soccer and other sports are in full swing. High school seniors are taking their final SAT and ACT tests, while cranking out college essays and applications. And just when you think you have a handle on all of the application and essay types – Common Application, Coalition Application, Cal State Apply, main essay, supplemental essays, UC Personal Insight Questions — there’s one more application to add to the mix. The 2019-2020 FAFSA (Free Application for Federal Student Aid) opens on October 1, 2018.
Gone are the days of January 1st of a student’s senior year heralding in the start of FAFSA season. Students will complete the FAFSA using tax information from two years prior to their anticipated college entrance date. For example, current high school seniors planning to enroll in college in Fall 2019 will file the FAFSA using tax data from 2017. Because the FAFSA asks for older income and tax information, most of you will already have done your taxes by the time you fill out the FAFSA, thus the need to estimate and then update information is significantly reduced.
Here’s what you will need to get started.
FSA ID – a username and password that you can use to log into US Department of Education websites. Each student and one parent will need an FSA ID. Go to http://fsaid.ed.gov to create your FSA ID.
Social Security Number
Driver’s License Number (if you have one)
2017 Tax Records – you will be reporting income information from 2017. If you already filed your 2017 taxes, you may be able to utilize the IRS Data Retrieval Tool (IRS DRT) to import your tax information. Using this tool can save you time and reduce the likelihood of entering incorrect information. For more information about the IRS DRT, go to https://studentaid.ed.gov/sa/fafsa/filling-out#parent-info.
Records of your untaxed income – examples include child support received, interest income and veterans noneducation benefits
Records of your assets – includes savings and checking account balances as well as the value of investments such as stocks and bonds and real estate (except the home in which your family resides). These figures should represent the current amounts as of the date you sign the FAFSA form rather than the 2017 tax year amounts.
List of the colleges/universities where you are applying – include schools in which you are truly interested in alphabetical order. You can list 10 schools on your FAFSA form at a time, however if you are applying to more than 10 schools there is a workaround: https://fafsa.ed.gov/help/fotwfaq14.htm
All too often I hear families question why they should complete the FAFSA, based on their income. Instead, they choose to rely on receiving merit-based aid from institutions and outside scholarships. The reality is that many times families overestimate their merit-based aid and underestimate need-based aid. Also, in some cases, institutions require a FAFSA to be on file to be considered for merit aid. And then there’s the possibility that “life happens” and a family’s situation can drastically change in an instant. There are so many misconceptions about completing the FAFSA that the Federal Student Aid Office published a document of myths about financial aid (https://studentaid.ed.gov/sa/sites/default/files/financial-aid-myths.pdf)
And file early! Learning how much aid you qualify for earlier in the admission process can help you determine the affordability of certain schools on your list and which schools will best fit your needs academically and financially. If you’re not ready to file a FAFSA form, you can use the FAFSA4caster to estimate your federal student aid (https://fafsa.ed.gov/FAFSA/app/f4cform). Applying isn’t the last step; your FAFSA form has to be processed, and then you get an Expected Family Contribution, which your college or career school uses to figure out how much aid you can get.
Check out these two resources for learning more about the FAFSA: Federal Student Aid (https://fafsa.gov), Edvisors (www.edvisors.com/fafsa ), which offers an opportunity to download a free copy of their complete guide on the website.
Being an informed consumer is important in the college application and selection process. There are so many outstanding colleges and universities that offer a great undergraduate experience at an affordable cost to families. Cast your net wide – you’ll be surprised at the hidden gems you may reel in! Good luck and remember The Journey Begins with You…!
Antoinette Battiste is an Independent Educational Consultant and 20+ year resident of Evergreen. She is an active volunteer with many community organizations in Silicon Valley, including Alpha Kappa Alpha Sorority, Inc., Santa Clara County Alliance of Black Educators, Silicon Valley Black Chamber of Commerce, the African American Community Services Agency, and the Northern California Association of Morehouse Parents.
