JLV College CounselingScholarship Saturday – January 23, 2016
The deadlines for the scholarships that were on this list have passed. To see scholarships that are still accepting applications, visit more recent Scholarship Saturday posts.
I haven’t filed taxes yet; how do I submit the FAFSA?
FAFSA deadlines can be very confusing for students and their parents. Many colleges and states have financial aid deadlines in January and February, but most of us have not filed our taxes by those deadlines. So, how do you fill out the FAFSA when it asks for tax information?
Unfortunately, many families wait to submit the FAFSA until after they have filed their taxes and miss the financial aid deadlines at colleges. By submitting the FAFSA and financial aid documents just one day late, students can miss out on many financial aid opportunities, including grants and scholarships that do not need to be paid back.
To ensure students meet the financial aid deadlines, it is acceptable to provide estimates on the FAFSA. Students and families can base their estimates on their last pay stub, W-2s and other tax documents. In addition, if income has stayed somewhat consistent over the years, families can use the previous year’s federal income tax returns to make estimates. If your income has changed, FAFSA provides an income estimator.
The most important thing to remember when providing estimates on the FAFSA is go back after taxes are filed and make the necessary changes. The Department of Education has made it simple by providing the IRS Data Retrieval Tool (DRT) to transfer tax information directly into the FAFSA. If families choose not to use the DRT, they can log back into the FAFSA and manually enter the correct information.
Therefore, keep these things in mind to ensure you get the best financial aid offers from colleges:
- Pay attention and meet the specific deadlines for each college, as well as state deadlines.
- If you will not be able to file your taxes before the deadlines, provide estimates on the FAFSA.
- After filing your taxes, return to the FAFSA to submit corrections.
Note: In future years (starting with the 2017-2018 FAFSA), the FAFSA will be made available earlier. For example, for the 2017-2018 academic year, the FAFSA will be available Oct. 1, 2016 and students and parents will use their 2015 tax information to fill out the FAFSA. Estimates should not be required in the future since the FAFSA will use the previous year’s tax information.
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FAFSA Misconception: “I don’t qualify for FAFSA”
The phrase, “I don’t qualify for FAFSA,” is something admission counselors, financial aid officers, and college counselors hear all the time. The phrase usually comes from students or their parents when discussing financial aid requirements. However, the phrase, “I don’t qualify for FAFSA,” is a common misconception and here are the reasons why:
- The FAFSA stands for Free Application for Federal Student Aid. United States citizens and eligible non-citizens are eligible to fill out the FAFSA.
- The FAFSA determines federal financial aid eligibility such as the Pell Grant, federal work-study and loans.
- Information provided on the FAFSA is also used by states that award state government aid.
- The FAFSA determines a student’s Expected Family Contribution (EFC). Colleges use EFC to determine financial aid eligibility and financial need. Financial need is determined by taking the EFC from the total cost of attendance.
The big misconception when people say, “I don’t qualify for FAFSA,” is that they believe they make too much money to qualify for financial aid. While it could be true a student might not qualify for federal or state grants, they still might qualify for other aid:
- Many students, even students from high-income families, could qualify for federal loans. While it is still a loan, the interest rate is low compared to many other private loans a student could take out to help pay for their college education.
- The cost of attendance at colleges in the United States varies. Some colleges cost as little as a few thousand dollars a year to over $60,000 per year. When colleges are awarding financial aid based on financial need, a student with a high EFC could qualify for financial assistance, including scholarships and grants, at more expensive colleges.
The U.S. Department of Education estimates it takes approximately 23 minutes to fill out the FAFSA. This short period of time filling out the FAFSA is well worth the time if a student could get even a small amount of financial aid. Every little bit helps when it comes to paying for a college education.
Therefore, if you are heading to college next year, don’t forget to submit the FAFSA. The FAFSA has been available to students and their parents since Jan. 1, 2016 for the 2016-2017 academic year. And, remember, students and parents must fill out the FAFSA every year!
Want to stay in the loop? Follow this blog to be notified when new articles are published. You can also follow me on Twitter, Facebook or Pinterest for information on college admissions.
Scholarship Saturday – January 16, 2016
The deadlines for the scholarships that were on this list have passed. To see scholarships that are still accepting applications, visit more recent Scholarship Saturday posts.
Scholarship Saturday – January 9, 2016
The deadlines for the scholarships that were on this list have passed. To see scholarships that are still accepting applications, visit more recent Scholarship Saturday posts.
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